Hummingbird Resources PLC Full Drawdown of Coris Loan Facility (9861J)
July 04 2017 - 1:00AM
UK Regulatory
TIDMHUM
RNS Number : 9861J
Hummingbird Resources PLC
04 July 2017
Ticker: HUM / Index: AIM / Sector: Mining
4 July 2017
Hummingbird Resources plc
("Hummingbird Resources" or the "Company")
Full Drawdown of Coris Loan Facility
Hummingbird Resources (AIM: HUM), is pleased to announce the
full drawdown of the US$60 million senior secured loan facility
("Debt Facility") with Coris Bank International Group ("Coris Bank
International"). As announced on 11 April 2017, the Debt Facility
is being used to fund the ongoing construction of the Yanfolila
Gold Mine in Mali ("Yanfolila") that is on budget and scheduled for
first gold pour by the end of 2017.
Highlights:
-- US$35 million balance drawn from Debt Facility with Coris Bank International
-- Follows initial US$25 million drawn on 11 April 2017
-- Hummingbird's cash position following draw down now stands at approximately US$70 million
-- Yanfolila mine construction remains on time and budget for first production in Q4 2017
Dan Betts, CEO of Hummingbird Resources, commented:
"It was originally anticipated that we would make monthly
drawdowns against our senior secured debt facility with Coris Bank
International as we progress the development of Yanfolila. This
accelerated drawdown of the remaining facility is the result of
their increased confidence in the development of the project and
underlines the strength of our relationship with Coris Bank
International as a supportive lender who understand the industry.
This allows us to fully focus on the completion of construction and
the subsequent commissioning phases of the project.
"Construction is on budget and on schedule to deliver our first
gold pour by the end of the year and I look forward to providing an
operational update regarding the milestones completed on site in
our Q2 report in the coming weeks."
About Coris Bank International
Coris Bank International was founded in 2008, in Burkina Faso,
and is focussed on financing West African focussed businesses.
Coris Bank International, with a balance sheet of circa US$1.5
billion, is currently the first bank in Burkina Faso and is present
in six West African countries including Cote d'Ivoire, Mali, Togo,
Senegal and Benin. Coris Bank International is one of the largest
and fastest growing banks in West Africa. For further information
on Coris Bank International can be found on its website:
http://www.coris-bank.com/.
**ENDS**
For further information, please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts Hummingbird Resources Tel: +44 (0) 20
Thomas Hill plc 3416 3560
Robert Monro
James Spinney Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer Nominated & Financial 7409 3494
James Bellman Adviser
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Broker
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Susie Geliher Ltd 7236 1177
Financial PR/IR
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is building a leading gold
production, development and exploration company. The Company has
two core gold projects, the near-term production Yanfolila Gold
Project in Mali and the Dugbe Gold Project in Liberia. It is
currently building Yanfolila targeting first production by end of
2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total
Resources of 1.8Moz of gold and an additional 390,700oz of
non-compliant exploration potential. The high grade gold project
has low operating costs of US$695/oz AISC with 132,000oz of first
full year's production.
The 4.2Moz Dugbe Gold Project in Liberia provides Hummingbird
with excellent development upside. An optimisation of the DFS is
on-going whilst Yanfolila is brought to production in the
near-term. Additionally, the Company has 4,000km(2) highly
prospective exploration ground in Mali and Liberia and is
constantly evaluating new quality assets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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