Hummingbird Resources has secured a group level financing package from Coris Bank International to fully fund the Kouroussa gold mine into production, along with internal cash flows.
Additionally, the Company has finalised all necessary engineering and study work to provide capex and timeline estimates together with project economics.
Dan Betts, CEO of Hummingbird, commented:
“The completion of the financing and the imminent commencement of building Kouroussa marks the next phase of Hummingbird’s strategy to become a multi-mine, multi-jurisdiction gold producer.
“Kouroussa is a low cost/high margin project which will more than double Hummingbird’s gold production, substantially improve future cash flows and generate returns for all our stakeholders.
“With one of the highest IRRs for a gold project in West Africa, and material upside to extend LOM through further exploration within our licences area yet to be fully explored, Kouroussa provides a strong platform for our next phase of growth.
“Kouroussa will be a key contributor in Guinea’s journey to becoming a leading gold producer in West Africa, following ongoing gold discoveries in the Siguiri Basin, where the Project is located.
“The recent political events in Conakry have not impacted the rapid progress of the development of Kouroussa, and we have taken measures to ensure that our key priority of maintaining the safety of our employees, contractors and operations remain intact.
“Finally, I would like to personally thank Coris Bank and their team for the long standing commitment they have shown Hummingbird and again for this financing package to support the Company in building our next producing gold mine.”