Hummingbird Resources, the Liberian gold exploration and development company, has received the final US$5 million tranche of royalty funding agreement with Anglo Pacific Group, ensuring that the company is fully funded through the Dugbe 1 Project’s Detailed Feasibility Study (DFS).
“We received our last US$5m royalty payment from Anglo Pacific which leaves us fully funded beyond our DFS which remains on track for completion in Q3 2014,” said Hummingbird Resources MD Dan Betts.
Total resource inventory at Dugbe 1 has been increased to 4.2 Moz, says Betts. “We have grown the Tuzon Resource significantly this quarter by adding 500 000 ounces to reach 2.5Moz and the grade across the entire Resource has increased by over 20% to 1.5g/t. This includes 1.9 Moz Indicated at 1.56 g/t within a US$1,200 pit which materially de-risks the project.
“We are actively exploring in the areas closest to Dugbe 1 based on existing soil geochemical data and the newly interpreted 1:10,000 airborne magnetic and radiometric data. It remains our belief that Dugbe 1 will grow to be significantly larger than the existing 4.2Moz gold resource and it is our intention to continue low cost exploring, as funds allow, to find those ounces.”