Hummingbird Resources announced on 6 December last year that the existing bridge loan in place between the company and Taurus Fund Management had been raised from US$15 million to $25 million and the term of the loan extend until 8 April 2017. This facility has now been fully drawn by the company.
This extension of the bridge loan meant that the first tranche of the US$45 million senior secured term loan facility, also provided by Taurus Fund Management, would be used to refinance amounts outstanding under the bridge loan facility.
Hummingbird Resources 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.
The company is currently in construction phase at Yanfolila, targeting first production by the end of 2017, which has a probable reserve of 709 800 oz grading at 3.14 g/t gold and total resources of 1.8 Moz of gold. The high-grade gold project has low operating costs of $695/oz (all in sustaining cash cost) with 132 000 oz of first full year’s production.
Meanwhile, the 4.2 Moz Dugbe gold project provides Hummingbird Resources with excellent development upside. An optimisation of the definitive feasibility study is on-going, while Yanfolila is brought to production in the near-term.