13th Mar 2014 12:16
LONDON (Alliance News) - Hummingbird Resources PLC Thursday said it has received the final tranche of its USD15 million financing deal with Anglo Pacific Group PLC, giving it a USD10 million cash balance that funds it up to and beyond the detailed feasibility study expected in the third-quarter.
The final tranche was worth USD5 million.
"Taken alongside the major resource update announced yesterday, this final payment represents another significant step in the de-risking of the Dugbe 1 Project, ensuring that the company is well funded and able to deliver beyond the DFS and continue our exploration success," Daniel Betts, chief executive, said in a statement.
Hummingbird Resources Wednesday said a new mineral resources estimate carried out at the Tuzon deposit on its Dugbe 1 project in Liberia had materially increased the resource grade, size and indicated ounces in the deposit.
Hummingbird is due to release a detailed feasibility study and front end engineering design in the third quarter. Its licence areas constitute a significant proportion of eastern Liberia's Birimian sequence.
Hummingbird shares were Thursday quoted at 57.25 pence, up 0.4%.
By Samuel Agini; [email protected]; @samuelagini
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