8th Apr 2014 10:39
LONDON (Alliance News) - Hummingbird Resources Tuesday said that it is fully funded beyond its Detailed Feasibility Study for the Dugbe 1 Project in Liberia.
The gold and silver mining company said that following the recent receipt of USD5 million in royalty funding from Anglo Pacific Group it is now fully funded beyond the project with cash balances at USD9 million at March 31.
The company said its major study is on track for completion in the third quarter and noted that initial Dugbe F infill drilling results support the concept of higher grade starter pits at the site.
Hummingbird Resources announced in March that a new mineral resources estimate carried out at the Tuzon deposit on its Dugbe 1 project had materially increased the resource grade, size and indicated ounces in the deposit.
The company also said on Tuesday that it is actively exploring areas close to Dugbe-1 based on existing soil geochemical data and airborne magnetic and radiometric data.
"It remains our belief that Dugbe 1 will grow to be significantly larger than the existing 4.2 million ounce gold resource and it is our intention to continue low cost exploring, as funds allow, to find those ounces," Managing Director Dan Betts said in a statement.
Hummingbird Resources shares were up 5.4% to 59.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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