Gold mine firm Hummingbird secures additional $5m funding for West African project
BIRMINGHAM-registered gold exploration firm Hummingbird Resources has secured additional funds for its ongoing project in West Africa.
The firm said investor Taurus Funds Management had extended the $10m bridge facility by a further $5m to support the on-going development work at its Yanfolila Gold Project in Mali.
Hummingbird said the funding was likely to0 be used for initial pit dewatering, to acquire additional land surrounding the mine site and the finalisation of due diligence in preparation of full draw down.
Dan Betts, CEO of Hummingbird Resources, said: “The extension of the bridge facility allows Hummingbird to maintain its schedule as we conclude all the necessary technical, financial and legal due diligence prior to first draw on the main facility.
“This extension demonstrates both Taurus’ continued commitment to the development of the Yanfolila Gold Project, and their belief in the robust nature of the project at a time when the gold market appears to be suffering in confidence. Hummingbird is delighted to be working with such a supportive partner to develop this project.
“We have recently completed the plant earthworks which consisted of the excavation, landscaping and compaction of over 80,000 cubic metres of earth and we continue to believe that the development of Yanfolila during the downturn will set Hummingbird apart as a cash generative miner offering investors leveraged exposure into the gold space.”
Nick Farr-Jones, director of Taurus Funds Management, said: “Taurus Funds Management is delighted to extend the bridge facility to Hummingbird in order to maintain the project schedule as the final conditions precedent for the main facility are completed.”
Hummingbird is currently finalising the documentation with Taurus for the re-financing of the bridge loan and initial draw down of the $75m facility in order to begin full construction of the mine.
