09 Jun Hummingbird Resources grows West African gold portfolio with Guinean acquisition
AIM-listed miner Hummingbird Resources yesterday announced the acquisition of the Kouroussa Gold Project in Guinea from junior explorer Cassidy Gold Corp, expanding into a third West African country in the process.
The Kouroussa Project is a near term development asset in Guinea’s prolific Siguiri Basin with a high-grade mineral resource of 1.18 million ounces of gold. First gold production is slated in under two years, when the mine will produce around 100,000 ounces per annum.
Hummingbird’s CEO Dan Betts said the acquisition will turn the company into a near term multi-asset producer with jurisdictional diversification in line with its strategy in West Africa.
“Kouroussa is a high grade, high margin project with a number of similarities and synergies with Yanfolila which we are confident we can harness to our advantage,” he said.
At the project, the company has identified a similar metallurgical flow sheet and process plant design to its flagship operational asset – the Yanfolila mine in Mali.
“Over the last few years we have looked at a vast number of projects and Kouroussa ticks every box in terms of a next mine for Hummingbird,” Betts continued.
“It is of the scale, geology, process circuit design and grade that are all perfect for our team’s experience to be put to immediate use.”
Cassidy Gold chairman David Crichton-Watt said: “Having taken the project to the point where it is ripe for development into a significant mine, we are delighted to become significant shareholders in Hummingbird.”