Hummingbird Resources acquires Guinea gold project

Gold & Silver

West African miner Hummingbird Resources said today it acquired the Kouroussa Gold project located in Guinea from Cassidy Gold.

First gold production is targeted within two years with production at 100,000 oz per annum at an all-in-sustaining cost of around $800 over an initial five-year life of mine.

Dan Betts, CEO of Hummingbird, said the acquisition is transformational.

“The intended acquisition of Cassidy Guinea and the Kouroussa Gold project marks a transformational step in the development of Hummingbird and the execution of our strategy to become a multi asset gold producer in the near term,” said Betts in a news release.

“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. 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. 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, and it is in line with our strategy to focus on high margin projects.

“Our plan is to spend the next 6 months refining the detailed engineering and design of the project whilst initiating construction and ordering long lead items, with an aggressive timetable to try to accelerate the build and pour gold within two years of the acquisition.”

Hummingbird plans to produce 110-125koz in 2020. It estimates gold inventory at 6.4Moz.

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