Hummingbird Resources plc’s earn-in partner Pasofino Gold Ltd has raised up to US$5.5 million, including $4.5m from Turkish miner ESAN, for the Dugbe gold project in Liberia.
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Pasofino’s non-brokered private placement of its common shares will allow the company to complete the definitive feasibility study due during Q2 2022.
Today’s news follows a revised mineral resource estimate (MRE) during November confirming measured and indicated gold resources of 3.4Moz gold.
Pasofino has an earn-in agreement for a 49% stake in Dugbe, leaving Hummingbird with 51%.
Hummingbird chief executive Dan Betts added: “Of particular interest is the material investment by Turkish mining group ESAN who are known to us and who I am sure will add significant value to the project as it gathers momentum from here.”