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Hummingbird boosts gold reserves 65%, plans to more than double production in Africa in coming years

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(Kitco News) - Hummingbird Resources, a gold producer focused on Africa, reported today that its updated reserves total 1.12 million ounces of gold, a 438,600 ounces or 65% increase to the previous company reserve statement of 672,000 ounces.

According to the company's press-release, updated gold reserves at the company's Yanfolila mine in Mali amounted to 705,800 ounces at 2.57 g/t, being a net increase of 29,700 ounces, including depleted reserves from mining since the previous company reserve statement in October 2019.

Importantly, the company said that its total updated gold reserves include a maiden reserve for the Kouroussa mine in Guinea, which amounted to 408,900 ounces at 4.38 g/t.

Hummingbird added that these reported reserves for both Yanfolila and Kouroussa have upside potential as they do not include the 2021 drilling campaign of ~68,000 metres. The results of this year's drilling campaign will be included in the 2022 updated company resource and reserve statements, scheduled to be released in Q2 2022.

The company also noted that its Dugbe mine in Liberia is not included in this year's company reserves statement. Hummingbird explained that it will provide a more detailed update on Dugbe reserves once Pasofino, the company's earn-in partner on Dugbe, completes the definitive feasibility study scheduled for completion by Q2 2022, providing further significant upside potential for the company's resource and reserves profile.

Commenting on the company's updated reserves announcement, CEO Dan Betts said, "Our exploration strategy in 2020 has delivered JORC compliant reserves, extending Yanfolila's LOM and delivering a maiden reserve at Kouroussa, our low cost/high margin operation which will more than double Hummingbird's future gold production scheduled for first gold pour the end of Q2 2023."

"This year's exploration campaigns were three times larger in terms of metres drilled than those in 2020, with the focus to further increase our company reserve and resource base in order to achieve the company's ambition of having LOMs in excess of 10 years from our assets," he added.

Hummingbird currently has two core gold projects, the operational Yanfolila gold mine in Mali, and the Kouroussa gold mine in Guinea, scheduled for first gold pour end of Q2 2023, which will more than double current gold production.

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