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Wits Gold award

MDM appointed as DFS and FEED lead consultants for Hummingbird Resources Plc's Dugbe 1 Project, Liberia

15 July 2013

MDM Engineering Group Limited (AIM: MDM) the minerals process and project management company focused on the mining industry, is pleased to announce that it has received a Letter of Intent to complete the Detailed Feasibility Study (“DFS”) and Front End Engineering and Design (“FEED”) for Hummingbird Resources PLC (AIM: HUM) Dugbe 1 Project in Liberia (the “Project”).

The Dugbe Shear Zone area consists of 2,000km² in central eastern Liberia, lying some 40km northeast of the coastal town of Greenville. The Project is underlain by Birimian geology, making it highly prospective for gold, and is currently HUM’s most advanced project, with over 61,000m of drilling and a 3.8 million ounce gold Resource.

In order to expedite the timeframe of mine construction, the FEED will be conducted alongside the DFS, allowing the company to proceed directly to an engineering, procurement and construction contract at the end of the DFS.  HUM anticipates the conclusion of the DFS and FEED by the end of Q3 2014.

George Bennett, MDM Executive Director said:
 “MDM is very pleased to have been awarded the DFS and FEED for the Dugbe 1 Project in Liberia. Our team’s extensive gold experience in West Africa, which includes completing over 40 gold Bankable and Definitive Feasibility Studies, as well as the construction of over 30 gold plants, will add significant value to Hummingbird Resources.  We look forward to a successful working relationship.”


MDM Engineering Group Limited

Martin Smith (CEO)
George Bennett (Executive Director)
Dominique de la Roche (Finance Director)
Tel: +27 (0) 11 993 4300

Canaccord Genuity Limited

Andrew Chubb / Christopher Fincken
Tel: +44 (0)20 7523 8000

Tavistock Communications Limited

Jos Simson / Emily Fenton
Tel: +44 (0)20 7920 3150

Hummingbird Resources:
Hummingbird Resources plc is an AIM quoted mineral exploration and development company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia. The Group's total Inferred Resource is 3,835,000 ounces of gold. The Group has published a PEA on its project showing for a 3.5Mtpa tank leach operations an NPV of US$337m with a Capex of US$212m and an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).

The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade. In addition, the Group has declared an Inferred Resource on its Tuzon project of 51.1 million tonnes at 1.26 g/t Au to give 2,071,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au. Tuzon lies 2.6km to the east of the Dugbe F deposit. Exploration is being carried out to best industry practices.

In 2013 the Group is moving the Dugbe 1 Project towards feasibility and is currently infill drilling its existing Resources as well as continued regional exploration work.

The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.

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