- Mining group Hummingbird Resources said it had confirmed the acquisition of the Kouroussa gold project in Guinea from Cassidy Gold, having completed due diligence.

An initial consideration of £10m was satisfied through the issue of new Hummingbird shares at 28.4p.

The deal also involved a deferred consideration of £10 for every ounce of gold reserve published in excess of 0.4m ounces, subject to a maximum of 1.0m ounces, or £6m.

Cassidy would also retain a 2% net smelter royalty on all gold sales by or on behalf of the company over and above the first 0.2m ounces of its production and sales, subject to a maximum of 2.2m ounces.

Chief executive Dan Betts said Hummingbird looked forward to working with Guinea's government as it progressed the project as quickly as possible.

'This marks a pivotable point in Hummingbird's story and is a significant next step in achieving our long term ambition to create a sustainable multi-asset gold producer,' Betts said.

'I would like to take this opportunity to thank all stakeholders who have contributed to getting us this far and continue to support us at this exciting time for the company.'

At 1:48pm: [LON:HUM] Hummingbird Resources share price was -0.25p at 29.25p

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