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Company News

BRIEF-Hummingbird to buy 50 pct stake in Kobada gold project in Mali

Sept 27 (Reuters) - HUMMINGBIRD RESOURCES PLC:

* CONDITIONAL ACQUISITION IN GOLD PROJECT, MALI

* CONDITIONAL ACQUISITION OF 50 PCT INTEREST IN KOBADA GOLD PROJECT OWNED BY AFRICAN GOLD GROUP INC

* DEAL TO TARGET AN INCREASE IN ANNUAL PRODUCTION AT YANFOLILA BY +45 PCT TO +150,000OZ PER ANNUM

* TRANSACTION IS SUBJECT TO CERTAIN CONDITIONS, INCLUDING THAT BINDING AGREEMENTS ARE ENTERED INTO WITHIN 45 DAYS

* 120-DAY EXCLUSIVITY PERIOD FOR DUE DILIGENCE

* HUMMINGBIRD TO RECEIVE 70 PCT OF CASHFLOWS UNTIL CAPEX RECOVERED

* DURING EXCLUSIVITY PERIOD HUMMINGBIRD HAS RIGHT TO INCREASE SHAREHOLDING IN AGG TO 19.2 PCT FOR A FURTHER CONSIDERATION OF CAD$4.4M Source text for Eikon: Further company coverage:

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