Hummingbird Resources PLC First Gold Poured at Yanfolila Gold Mine (1076A)
December 21 2017 - 7:00AM
UK Regulatory
TIDMHUM
RNS Number : 1076A
Hummingbird Resources PLC
21 December 2017
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
Hummingbird Resources plc
("Hummingbird" or the "Company")
First Gold Poured at Yanfolila Gold Mine
Hummingbird Resources (AIM: HUM) is delighted to announce that
it poured first gold at the Yanfolila Gold Mine in southern Mali
from the carbon-in-leach circuit ('CIL') on 19 December. The
Company's first gold pour was achieved on time and on budget.
The Company is now focussed on completing commissioning and
ramping up to commercial production, targeting 130,000oz of gold in
the first full year of operations.
The Company has a current cash position of US$40 million.
Dan Betts, CEO of Hummingbird, commented:
"Producing first gold from Yanfolila is Hummingbird's most
significant achievement to date and we have delivered it on time
and on budget. I would like to take this opportunity to thank the
Hummingbird team, our shareholders, contractors, advisers, the
Government of Mali and all Malian stakeholders for their huge
commitment and extraordinary efforts on our journey to turn
Hummingbird, as a company, and Yanfolila specifically into a gold
producer.
"All major elements of the plant are working to specification;
including the crushing, milling and detox circuits, with early
recoveries from the CIL circuit showing around 95%, which is
excellent in terms of start-up performance.
"Our initial pour was from early low loaded carbon purposefully
withdrawn from the circuit to test the elution and electrowinning
circuits, which was successful. As a result, carbon loaded to
design specification of >2,000ppm has been drawn from the CIL
circuit and is currently undergoing elution ahead of further
ongoing production.
"We have successfully worked through process design and detailed
engineering, equipment selection and procurement, shipping and
logistics, construction management, wet and ore commissioning.
Nearly 2 million man hours have been expended, erecting over 1,600
tonnes of structural steel and plant equipment, connecting over 20
kilometres of piping and pouring over 4,000m(3) of concrete to get
to this point.
"Looking forward to 2018, Hummingbird is committed to not only
delivering name-plate production at Yanfolila but also
demonstrating the growth potential of Yanfolila through the
continued conversion of already discovered Resources, of which
there are over 1 million ounces outside the current mine plan, to
mineable Reserves.
"Over the last decade Hummingbird has now successfully explored,
developed, produced and completed value accretive transactions in
the market. Thank you for your support to get to this seminal
moment - we are now no longer dependent on our shareholders for
financial support!"
An updated Corporate Presentation can be downloaded from the
homepage of our website; www.hummingbirdresources.co.uk.
**ENDS**
For further information, please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts Hummingbird Resources Tel: +44 (0) 20
Thomas Hill plc 7409 6660
Robert Monro
James Spinney Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer Nominated & Financial 7409 3494
James Bellman Adviser
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Broker
Lottie Wadham St Brides Partners Tel: +44 (0) 20
Susie Geliher Ltd 7236 1177
Financial PR/IR
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is building a leading gold
production, development and exploration company. The Company has
two core gold projects, the Yanfolila Gold Mine in Mali and the
Dugbe Gold Project in Liberia.
Yanfolila produced its first gold pour on time and budget in
December 2017 and is expected to produce approximately 107,000oz
gold/year on average over the Life of Mine. Yanfolila holds
Probable Reserves of 709,800oz @ 3.14g/t, total Resources of 1.8Moz
of gold and an additional 390,700oz of non-compliant exploration
potential.
The Dugbe Gold Project has Resources currently totalling 4.2Moz
of gold and a completed NI 43-101 compliant PEA on the project
showing a 29% IRR and US$186m NPV.
In addition to Hummingbird's production and development assets,
the Company also has an exploration footprint of 5,000km(2) and a
34% interest in AIM listed Cora Gold, which is advancing a
portfolio of prospects in Mali and Senegal.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBDBDDLUDBGRB
(END) Dow Jones Newswires
December 21, 2017 08:00 ET (13:00 GMT)
Hummingbird Resources (LSE:HUM)
Historical Stock Chart
From Apr 2024 to May 2024
Hummingbird Resources (LSE:HUM)
Historical Stock Chart
From May 2023 to May 2024