(Alliance News) - Hummingbird Resources PLC said Tuesday that an update of its open pit ore reserves at the Yanfolila gold mine in Mali shows a significant increase in reserves from its pre-production inventory.
The update showed an ore reserve estimate of 7.9 million tonnes at 2.66 grams per tonne, containing approximately 676,000 ounces gold.
Yanfolila currently consists of the Komana East & West, Gonka and Sanioumale West deposits in reserve. The company said it has also identified first ore reserves from Gonka open pit and Sanioumale West.
The company said it intends to update shareholders with a five-year mine plan based off these updated ore reserves and with its 2020 guidance in early 2020.
Dan Betts, chief executive officer, said: "Fourth quarter of 2019 has remained a strong quarter, and we look forward to meeting our full year production guidance."
"Over the course of 2020 we shall continue to aggressively de-leverage our debt position and strengthen our balance sheet with the anticipation of moving from a position of net debt to net cash," Betts said.
Hummingbird shares were up 2.4% in London at 21.00 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Hummingbird (HUM)