Last checked at 1 Jul 2019 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
1st July 2019
Hummingbird Resources plc
Completion of Second Ball Mill Construction at Yanfolila
Hummingbird Resources plc ("Hummingbird" or the "Company") (AIM: HUM), is pleased to report that construction of Yanfolila's second ball mill has been completed ahead of time and within budget. Commissioning is set to begin imminently, and it is expected that ore will be introduced to the mill during July, a month earlier than previously guided. When fully operational, the ball mill will be able to increase throughput capacity from 1Mtpa to 1.24Mtpa when operating with 100% fresh rock.
Dan Betts, CEO of Hummingbird, commented:
"We are delighted to announce the completion of construction of the second ball mill at Yanfolila ahead of schedule. This is testament to the hard work of our staff and contractors who have worked extremely well together to deliver this project so successfully.
We look forward to the positive benefits the second ball mill will bring, namely increasing our plant throughput capacity by around 24% and the resultant economies of scale as we transition to an increased rate of annual gold production."
Bunker Hill Update
On 28 June 2019, Bunker Hill Mining Corporation ('Bunker Hill') (CSE:BNKR), announced the closing of the first tranche of up to a C$1,500,000 equity placing at C$0.05c (the "Placement"). As announced initially on 19 July 2018, Hummingbird entered into a US$2m interest bearing convertible loan with Bunker Hill (the "Loan"). As part of the Placement, Hummingbird has agreed to convert US$100,000 of the Loan into equity in Bunker Hill and therefore retains a balance of US$1.9m (excluding accrued interest) of the Loan.
Bunker Hill controls the fully permitted Bunker Hill mine, in Idaho, USA, with historic SEC compliant Reserves and Resources of 9.1M Tonnes of Zinc @ 5.08% and Lead @ 2.35%.
**ENDS**
For further information please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts, CEO Thomas Hill, FD Robert Monro, IR | Hummingbird Resources plc | Tel: +44 (0) 20 7409 6660 |
James Spinney Ritchie Balmer James Bellman | Strand Hanson Limited
Nominated Adviser | Tel: +44 (0) 20 7409 3494 |
James Asensio | Canaccord Genuity Limited
Broker | Tel: +44 (0) 20 7523 8000 |
Gordon Poole Owen Roberts Ollie Head | Camarco
Financial PR/IR | Tel: +44 (0) 20 3 757 4980 |
Notes to Editors:
Hummingbird Resources (AIM: HUM) is 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. Yanfolila held pre-production Probable Reserves of 710,535oz @ 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 at a US$1,300 gold price.
In addition to Hummingbird's production and development assets, the Company also has an exploration footprint of ~4,000km2 and is a shareholder in AIM listed Cora Gold, which is advancing a portfolio of prospects in Mali and Senegal.