Last checked at 21 Dec 2017 13:00
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"Our initial pour was from early low loaded carbon purposefully withdrawn from the circuit to test the elution and electrowinning circuits, which was successful.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 4,000m3 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 Thomas Hill Robert Monro | Hummingbird Resources plc | Tel: +44 (0) 20 7409 6660 |
James Spinney Ritchie Balmer James Bellman | Strand Hanson Limited Nominated & Financial Adviser | Tel: +44 (0) 20 7409 3494
|
Jon Belliss | Beaufort Securities Limited Broker | Tel: +44 (0) 20 7382 8300 |
Lottie Wadham Susie Geliher | St Brides Partners Ltd Financial PR/IR | Tel: +44 (0) 20 7236 1177 |
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 ~5,000km2 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.