Last checked at 17 Jun 2019 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
17 June 2019
Hummingbird Resources plc
Second Ball Mill Ahead of Schedule at Yanfolila
Hummingbird Resources plc ("Hummingbird" or the "Company") (AIM: HUM), is pleased to report positive progress on the second ball mill project at its Yanfolila Gold Mine in Mali, West Africa.
Highlights:
· Project ahead of schedule and on budget
· All engineering work completed and all equipment on site
· Civil works, mechanical installation and structural erection completed
· Commissioning of the completed mill due to start in July with full capacity ore throughput expected in August 2019
Dan Betts, CEO of Hummingbird, commented:
"The second ball mill project has continued to progress very well; construction is ahead of schedule and we remain on budget. All teams on the ground have worked hard to ensure that this project has advanced in a timely manner to date and it is encouraging that the mechanical installation of the mill is complete, and that the commissioning team will be mobilising to site before the end of the month. At full capacity, the mine will benefit from economies of scale, with no requirement for additional staff to the second mill, so we therefore look forward to a lowering cost profile with increasing production rates over the LoM."
Photos of progress can be found on our website or follow us on twitter @hum_gold
Further information:
The second ball mill will augment the existing process plant by increasing throughput capacity from 1Mtpa to 1.24Mtpa when operating at 100% fresh ore and from 1.2Mtpa to 1.4Mtpa when processing a blend of ore types. The mill was deemed the preferential choice when considering the alternative option of installing a tertiary crusher, which was included in the mine's Definitive Feasibility Study.
Since commencing the project in September 2018, the Company has continued to reach advancement targets and is delighted that both the engineering and civil works are now fully complete. Notable recently completed construction works include the mechanical installation of the mill, structural steel assembly, fitting of the feed and ball loading chute, and installation of the gearbox cooling system. Outstanding works include installation of the sump pumps and electrical systems, which are ahead of schedule.
The project remains on budget and, furthermore, all equipment for the project is now on site, with procurement and logistics teams having successfully coordinated full delivery.
**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 |
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James Spinney Ritchie Balmer James Bellman | Strand Hanson Limited
Nominated Adviser | Tel: +44 (0) 20 7409 3494 |
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James Asensio | Canaccord Genuity Limited
Broker | Tel: +44 (0) 20 7523 8000 |
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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 a 28% interest in AIM listed Cora Gold, which is advancing a portfolio of prospects in Mali and Senegal.