Drilling Yanfolila Gold Project Mali

RNS Number : 7831I

Hummingbird Resources PLC

30 March 2015

 



Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

30 March 2015

Hummingbird Resources plc ("Hummingbird Resources" or the "Company")

Grade Control and Infill Drilling Commences at Yanfolila Gold Project, Mali

Hummingbird Resources, the multi-project gold company, is pleased to announce the commencement of grade control and infill drilling at its 1.8 million ounce Yanfolila Gold Project in Mali ("Yanfolila" or "the Project").  This follows exceptional drilling results announced in October 2014, and is designed to further advance Yanfolila towards first gold production in H1 2016, following mine construction which is due to start imminently.  The infill drilling will bring further Inferred resources into the Measured and Indicated categories and allow greater optionality of the mine scheduling. 

Overview

·    Phased grade control programme commenced at Komana East and Komana West deposits in preparation for main grade control drilling ahead of pre-production mining

·    Infill drilling commenced at Gonka deposit, currently Inferred, where there is additional high grade ore potential, and additional infill drilling at nearby Komana West deposit to further advance resource model

·    Previous Hummingbird drill programme achieved high grades of up to 41.5g/t Au over 3m announced in October 2014 and added 159,000oz Au discovered in the oxide and transitional zones and increased oxide and transitional Indicated Resources by 153% to 600,000oz Au

·    On track for mine construction to commence in H1 2015 ahead of production targeted for H1 2016

Dan Betts, CEO of Hummingbird Resources, said: "With three drill rigs now operational and mine construction due to start imminently, we are highly active on the ground at Yanfolila.   Grade control drilling is an exciting step for us as we move closer to mining and we look forward to the results following our last round of excellent drill results in October 2014.  With additional high grade ore at the Gonka deposit a potential reality, the infill drilling programme allows for optionality and opportunities for improvement to the Yanfolila mine schedule and already strong economics.   We look forward to updating on our progress on the ground in due course at this exciting time for Hummingbird."

Enquiries:

Hummingbird Resources plc
Daniel Betts, Chief Executive Officer
Thomas Hill, Finance Director
Robert Monro, Head of Business Development	[phone]
Cantor Fitzgerald Europe
Nominated Adviser and Corporate Broker
Stewart Dickson / Jeremy Stephenson	[phone]
St Brides Partners
Financial PR
Lottie Brocklehurst/Felicity Winkles/Hugo de Salis	[phone]

Notes to Editors

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 near-term production Yanfolila project in Mali and the Dugbe development project in Liberia. Its current focus is on bringing Yanfolila, which has a 1.8Moz gold inventory, to production in H1 2016.  The high grade gold project has the potential to turn a profit in a varying gold price environment and will allow for quick returns with low operating costs. A mandate setting out the key terms of a proposed US$75 million debt facility has been agreed with Taurus Mining and initial mine construction is expected to commence in H1 2015.

The 4.2Moz Dugbe project in Liberia provides Hummingbird with excellent development upside. An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term. Additionally, the Company has 5,000km² highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets.

For more information, please visit www.hummingbirdresources.co.uk

 

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