Quarterly Review

RNS Number : 9320B

Hummingbird Resources PLC

16 January 2018

 

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

Hummingbird Resources plc

("Hummingbird" or the "Company")

Quarterly Review

Hummingbird Resources (AIM: HUM) is pleased to announce a review of activities during Q4 2017, which saw production commence at its Yanfolila Gold Mine in Mali ("Yanfolila"), a high-grade, open multi-pit operation with significant expansion opportunities. 

Q4 Operational Overview

·     Commenced gold production on budget and on schedule

·     Commissioned the 1.24Mtpa carbon-in-leach circuit ('CIL') processing plant at Yanfolila

o  Targeting ~130,000oz gold in first full year of operation

o  107,000oz Au p/a over life of mine at ~3g/t average grade

o  1 million ounces gold outside current mine plan - drilling of existing resources targeted throughout 2018 to deliver greater reserve life

Q4 Corporate Overview

·     Cash position ~US$40 million at YE 2017

·     Cora Gold Limited (in which HUM holds a 33.85% interest) raised £3.45 million and listed on AIM, focussing on gold exploration in Mali and Senegal, offering potential for proximal satellite deposits to provide further feedstock for Yanfolila plant

·     Soft-launched "1oz Hummingbird" Single Mine Origin pure gold coins from Yanfolila

o  1,400 people registered interest within one month of soft-launch http://hummingbirdresources.co.uk/coins 

o  Coin sales to commence in Q1 2018, with first delivery of coins targeted by end of H1 2018

Post-Period Highlights

·     Shipping of gold dore bars to the refinery has commenced

·     Ramp up to commercial production remains on plan

o  Plant throughput at 65% capacity during last two weeks of December

o  Plant throughput reached 75% capacity in January 2018

·     Cora Gold announced visible gold in drill core, full assay results to follow shortly from their maiden drilling campaign at Sanankoro

·     Malian President, Ibrahim Boubacar Keïta, to officially open Yanfolila Gold Mine on 14 February 2018

To view pictures of gold poured by Hummingbird at Yanfolila, please view the gallery on the Company's website: http://hummingbirdresources.co.uk/gallery.

Dan Betts, CEO of Hummingbird, commented: 

"The last quarter of 2017 saw Hummingbird become the newest African gold producer, delivering the Yanfolila Gold Mine on time and budget.  The team on the ground at Yanfolila operated 24/7 over the Christmas period and the ramp up is going well and on track to reach commercial production as planned.  I am pleased to announce our first shipment of gold to the refinery has now been completed."

**ENDS**

For further information, please visit www.hummingbirdresources.co.uk or contact: 

Daniel Betts Thomas Hill Robert Monro	Hummingbird Resources plc	Tel: [phone]
James Spinney Ritchie Balmer James Bellman	Strand Hanson Limited Nominated & Financial Adviser	Tel: [phone]
Jon Belliss	Beaufort Securities Limited Broker	Tel: [phone]
Lottie Wadham Susie Geliher	St Brides Partners Ltd Financial PR/IR	Tel: [phone]

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.

 

END

 

 

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