We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hummingbird Resources Plc | AQSE:HUM.GB | Aquis Stock Exchange | Ordinary Share | GB00B60BWY28 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.00 | 6.50 | 7.50 | 7.17 | 7.00 | 7.00 | 33,863 | 16:29:59 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHUM
RNS Number : 1664M
Hummingbird Resources PLC
11 October 2016
Ticker: HUM / Index: AIM / Sector: Mining
Hummingbird Resources plc ("Hummingbird Resources" or "the Company")
Commences Construction at Yanfolila Gold Project
Hummingbird Resources (AIM: HUM), the West African gold company, is pleased to announce that following the recent appointment of IMAGRI-SARL, civil works have now commenced at the Company's Yanfolila Gold Project in Mali ("Yanfolila").
To view recent photographs of the Yanfolila site, please see the associated PDF.
http://www.rns-pdf.londonstockexchange.com/rns/1664M_-2016-10-10.pdf
Highlights:
-- IMAGRI-SARL commenced civil works at Yanfolila
-- Surveying, setting out and trenching have started on site in preparation for concrete pouring later this month
-- On schedule and budget for first gold pour by end of 2017
Dan Betts, CEO of Hummingbird Resources, said: "We are now laying the ground work for our first gold mine in Mali with civil works having started. This is an important milestone for Hummingbird Resources as full scale mine construction has now commenced, and we are on schedule for our first gold pour by the end of 2017 targeting 132,000oz in the first year."
About Yanfolila
Yanfolila is the Company's most advanced asset, which boasts impressive economics and production fundamentals. 132,000oz gold is targeted for its first full year of production, which would deliver around US$70 million of free cash flow in that year at a US$1,250/oz gold price. On its initial eight year mine life, Yanfolila has an IRR of 60% and an NPV of US$162 million at US$1,250 gold price, making it one of the highest margin undeveloped gold projects in Africa. All in sustaining cash costs of US$695 per ounce places it in the lowest quartile of African producers.
About IMAGRI
IMAGRI is an established specialist in the construction of world class mines in Mali. It was instrumental in the construction and expansion of Randgold Resources' flagship Loulo underground mine powerplant and the associated Gounkoto open pit mine.
IMAGRI experience also includes work at Robex Resources' Nampala Gold Mine (as general contractor), Toguna Agro-Industries' phosphate mine, the Elephant Vert's fertiliser plant as well as a portion of ASX-listed Resolute Mining's Syama Mine.
Pictures - See PDF
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
**ENDS**
For further information please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts Hummingbird Resources plc Tel: +44 (0) 20 3416 Thomas Hill 3560 Robert Monro -------------------- ----------------------------- ----------------------- Charlie Cryer RFC Ambrian Ltd Tel: +44 (0) 20 3440 Oliver Morse Nominated Adviser and Joint 6800 / +61 (0) 8 9480 Broker 2500 -------------------- ----------------------------- ----------------------- Jon Belliss Beaufort Securities Limited Tel: +44 (0) 20 7382 Joint Broker 8300 -------------------- ----------------------------- ----------------------- Lottie Brocklehurst St Brides Partners Ltd Tel: +44 (0) 20 7236 Susie Geliher Financial PR/IR 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 near-term production Yanfolila Gold Project in Mali and the Dugbe Gold Project in Liberia. It is currently building Yanfolila targeting first production by end of 2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential. The high grade gold project has low operating costs of US$695/oz AISC with 132,000ozs of first full year's production.
The 4.2Moz Dugbe Gold 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 4,000km(2) highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLLFFDILLILIR
(END) Dow Jones Newswires
October 11, 2016 02:00 ET (06:00 GMT)
1 Year Hummingbird Resources Chart |
1 Month Hummingbird Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions