Share Name Share Symbol Market Type Share ISIN Share Description
Hummingbird Resources Plc LSE:HUM London Ordinary Share GB00B60BWY28 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.50p +2.63% 19.50p 19.00p 20.00p 19.50p 19.00p 19.00p 407,939 14:54:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 91.4 -9.1 -2.3 - 69

Hummingbird Resources PLC Second Ball Mill Ahead of Schedule at Yanfolila

17/06/2019 7:00am

UK Regulatory (RNS & others)


Hummingbird Resources (LSE:HUM)
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RNS Number : 3928C

Hummingbird Resources PLC

17 June 2019

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,     Hummingbird Resources plc   Tel: +44 (0) 20 7409 
  CEO                                           6660 
  Thomas Hill, 
  FD 
  Robert Monro, 
  IR 
 
 James Spinney     Strand Hanson Limited       Tel: +44 (0) 20 7409 
  Ritchie Balmer                                3494 
  James Bellman     Nominated Adviser 
                  --------------------------  ---------------------- 
 
 James Asensio     Canaccord Genuity Limited   Tel: +44 (0) 20 7523 
                                                8000 
                    Broker 
                  --------------------------  ---------------------- 
 
 Gordon Poole      Camarco                     Tel: +44 (0) 20 3 757 
  Owen Roberts                                  4980 
  Ollie Head        Financial PR/IR 
                  --------------------------  ---------------------- 
 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 17, 2019 02:00 ET (06:00 GMT)

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