Hummingbird Resources PLC Commences Construction at Yanfolila Gold Project (1664M)
11 October 2016 - 7:00AM
UK Regulatory
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
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Charlie Cryer RFC Ambrian Ltd Tel: +44 (0) 20 3440
Oliver Morse Nominated Adviser and Joint 6800 / +61 (0) 8 9480
Broker 2500
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Jon Belliss Beaufort Securities Limited Tel: +44 (0) 20 7382
Joint Broker 8300
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Lottie Brocklehurst St Brides Partners Ltd Tel: +44 (0) 20 7236
Susie Geliher Financial PR/IR 1177
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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
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October 11, 2016 02:00 ET (06:00 GMT)