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Hummingbird 'highly active' at Yanfolila

By BFN News | 07:43 AM | Friday 17 April, 2015


Hummingbird Resources says it has been highly active at the Yanfolila gold project in Mali during the first quarter in preparation for imminent mine construction. Highlights · Optimisation study released for Yanfolila - highlighted increased size, extended life of mine ( and robust economics - NPV8 US$72.4m & IRR of 35.1% at US$1,250/oz Au - 100,000oz year 1 full production & 79,000 oz p.a. over 6.5 year LOM - 2.64 g/t grade over initial LOM - US$641/oz C1 cash operating costs & all-in sustaining costs US$733/oz - US$71.6m capex for a larger & longer life 1Mtpa project · Yanfolila grade control and infill drilling commenced at Komana East, Komana West and Gonka deposits - 5,100m completed of a 10,000m drill programme - Initial Results include: 11 m @ 8.22 g/t gold in hole KEGRC0006; 38 m @ 2.54 g/t gold in hole KMWRC1051; 21 m @ 5.37 g/t gold in hole KMWRC1054; 12 m @ 10.68 g/t gold in hole KMWRC1058 - Gonka infill drilling targeting additional ore for mining schedule Chief executive Dan Betts said, "During Q1 the company has been highly active at Yanfolila in preparation for imminent mine construction. The robust economics demonstrate a profitable mining operation across numerous price points and there are multiple options to further improve the project economics. We are confident we have a clear path to low-cost gold production of an initial 100,000oz for the first year and generating first revenues for the Company. "Whilst we are currently focused on the significant near-term production potential at Yanfolila, we also remain committed to the longer-term "company-making" upside of our 4.2Moz Dugbe 1 Gold Project in Liberia. With this in mind at the start of Q2 2015 we entered into a hydro-electric Collaboration Agreement to develop a sustainable source of low-cost power for the Project and the region. The Dugbe 1 Project is compelling and we are in the process of optimising the DFS in order to unlock further value of this large-scale development opportunity. "In the meantime, with plant earthworks commencing imminently at Yanfolila in Mali, a highly experienced construction manager appointed and long lead items ordered, we are already making fantastic headway and I look forward to providing regular updates on the progress of construction as we transition from the development stage to a leading African gold producer." Story provided by StockMarketWire.com

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