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Hummingbird confirms resource upgrade at Yanfolila

By BFN News | 08:17 AM | Tuesday 02 December, 2014


Hummingbird Resources has announced a highly positive resource upgrade as part of its on-going optimisation studies at the Yanfolila Project in Mali, where mine construction is due to start in the first quarter of 2015. Highlights: · Additional 159,000ozs gold discovered in the oxide and transitional zones across initial five starter pits, a 34% increase · 153% increase in oxide and transitional Indicated Resources to 600,000ozs gold · Komana East, the first pit to be mined, now has 160,000ozs gold @ 3.12g/t · Resource upgrade improves the economics of the Project and is in line with the ongoing optimisation programme to enhance Yanfolila's already robust base case · Current Yanfolila mine plan is made up of a series of pits within close proximity to each other which will be processed through a central plant Chief executive Dan Betts said: "This 153% rise in the near-surface 'indicated' 'oxide and transitional' gold resources at Yanfolila, continues the improvement in the economics of the project from their attractive base, which already positioned the Project in the lowest quartile in terms of production cost. "The positive impact the upgrade will have on the ongoing optimisation, engineering studies and life of mine scheduling leaves Hummingbird in an even stronger position as we move towards mine construction in Q1 2015. "We have made excellent progress over the past six months and remain extremely excited about the project's potential. The next twelve months is set to be transformational as we build a mine and bring Yanfolila into production." At 8:17am: (LON:HUM) Hummingbird Resources share price was +2p at 37.5p Story provided by StockMarketWire.com

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