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Hummingbird unveils maiden reserves at Yanfolila

By BFN News | 07:23 AM | Tuesday 15 December, 2015


Hummingbird Resources has announced maiden ore reserves at the Yanfolila gold project in Mali. This represents a 20% increase from the in-pit mineral resource in the optimisation study. The reserve report is based on the resources at the Komana East and West pits as these will be mined first (Phase 1). The project has significant Resources at other nearby deposits including Guiren West, Gonka, Sanioumale East and Sanioumale West which will be mined at a later stage (phase 2). Yanfolila highlights · Gross maiden Probable Reserves of 6.82Mt @ 3.03 g/t for 665,600oz Au - Increase of 118,600oz Au from the in-pit Mineral Resource inventory reported in the March 2015 Optimisation Study mine plan of 547,000oz Au, with the grade increasing by 15%, using a US$1,100 pit shell · 100% of in-pit Indicated Resources have converted into Reserves - Plant throughput capacity increased to 1.24Mtpa from 1.0Mtpa (24% increase), benefits include: * Increased annual gold production for c120,000ozs in first full year of production * Ability to process all ore types including 1Mtpa of fresh ore · Updated gross Mineral Resource of 1.8Moz Au @ 2.54 g/t - Additionally there is a further 390,700ozs Au @ 1.92g/t of mineral inventory previously defined by Gold Fields Limited but as yet not converted to JORC or SAMREC compliant Mineral Resources · Project economics are being updated and will be released in January 2016 · Project construction timeline remains unchanged at 12-15 months from main debt draw Chief executive Dan Betts said: "Achieving a maiden Ore Reserve at Yanfolila is a significant milestone for the Company. With an increased gold grade of 3.03 g/t it confirms Yanfolila as a quality, high-grade, low cost project. "We have increased the size of our processing plant to process up to 1.24Mtpa, as well as processing harder, fresh ore types. The ability to process greater volumes of fresh ore has allowed us to expand and deepen the open pits of our maiden Ore Reserve, resulting in more recoverable gold. Together with a more flexible operating plan it also gives us scope to further expand our Ore Reserves from our existing deposits. The 24% increase in throughput will also significantly enhance annual gold production. "Additionally, the plant has been designed with the ability to further increase capacity to 1.5Mtpa. With so many Indicated ounces outside the mine plan at nearby deposits and high-grade underground potential at Gonka, the Company believes there remains significant production upside at Yanfolila. "We look forward to making further announcements on an updated mine schedule and Project economics once finalised." Story provided by StockMarketWire.com

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