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Friday 16 February, 2018

Hummingbird Res.

Yanfolila Ramp-Up and Exploration Update

RNS Number : 1026F
Hummingbird Resources PLC
16 February 2018
 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

 

Hummingbird Resources plc

("Hummingbird" or the "Company")

 

Ramp-up on track and exploration programme commenced at Yanfolila Gold Mine, Mali

 

Hummingbird Resources (AIM: HUM) is pleased to announce an update on operations at the Yanfolila Gold Mine in Mali ("Yanfolila"), which commenced gold production in December 2017.

 

Production Update

Since first gold was poured on 19 December 2017, Yanfolila has steadily been ramping up towards full production in line with the Company's planned schedule.  Over the past ten days the plant has been operating at an average of ~90% of design throughput capacity.  The plant has been achieving ~96% gold recoveries1, higher than design specification, consistently since the start of operations.

 

Total gold recovered to date is 10,737 ounces of which 5,483 ounces has been shipped to refiners.

 

In this first period of operations the plant was processing ore from the lower-grade stockpiles, in order to ensure plant performance and gold recovery were satisfactory before increasing the head grade.  Now that the plant is running close to name-plate capacity and recoveries remain consistently high; higher-grade ore is increasingly being introduced to the plant. 

 


7 Dec 2017 - 15 Feb 2018

Tonnes Milled (dry)

147,997

Current throughput (T/Hour)

139

Current throughput (% design)

90%

Gold Recovery 1

96%

Gold Poured

6,238oz

Gold In Circuit

4,499oz

Total Gold Recovered

10,737oz

1 Recovery calculations based on gold lost to tailings

 

Exploration Update

The 2018 exploration programme at Yanfolila has commenced with the focus being on the conversion of indicated and inferred resources to mineable reserves.  The Company has over 1 million ounces of resources outside the mine plan which the Company is targeting for conversion into reserves.  It is the Company's intention to spend in the region of US$8-10 million on exploration this year, but not more than 15% of Hummingbird's operating cashflows from Yanfolila.  The Company aims to pursue an aggressive exploration strategy to extend the mine life, which will be controlled by strict financial discipline.

 

His Excellency Mr. Ibrahim Boubacar Keita, the President of the Republic of Mali, has postponed his visit to Yanfolila due to other business, however, the official opening ceremony is expected to take place with the President in attendance at a later date in 2018.

 

Dan Betts, CEO of Hummingbird, commented: 

"I am pleased that activity on site is steadily progressing as per the ramp-up schedule and we are on track to achieve name plate capacity from the plant by the end of Q1 2018.

 

"I am particularly happy to report on the technical performance of the plant, with recoveries over 95% already and a solid performance of the milling circuit. This stands us in good stead as we continue to ramp up the performance of the operation."

 

**ENDS**

 

For further information, please visit www.hummingbirdresources.co.uk or contact: 

Daniel Betts

Thomas Hill

Robert Monro

Hummingbird Resources plc

Tel: +44 (0) 20 7409 6660




James Spinney

Ritchie Balmer

James Bellman

Strand Hanson Limited

Nominated & Financial Adviser

Tel: +44 (0) 20 7409 3494

 




Jon Belliss

Beaufort Securities Limited

Broker

Tel: +44 (0) 20 7382 8300




Lottie Wadham

Susie Geliher

St Brides Partners Ltd

Financial PR/IR

Tel: +44 (0) 20 7236 1177

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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