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Hummingbird Resources Plc
Summary
| Project: | Yanfolila | |
|---|---|---|
| Deposit: | Yanfolila | |
| Location: | Mali | |
| Commodities: | Gold | |
| Date: | 12/17/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 17-12-2019: Hummingbird Resources Plc announces a Resource Estimation report for its Yanfolila deposit at the Yanfolila project. Updated ore reserve statement for project. Hummingbird Resources plc ("Hummingbird" or the "Company") (AIM: HUM), is pleased t | |
| Resources: | (Reserve, P+P): 7.9Mt @ 2.66g/t Au for 675.9Koz Au | |
| CP/QP: | [Overall Report]: Murray Paterson (Internal) | |
| ABSTRACT: | Hummingbird Resources plc ("Hummingbird" or the "Company") (AIM: HUM), is pleased to announce an update to its open pit Ore Reserves at the Yanfolila gold mine. The Company intends to update shareholders with a 5 year mine plan based off these updated Ore Reserves and its 2020 guidance in early 2020. Yanfolila currently consists of the Komana East & West, Gonka and Sanioumale West deposits in Reserve. Dan Betts, CEO; "I am pleased to provide an update on our open pit Ore Reserves; which shows a significant increase in Reserves from our pre-production inventory. We have also identified first ore Reserves from Gonka open pit and Sanioumale West which is very pleasing. Early in the New Year we will release a 5 year mine plan for Yanfolila, based on these Reserves. It is our intention to then update this plan on a rolling basis as further reserves are defined. Additionally, I am pleased that we are able to re-commence exploration drilling and study work in Q1 2020 with a renewed focus on ensuring the mine's long term future. Q4 2019 has remained a strong quarter and we look forward to meeting our full year production guidance. This will be a great achievement for the team considering the first 4 months of the year and represents 8 solid consecutive months. Over the course of 2020 we shall continue to aggressively de-leverage our debt position and strengthen our balance sheet with the anticipation of moving from a position of net debt to net cash. Within 3 years of starting operations this is a significant milestone and will allow us to start to look to move the Company forward with cash generation and shareholder value being a key focus." | |
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