27th Aug 2014 12:15
LONDON (Alliance News) - Africa-focused gold miner Hummingbird Resources PLC Wednesday it is "carefully" monitoring the Ebola virus which has swept across west Africa and has exercised all necessary procedures to ensure the safety of its in-country staff.
Last week the World Health Organisation said the number of deaths from the Ebola virus has risen to 1,350. Hummingbird - which has mineral deposits in Liberia, including its Dugbe 1 project - said it will continue to monitor the potential impact of its optimisation timeframes.
"Currently there have been no instances of Ebola in Sinoe County, a rural and sparsely populated region in south-east Liberia, where the Dugbe 1 project is located," Chief Executive Dan Betts said in a statement. "The situation is dynamic and we will continue to take all the necessary precautions and keep the market updated."
At an operating level, having acquired Yanfolila from Gold Fields Ltd two months ago, it has secured a USD75 million debt facility with Taurus Funds Management, which will be used to bring the mine into production by the end of the next year.
The company currently has an 11,000 metre drill programme underway with four rigs drilling to increase the oxide resource at the site.
Meanwhile at Dugbe 1 Hummingbird said more than two million ounces of gold have now been converted to indicated resources. Overall, the company said there has been a 16% increase in the average gold grade at the site, while estimated metallurgical recoveries are up two percentage points to 90%.
Hummingbird Resources shares were quoted up 0.9% at 54.00 pence Wednesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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