10th Jan 2022 13:33
(Alliance News) - Hummingbird Resources PLC said on Monday that construction at its Kouroussa gold mine project in Guinea has begun, but it admitted worries in Mali.
The London-based gold miner with projects in Mali, Liberia and Guinea said that construction had commenced at the Kouroussa site following the mobilisation of equipment and personnel in December.
From the site, Hummingbird said it has received 10,050 metres of assays from the 2021 drilling programme. It added that more was expected in the first quarter of 2022.
The KoeKoe deposit at Kouroussa has a current maiden reserve of 408,900 ounces at 4.38 grams of gold per tonne of ore, with upside potential once all the 24,000 metre infill drilling data from 2021 is analysed. This, the company explained, will feed into its updated 2022 resource and reserve statement that is scheduled for release in the second quarter of 2022.
Hummingbird also noted the sanctions that have been imposed on Mali by the Economic Community of West African States. The sanctions restrict the movement of cash, people and goods across borders into and out of Mali from the wider West African States economic community region.
The sanctions were imposed over delays to a return to civilian rule by the Mali's military junta. ECOWAS, at a meeting on Sunday, also agreed to cut financial aid and freeze Mali's assets at the Central Bank of West African States, AFP reports.
Hummingbird said it is evaluating the immediate risks to its supply chain as a consequence and added that it is too early to say how these sanctions may potentially affect its business.
Shares in Hummingbird were down 3.8% at 13.95 pence on Monday afternoon in London.
By Heather Rydings; [email protected]
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