2nd Mar 2015 11:15
LONDON (Alliance News) - Hummingbird Resources PLC on Monday said it has received the results of the optimisation study for the Yanfolila gold project in Mali.
Hummingbird said the report showed the mine has a net present value of USD72.4 million and forecasts a 100,000 ounce production in the first full year following ramp up, with an average of 79,000 ounces per year over the six-and-a-half-year life of mine.
Production is due to start in the first half of 2016, following a 12-month construction programme, Hummingbird said. Construction is due to commence on time in the first half of 2015.
"The Optimisation Study shows a low-cost, low technical risk and quick route to gold production for Yanfolila with robust economics," said Hummingbird Chief Executive Officer Dan Betts.
Hummingbird shares were untraded Monday, having last traded at 37.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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