2nd Feb 2016 10:02
LONDON (Alliance News) - Hummingbird Resources PLC said Tuesday results from its study on the Gonka deposit located to the south of its proposed Yanfolila gold project plant in Mali demonstrate the potential to "significantly" increase the net present value and mine life of the project.
The Gonka deposit is not currently included in the Yanfolila definitive feasibility study, Hummingbird said.
Elsewhere the company agreed a one month extension to its USD15 million bridge facility with Taurus Mining Finance Fund Ltd to March 8. Hummingbird said it will provide a further update ahead of that date.
"It has always been our belief that Yanfolila's mine life will grow significantly and this is another step in that process. This study adds USD24 million to the [definitive feasibility study net present value] and 169,000 ounces gold to the mine life, a very pleasing piece of upside. This study is early stage however we anticipate extensions of the underground resources to increase the size of this deposit even further in the future," said Chief Executive Officer Dan Betts in a statement.
Shares in Hummingbird were up 5.0% at 15.49 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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