2nd Jul 2018 12:47
LONDON (Alliance News) - Hummingbird Resources PLC said Monday it started its exploration drilling campaign on its mining permit in Mali.
The company said that the new exploration drilling is targeting conversion of resources to reserves, extending the mine life at Yanfolila gold mine.
Four rigs are on site and will be drilling over 50,000 metres across six existing deposits on the mining permit, Hummingbird said.
"The exploration drill strategy is focused on infilling the currently defined resources at the six deposits in the 2.2 million of ounces resource base.
"By targeting these known resources it is expected that the current mine life will ultimately be extended beyond 10 years and at certain stages in the life of mine plan, improve the grade delivered to the process plant," the company said.
Shares were trading 4.7% higher at 31.92 pence each.
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