30th Apr 2018 12:14
LONDON (Alliance News) - Hummingbird Resources Ltd on Monday said it has had a strong start to 2018 with its Yanfolila gold mine in Mali now reaching full commercial production.
During the three months to March, Yanfolila poured 18,785 ounces of gold at an average grade of 2.96 grammes of gold per tonne of ore. In March, it produced 9,912 ounces at 3.39 g/t gold.
Gold sold for the period totalled 11,941 ounces at an average price of USD1,332.00 per ounce, and total ore processing reached 238,628 tonnes as the plant reached 95% capacity in March.
Hummingbird has also released its maiden guidance for Yanfolila. In 2018, it expects a total of between 105,000 to 115,000 ounces of gold.
Hummingbird also announced Monday the appointments of Attie Roux and Ernie Nutter as non-executive directors.
Chief Executive Dan Betts said: "Yanfolila had a strong start to the year with the ramp up phase going to plan and with a significant increase in performance throughout the quarter.
"The process plant is operating to design specification and the grade and recoveries of gold we are seeing are solid and consistent with expectations."
Betts added: "Progress has been strong and I am pleased that we are able to declare commercial production from April 2018 with the plant having operated at over 95% of nameplate for the month of March and continuing to operate at 100% throughout April."
Shares were up 0.8% on Monday at 32.25 pence each.
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