29th Feb 2016 10:22
LONDON (Alliance News) - Hummingbird Resources PLC on Monday said it has received an improved study on the economics of the Yanfolila gold project in Mali.
The company said the optimised study for the project has increased the net present value of the project at a USD1,100 per ounce gold price by 24%, to a total of USD109.0 million. Gold was quoted early Monday around USD1,230 per ounce.
The total estimated reserve at the Yanfolila site has been increased by 44,200 ounces to 709,800 ounces, at an average grade of 3.14 grams per tonne, up from 3.03 grams per tonne in the initial study.
"These much improved project economics have left the company in a better position to negotiate the final funding package for the development of Yanfolila to production and the recently secured six month bridge extension to 8 September 2016 has given us the time to do this," said Dan Betts, Hummingbird's chief executive.
Hummingbird shares were up 5.6% to 19.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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