http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 21 Sep 2018 15:20:23 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Initial Exploration Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180919071104_13796188/ Wed, 19 Sep 2018 07:11:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180919071104_13796188/ <![CDATA[RNS press release - Block Listing Six Monthly Return ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180912070006_13787287/ Wed, 12 Sep 2018 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180912070006_13787287/ <![CDATA[RNS press release - Exercise of Options and Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180810144210_13751893/ Fri, 10 Aug 2018 14:42:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180810144210_13751893/ <![CDATA[RNS press release - Q2 2018 Production Results and Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180719070005_13723318/ Thu, 19 Jul 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180719070005_13723318/ <![CDATA[News - Hummingbird Resources starts exploration drilling campaign on mining permit in Mali ]]> http://www.proactiveinvestors.co.uk/companies/news/199964/hummingbird-resources-starts-exploration-drilling-campaign-on-mining-permit-in-mali-199964.html Hummingbird Resources PLC (LON:HUM) saw its shares rise on Monday on news it has started the exploration drilling campaign on its mining permit in Mali.

In a statement, the AIM-listed company said that the new drilling is targeting conversion of resources to reserves, extending the life of the Yanfolila gold mine.

WATCH: Hummingbird Resources achieves commercial production at Yanfolila

It added that four rigs are on site and will be drilling over 50,000 metres across six existing deposits on the mining permit.

Murray Paterson, Hummingbird’s VP Geology commented: "The drilling is aiming primarily for the conversion of existing Resources to Reserves targeting an expected extension to Yanfolila's mine life. 

“We have a number of mineable deposits already proven up as Resources and this programme is about converting those ounces into the mine plan for Yanfolila.”

The firm also said the underground study for Komana East, which is below the open pit Yanfolila, shows potential for an economic underground mine with 113,000 ounces of producible gold in addition to the existing mine plan.

In early afternoon trading, Hummingbird shares were 6.5% higher at 32.5p.

]]>
Mon, 02 Jul 2018 13:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199964/hummingbird-resources-starts-exploration-drilling-campaign-on-mining-permit-in-mali-199964.html
<![CDATA[RNS press release - Commencement of Exploration Drilling ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180702070005_13700552/ Mon, 02 Jul 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180702070005_13700552/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180626133004_13694262/ Tue, 26 Jun 2018 13:30:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180626133004_13694262/ <![CDATA[RNS press release - Appointment of Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180618070006_13682680/ Mon, 18 Jun 2018 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180618070006_13682680/ <![CDATA[RNS press release - Notice of Results and AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180601070007_13662771/ Fri, 01 Jun 2018 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180601070007_13662771/ <![CDATA[RNS press release - Security incident in Mali ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180529162015_13658620/ Tue, 29 May 2018 16:20:15 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180529162015_13658620/ <![CDATA[RNS press release - 2017 Audited Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180524070011_13653164/ Thu, 24 May 2018 07:00:11 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180524070011_13653164/ <![CDATA[RNS press release - Company Presentation and April Production ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180508070009_13631776/ Tue, 08 May 2018 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180508070009_13631776/ <![CDATA[Media files - Hummingbird Resources achieves commercial production at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9169/hummingbird-resources-achieves-commercial-production-at-yanfolila-9169.html Mon, 30 Apr 2018 13:25:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9169/hummingbird-resources-achieves-commercial-production-at-yanfolila-9169.html <![CDATA[News - Hummingbird Resources' Mali gold mine makes strong start to the year as ramp-up phase is completed ]]> http://www.proactiveinvestors.co.uk/companies/news/196028/hummingbird-resources-mali-gold-mine-makes-strong-start-to-the-year-as-ramp-up-phase-is-completed-196028.html Hummingbird Resources PLC (LON:HUM) reiterated its full year production guidance as it confirmed it had completed the ramp-up phase at the Yanfolila gold mine in Mali.

In a quarterly update, the company also unveiled the appointment of two new independent directors with impressive industry and capital markets track records.

WATCH: Hummingbird Resources achieves commercial production at Yanfolila

Former Endeavour Mining chief operating officer Attie Roux and Ernie Nutter, an ex-director of Capital International Asset Management, join the company at a pivotal time.

Hummingbird poured 18,785 ounces of the yellow metal in the first three months of the year with 9,912 ounces of that figure in March. From April 1-24 it has poured a further 8,648 ounces.

Guidance reiterated 

The company reiterated its 2018 guidance of 105,000-115,000 ounces gold.

Sales totalled 11,941 ounces at an average price of US$1,332 per ounce. As of March 31 the business was sitting on US$28mln.

"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,” said chief executive Dan Betts.

“The process plant is operating to design specification and the grade and recoveries of gold we are seeing are solid and consistent with expectations.” 

]]>
Mon, 30 Apr 2018 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196028/hummingbird-resources-mali-gold-mine-makes-strong-start-to-the-year-as-ramp-up-phase-is-completed-196028.html
<![CDATA[RNS press release - Q1 2018 Production Results and Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180430070014_13622790/ Mon, 30 Apr 2018 07:00:14 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180430070014_13622790/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180423164725_13615176/ Mon, 23 Apr 2018 16:47:25 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180423164725_13615176/ <![CDATA[News - Ramp up at Yanfolila going well, says Hummingbird Resources PLC ]]> http://www.proactiveinvestors.co.uk/companies/news/193356/ramp-up-at-yanfolila-going-well-says-hummingbird-resources-plc-193356.html The Yanfolila mine owned by Hummingbird Resources PLC (LON:HUM) commenced gold production in December 2017, and the ramp up to full production is now well underway.

Since first gold was poured on 19 December 2017, the performance of the plant has steadily improved month by month.

READ: Hummingbird Resources says Yanfolila ramp-up on track as it kicks off exploration

In the first 14 days of March, the plant operated at an average of 95% of design throughput and has consistently achieved a gold recovery rate of approximately 96%, which is in excess of design specification.

The gold recovered to 14 March 2018 amounts to 16,804 ounces, of which 11,958 ounces has been poured and 4,846 ounces are currently within circuit inventory.

During the initial ore commissioning phase, the plant was processing ore from the lower-grade stockpiles in order to ensure plant performance and gold recovery were satisfactory before increasing the head grade. 

Over the past two months, the amount of high grade ore fed into the mill blend has been steadily increased and the plant is now running close to name-plate capacity with recoveries remaining consistently above design.

Accordingly, Hummingbird continues to introduce higher-grade ore into the plant. 

"We are delighted that the plant has performed so well and that the work carried out by our highly experienced team and contractors has so far been rewarded in ramp-up operations with 96% recoveries, over 3g/t head grade and a steady increase in plant throughput towards design,” said chief executive Dan Betts. 

 

 

]]>
Mon, 19 Mar 2018 07:43:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193356/ramp-up-at-yanfolila-going-well-says-hummingbird-resources-plc-193356.html
<![CDATA[RNS press release - Positive Ramp-up Update at the Yanfolila Gold Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180319070004_13571018/ Mon, 19 Mar 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180319070004_13571018/ <![CDATA[RNS press release - Block Listing Six Monthly Return ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180312130002_13563496/ Mon, 12 Mar 2018 13:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180312130002_13563496/ <![CDATA[RNS press release - Statement re Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180302131001_13553134/ Fri, 02 Mar 2018 13:10:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180302131001_13553134/ <![CDATA[News - Hummingbird Resources says Yanfolila ramp-up on track as it kicks off exploration ]]> http://www.proactiveinvestors.co.uk/companies/news/191753/hummingbird-resources-says-yanfolila-ramp-up-on-track-as-it-kicks-off-exploration-191753.html Hummingbird Resources PLC (LON:HUM) said on Friday its Yanfolila gold mine in Mali has been steadily ramping up towards full production since first gold was poured in December.

The plant has achieved around 96% gold recoveries consistently since the start of operations, which is higher than the design specification.

READ: Hummingbird Resources looks all set for a bumper 2018

Total gold recovered to date is 10,737 ounces of which 5,483 ounces has been shipped to refiners.

In the past 10 days the plant has been operating at an average of 90% design throughput capacity.

At the start of operations, the plant was processing ore from lower-grade stockpiles to ensure the performance and gold recovery were satisfactory before increasing the head grade.

Higher-grade ore is now increasingly being introduced to the plant as it is running close to name-plate capacity and recoveries remain consistently high.

"I am pleased that activity on site is steadily progressing as per the ramp-up schedule and we are on track to achieve name-plate capacity from the plant by the end of the first quarter of 2018,“ said chief executive Dan Betts.

"I am particularly happy to report on the technical performance of the plant, with recoveries over 95% already and a solid performance of the milling circuit. This stands us in good stead as we continue to ramp up the performance of the operation."

Hummingbird begins exploration programme at Yanfolila

The group said its 2018 exploration programme at Yanfolila has started with the focus on the conversion of indicated and inferred resources to mineable reserves.

The company has more than one million ounces of resources outside the mine plan, which is being targeted for conversion into reserves.

Hummingbird plans to spend US$8-10mln on exploration this year, but not more than 15% of its operating cashflows from Yanfolila. 

“The company aims to pursue an aggressive exploration strategy to extend the mine life, which will be controlled by strict financial discipline,” it said. 

]]>
Fri, 16 Feb 2018 07:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191753/hummingbird-resources-says-yanfolila-ramp-up-on-track-as-it-kicks-off-exploration-191753.html
<![CDATA[RNS press release - Yanfolila Ramp-Up and Exploration Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180216070004_13535503/ Fri, 16 Feb 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180216070004_13535503/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180213070004_13530588/ Tue, 13 Feb 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180213070004_13530588/ <![CDATA[Media files - Hummingbird Resources entering 2018 in a very strong position ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8621/hummingbird-resources-entering-2018-in-a-very-strong-position-8621.html Tue, 16 Jan 2018 12:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8621/hummingbird-resources-entering-2018-in-a-very-strong-position-8621.html <![CDATA[News - Hummingbird Resources looks all set for a bumper 2018 ]]> http://www.proactiveinvestors.co.uk/companies/news/190080/hummingbird-resources-looks-all-set-for-a-bumper-2018-190080.html Hummingbird Resources PLC (LON:HUM) finished up 2017 with around US$40mln in cash and gold flowing from the furnaces at the new Yanfolila mine in Mali.

Hummingbird poured its first gold in the second half of December, following a build and commissioning process that was completed on time and on budget.

READ: On time and on budget, Hummingbird Resources delivers gold pour; production gets into full swing in 2018

The plan now is to produce 130,000 ounces in the first full year of production, following ramp up, with production expected to average at around 107,000 ounces per year over the life of the mine.

The Malian President, Ibrahim Boubacar Keïta, will officially open the Yanfolila gold mine on 14 February 2018.

Separately, the company has also launched its own bespoke Yanfolila coins, and plans to deliver on first sales of these by the end of the first half of this year.

 

 

 

]]>
Tue, 16 Jan 2018 08:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190080/hummingbird-resources-looks-all-set-for-a-bumper-2018-190080.html
<![CDATA[RNS press release - Quarterly Review ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180116070002_13497245/ Tue, 16 Jan 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180116070002_13497245/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180109144609_13490353/ Tue, 09 Jan 2018 14:46:09 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20180109144609_13490353/ <![CDATA[News - On time and on budget, Hummingbird Resources delivers gold pour; production gets into full swing in 2018 ]]> http://www.proactiveinvestors.co.uk/companies/news/189250/on-time-and-on-budget-hummingbird-resources-delivers-gold-pour-production-gets-into-full-swing-in-2018-189250.html Having promised investors a first gold pour before the end of the year, Hummingbird Resources PLC (LON:HUM) duly delivered on time and on budget at the Yanfolila Mine in southern Mali.

But of course the hard work doesn’t end there. The plan in 2018 is to deliver not one doré bar or a a handful of specially-minted Hummingbird coins, but a 130,000 ounces of the yellow metal.

WATCH: Hummingbird celebrates first gold pour

That’s not a huge amount compared with giants of the industry – companies such AngloGold Ashanti, Randgold and Gold Fields. But it will count as a terrific achievement for a business valued at little over £130mln and praise should go to a motivated management that got it this far.

“Producing first gold from Yanfolila is Hummingbird's most significant achievement to date and we have delivered it on time and on budget,” chief executive Dan Betts told investors.

“All major elements of the plant are working to specification; including the crushing, milling and detox circuits, with early recoveries from the CIL circuit showing around 95%, which is excellent in terms of start-up performance.”

Bargain buy?

Hummingbird took over the Yanfolila in 2104 from Gold Fields (JSE:GFI), one of the largest producers of the precious metal in the world.

It had concluded that on the whole the project was too small for to fit its strict criteria on these sort of assets.

But that hadn’t precluded it doing a lot of detailed investigations on viability, following up on the initial resource work that had been done by Glencar.

This work was then handed onto Hummingbird, which proceeded rapidly on to completing final economic studies, raising money and moving on into development.

Economic in a variety of gold price scenarios

Economics stack up

According to the most up-to-date study conducted by Hummingbird, Yanfolila is capable of producing an after-tax internal rate of return of 60%, assuming a gold price of US$1,250, lower than where it is now.

That would be on the basis of life of a production scenario weighted towards the early years, but which over the life of the mine would produce at an average rate of 107,000 ounces per year.

However, if gold were to rise to US$1,400, the after-tax IRR rises to 77%. Similarly the NPV jumps from US$162mln to US$216mln.

Conversely though, if the gold price should fall to US$1,100, the project will still enjoy a 42% internal rate of return.

Low cost producer

Stand-out is the all-in sustaining cost of US$695 per ounce, making it one of the most efficient producers in the world.

The shares, which have doubled in the year to date, still don’t fully reflect the full potential of the business, according to the City broker Mirabaud.

It values the business at 52p a share, which around 45% above the current share price. “As Hummingbird moves into commercial production we expect its share price to reflect more of Yanfolila’s full value as it currently trades at around 70% of its net asset value,” said analyst Nikolas Toleris.

In other words there is plenty more to play for.

WATCH: Time-lapse video of the mine's construction 

 

]]>
Fri, 22 Dec 2017 11:59:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189250/on-time-and-on-budget-hummingbird-resources-delivers-gold-pour-production-gets-into-full-swing-in-2018-189250.html
<![CDATA[Media files - Hummingbird celebrates initial gold pour at the Yanfolila gold mine ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8573/hummingbird-celebrates-initial-gold-pour-at-the-yanfolila-gold-mine-8573.html Thu, 21 Dec 2017 15:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8573/hummingbird-celebrates-initial-gold-pour-at-the-yanfolila-gold-mine-8573.html <![CDATA[News - Hummingbird Resources pours first gold at the Yanfolila gold mine ]]> http://www.proactiveinvestors.co.uk/companies/news/189172/hummingbird-resources-pours-first-gold-at-the-yanfolila-gold-mine-189172.html Hummingbird Resources PLC (LON:HUM) said it has poured first gold at the Yanfolila Gold Mine in southern Mali from the carbon-in-leach (CIL) circuit on time and on budget.

The company will now turn its focus to completing commissioning and ramping up to commercial production. It is targeting 130,000 ounces of gold in the first full year of operations.

“Producing first gold from Yanfolila is Hummingbird's most significant achievement to date and we have delivered it on time and on budget,” said chief executive Dan Betts.

“All major elements of the plant are working to specification; including the crushing, milling and detox circuits, with early recoveries from the CIL circuit showing around 95%, which is excellent in terms of start-up performance.”

The initial pour was from early low loaded carbon withdrawn from the circuit to test the elution and electrowinning circuits.

Carbon loaded to design specification of more than 2,000 parts per million has been drawn from the CIL circuit  and is currently undergoing elution ahead of further ongoing production.  

Betts added: “"Looking forward to 2018, Hummingbird is committed to not only delivering name-plate production at Yanfolila but also demonstrating the growth potential of Yanfolila through the continued conversion of already discovered Resources, of which there are over 1 million ounces outside the current mine plan, to mineable Reserves.”

]]>
Thu, 21 Dec 2017 13:14:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189172/hummingbird-resources-pours-first-gold-at-the-yanfolila-gold-mine-189172.html
<![CDATA[RNS press release - First Gold Poured at Yanfolila Gold Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171221130001_13474624/ Thu, 21 Dec 2017 13:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171221130001_13474624/ <![CDATA[News - Hummingbird Resources in the final phase before production in Mali; expects first gold pour later this month ]]> http://www.proactiveinvestors.co.uk/companies/news/188857/hummingbird-resources-in-the-final-phase-before-production-in-mali-expects-first-gold-pour-later-this-month-188857.html Hummingbird Resources PLC (LON:HUM) said it expects to pour its first gold from the Yanfolila mine in Mali with the processing of ore well underway.

Supply from the pad stockpile is now going through the mill and carbon in leach process plant in order to extract the yellow metal.

Commercial ramp up will begin in the first quarter of next year and the aim is to produce 130,000 ounces of gold.

Impressive free cash flow 

"Ore commissioning represents the final step ahead of first gold production at Yanfolila,” said chief executive Dan Betts.

READ: Hummingbird Resources ends talks with African Gold for potential earn-in to Kobada

“Everybody on site is totally focused on a smooth ramp-up of the plant as we look to move into the production phase. 

“This is a key transitional moment for Hummingbird, transforming the company from a developer to a producer.”  

Hummingbird took over the Yanfolila in 2104 from Gold Fields (JSE:GFI), one of the largest producers of the precious metal in the world.

It had concluded that on the whole the project was too small for to fit its strict criteria on these sort of assets.

But that hadn’t precluded it doing a lot of detailed investigations on viability, following up on the initial resource work that had been done by Glencar.

This work was then handed onto Hummingbird, which proceeded rapidly on to completing final economic studies, raising money and moving on into development.

Economic in a variety of gold price scenarios

According to the most up-to-date study conducted by Hummingbird, Yanfolila is capable of producing an after-tax internal rate of return of 60%, assuming a gold price of US$1,250, lower than where it is now.

That would be on the basis of life of a production scenario weighted towards the early years, but which over the life of the mine would produce at an average rate of 107,000 ounces per year.

However, if gold were to rise to US$1,400, the after-tax IRR rises to 77%. Similarly the NPV jumps from US$162 mln to US$216 mln.

Conversely though, if the gold price should fall to US$1,100, the project will still enjoy a 42% internal rate of return.

Stand-out is the all-in sustaining cost of US$695 per ounce, making it one of the most efficient producers in the world.

Well-covered by brokers

In 2016, Beaufort Securities called Yanfolila “one of the best undeveloped gold projects in Africa”.

That analysis is only running out of date because Yanfolila is now producing.

In its latest note to clients the broker added: “We continue to be impressed with the progress being made at Yanfolila and now eagerly anticipate the first gold pour by year end. With the commencement of commissioning, the first gold pour is not far off.”

The shares, which have doubled in the year to date to value the business at £127mln, advanced 2.7% to 37p Friday (Dec 15).

One wonders whether that market capitalisation fully reflects the full value of a low-cost gold producer with the potential to generate £60mln of free cash next year at the current gold price. 

]]>
Fri, 15 Dec 2017 07:28:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188857/hummingbird-resources-in-the-final-phase-before-production-in-mali-expects-first-gold-pour-later-this-month-188857.html
<![CDATA[RNS press release - Ore Commissioning Commenced at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171215070002_13466522/ Fri, 15 Dec 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171215070002_13466522/ <![CDATA[News - Hummingbird Resources ends talks with African Gold for potential earn-in to Kobada ]]> http://www.proactiveinvestors.co.uk/companies/news/188748/hummingbird-resources-ends-talks-with-african-gold-for-potential-earn-in-to-kobada-188748.html Hummingbird Resources PLC (LON:HUM) has confirmed that talks with African Gold Group for a potential earn-in to a 50% interest in the Kobada gold project have ended.

The company said the conditional letter of intent (LOI) it signed with African Gold has automatically terminated as the conditions were not satisfied within the required 45-day period. 

READ:Hummingbird Resources signs potential 50% earn-in deal for Kobada Gold Project in Mali, will take 9.9% stake in owner African Gold Group

Hummingbird will instead focus on higher grade deposits at the Yanfolila gold project in Mali .

"Hummingbird Resources is pleased with ongoing commissioning progress at Yanfolila and the company is 100% focused on delivering first gold pour at Yanfolila before the end of the year, on time and on budget," it said.

In September Hummingbird announced that it signed the LOI for a potential earn-in to Kobada and that it planned an initial investment of C$3.6mln for a near 10% initial stake in the group.

]]>
Wed, 13 Dec 2017 14:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188748/hummingbird-resources-ends-talks-with-african-gold-for-potential-earn-in-to-kobada-188748.html
<![CDATA[RNS press release - Termination of African Gold Group LOI ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171213140001_13464258/ Wed, 13 Dec 2017 14:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171213140001_13464258/ <![CDATA[RNS press release - Result of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171213100001_13463791/ Wed, 13 Dec 2017 10:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171213100001_13463791/ <![CDATA[Media files - Hummingbird launches range of coins made from Yanfolila gold ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8429/hummingbird-launches-range-of-coins-made-from-yanfolila-gold-8429.html Tue, 28 Nov 2017 16:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8429/hummingbird-launches-range-of-coins-made-from-yanfolila-gold-8429.html <![CDATA[News - Hummingbird Resources to produce Single Mine Origin pure gold coins from the Yanfolila mine ]]> http://www.proactiveinvestors.co.uk/companies/news/187899/hummingbird-resources-to-produce-single-mine-origin-pure-gold-coins-from-the-yanfolila-mine-187899.html Hummingbird Resources PLC (LON:HUM) has announced that in line with the imminent commencement of gold production from its Yanfolila Gold Mine in Mali, the company will be producing Single Mine Origin pure gold coins, called the "1oz Hummingbird".

The company intends to commence sales in the first quarter of 2018, with first delivery of coins targeted by the end of the first half of 2018. The group said the 1oz Hummingbird will be part of a collection of seven coins to be launched officially in 2018, offering the rare opportunity to own an item of SMO gold.

WATCH: Hummingbird Resources still on track for first gold pour by year-end

In line with equator principles, each coin will seek to exemplify Hummingbird's commitment to quality and best practice - for every ounce of gold Hummingbird produces from Yanfolila, the Company will be investing in its community-based projects across West Africa.

The 1oz Hummingbird is intended to be a collectable coin minted with the portrait of Musa I of Mali, the richest man in history. 

The six other coins will represent Hummingbird's industry, journey and company values: Explore; Develop; Mine; Produce; Community; and Conserve. 

READ: Power plant now fully installed at Hummingbird’s Yanfolila gold mine

Full sets of seven gold coins will be presented in a commemorative box and all coins will be priced based on the spot gold price at the time of purchase. 

Hummingbird said it is prepared to purchase any sold coins directly back from the customer for 98% of the spot gold price at the time of the re-purchase.

]]>
Tue, 28 Nov 2017 10:59:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187899/hummingbird-resources-to-produce-single-mine-origin-pure-gold-coins-from-the-yanfolila-mine-187899.html
<![CDATA[RNS press release - Introducing The 1oz Hummingbird Gold Coin ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171128100001_13446191/ Tue, 28 Nov 2017 10:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171128100001_13446191/ <![CDATA[Media files - Hummingbird Resources still on track for first gold pour by year-end ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8390/hummingbird-resources-still-on-track-for-first-gold-pour-by-year-end-8390.html Mon, 20 Nov 2017 10:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8390/hummingbird-resources-still-on-track-for-first-gold-pour-by-year-end-8390.html <![CDATA[News - Hummingbird now commissioning at Yanfolila, on track for first gold pour by end 2017 ]]> http://www.proactiveinvestors.co.uk/companies/news/187481/hummingbird-now-commissioning-at-yanfolila-on-track-for-first-gold-pour-by-end-2017-187481.html Hummingbird Resources plc (LON:HUM) is now beginning the commissioning process at the Yanfolila gold mine in Mali.

First gold pour remains on track for the end of this year.

READ: Power plant now fully installed at Hummingbird’s Yanfolila gold mine

Mechanical and electrical testing of the installed ball mill is now complete, and the water supply for the processing plant in place.

Hummingbird has now commenced wet commissioning of the Carbon-in-Leach (CIL) circuit, after which ore will be introduced to the plant.

"Progress is continuing at pace and in line with our schedule,” said chief executive Dan Betts. 

READ: Hummingbird Resources says Yanfolila on-track and on-budget for first gold

“We are pleased that we have pre-commissioned the ball mill and commenced wet commissioning.” 

 

]]>
Mon, 20 Nov 2017 07:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187481/hummingbird-now-commissioning-at-yanfolila-on-track-for-first-gold-pour-by-end-2017-187481.html
<![CDATA[RNS press release - Commissioning Update at Yanfolila Gold Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171120070004_13436506/ Mon, 20 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171120070004_13436506/ <![CDATA[RNS press release - Exercise of Warrants ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171114070003_13430112/ Tue, 14 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171114070003_13430112/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171107175001_13423719/ Tue, 07 Nov 2017 17:50:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171107175001_13423719/ <![CDATA[RNS press release - Posting of Circular and Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171030070002_13412381/ Mon, 30 Oct 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171030070002_13412381/ <![CDATA[News - Power plant now fully installed at Hummingbird’s Yanfolila gold mine ]]> http://www.proactiveinvestors.co.uk/companies/news/186170/power-plant-now-fully-installed-at-hummingbirds-yanfolila-gold-mine-186170.html The 7.4 megawatt power plant at Hummingbird Resources PLC’s (LON:HUM) Yanfolila gold mine in Mali has now been fully commissioned.

London-listed Aggreko PLC (LON:AGK) installed the diesel power facility, which will provide power to the on-site processing plant.

READ: Hummingbird building a gold production presence in Africa and on the London market

Importantly, it keeps Hummingbird on track to deliver first gold from the project by the end of 2017.

“Working with Aggreko to deliver our power remains in line with our strategy of working with world class partners as we progress Yanfolila towards imminent gold production,” said chief executive Dan Betts.

“Aggreko offers the best quality power solution in the market at competitive pricing with a full team on site to run and maintain its operations.  

READ: Hummingbird Resources Mali gold mine on time and on budget

"Furthermore, we continue to evaluate potential renewable solutions such as solar PV, as we strive to be a responsible miner operating for the benefit of all our stakeholders.”

As for what to expect in the coming weeks, Betts said the next milestones would likely be the commissioning of the water supply and testing of the now fully-installed mill.

Shares gained 0.4%, or 0.16p, to 37.4p in early deals on Wednesday.

]]>
Wed, 25 Oct 2017 08:26:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/186170/power-plant-now-fully-installed-at-hummingbirds-yanfolila-gold-mine-186170.html
<![CDATA[RNS press release - Power Plant Fully Commissioned at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171025070002_13407785/ Wed, 25 Oct 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171025070002_13407785/ <![CDATA[News - Hummingbird Resources says Yanfolila on-track and on-budget for first gold ]]> http://www.proactiveinvestors.co.uk/companies/news/185793/hummingbird-resources-says-yanfolila-on-track-and-on-budget-for-first-gold-185793.html Hummingbird Resources Ltd (LON:HUM) told investors that the Yanfolila mine, in Mali, remains on track and on budget, to deliver first gold by the end of the 2017.

The mine developer, in a statement, reported that the construction phase of the project was around 86% complete at the end of the third quarter.

READ: Hummingbird Resources signs potential 50% earn-in deal for Kobada Gold Project in Mali, will take 9.9% stake in owner African Gold Group

At the close of the three month period, ended September 30, the company had US$56mln cash.

In the quarterly activity report the company also noted corporate highlights, including the conditional acquisition of a 50% stake in the Kobada gold project – which could feed a high-grade gold concentrate to Yanfolila, potentially adding some 50,000 ounces of production per year.

"We are now in the final quarter of the year and remain on track, and budget, to deliver first gold by the end of the 2017,” said Dan Betts, Hummingbird chief executive.

"We have had a positive last quarter, on top of great construction progress, we announced a commitment to enter into an agreement with African Gold Group to develop their Kobada gold project to the north of Yanfolila. 

“Whilst this deal is subject to satisfactory due diligence over the coming months, we believe this project will show a compelling economic case to produce a concentrated product to truck to our Yanfolila plant. 

READ: Hummingbird Resources Mali mine is on time and on budget for first gold pour later this year

“We believe this will materially increase both the annual production output and the life of the mine at a similar operational cost.”

Betts added: “Post period end, Hummingbird also saw the successful IPO and funding of Cora Gold, which is set to develop exploration licences in Mali.  Hummingbird was the previous owner of a number of the permits and holds a 34% shareholding in the company.”

]]>
Wed, 18 Oct 2017 09:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185793/hummingbird-resources-says-yanfolila-on-track-and-on-budget-for-first-gold-185793.html
<![CDATA[RNS press release - Q3 2017 Review ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171018070002_13400143/ Wed, 18 Oct 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171018070002_13400143/ <![CDATA[RNS press release - Cora AIM Admission to Advance Mali Gold Portfolio ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171009070202_13389668/ Mon, 09 Oct 2017 07:02:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171009070202_13389668/