http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 20 Jun 2018 19:41:51 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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.” 

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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[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. 

 

 

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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[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. 

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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[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.

 

 

 

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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[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 

 

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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.”

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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[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. 

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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[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.

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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[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.

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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[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.” 

 

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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[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.

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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[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.”

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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[News - Hummingbird Resources signs potential 50% earn-in deal for Kobada Gold Project in Mali, will take 9.9% stake in owner African Gold Group ]]> http://www.proactiveinvestors.co.uk/companies/news/184750/hummingbird-resources-signs-potential-50-earn-in-deal-for-kobada-gold-project-in-mali-will-take-99-stake-in-owner-african-gold-group-184750.html Hummingbird Resources (LON:HUM) shares were higher today on news it has signed a letter of intent for a potential earn-in to a 50% interest in the Kobada Gold Project in Mali owned by African Gold Group Inc (AGG) and plans an initial investment  of C$3.6mln for a near 10%  initial stake in the group.

Dan Betts, Hummingbird’s CEO, commented: "Based on the due diligence we have completed to date we believe we will be able to truck a high-grade concentrate to the Yanfolila processing plant from Kobada. This high-grade concentrate would have a material increase to our annual production rates and could add up to an additional 50,000oz per annum to our existing average life of mine production of 107,000oz.”

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

In a statement, published after the London market close yesterday, Hummingbird noted that Kobada has 2.2mln oz of measured, indicated and inferred gold resource, including 511,000 oz of reserves.

Hummingbird said its investment in AGG for an approximate 9.9% stake will see it buy 40,000,000 units at C$0.09 each - each unit consisting of a share and a warrant at C$0.12 per share.

Possibility of increasing shareholding

The firm added that, during an exclusivity period, it has the right to increase its shareholding in AGG to 19.2% for a further consideration of C$4.4mln also at CAD$0.09 per share paid in Hummingbird shares.

It will also have the right to manage the definitive feasibility study (DFS) on the Kobaba project, funded by AGG, and on completion of the DFS Hummingbird has the right to acquire a 50% interest in Kobada through funding the project’s capital expenditure.

Hummingbird said it will receive 70% of cashflows from the project until its capex is recovered.

CEO Betts added: “This deal with AGG gives us a path to 150,000oz production per year within three years from now combined with the organic extension of mine life from existing resources extending it well beyond 10 years.  This could significantly improve the production profile of Yanfolila and materially improve the mine's NPV.”

Hummingbird shares higher

In afternoon trading, Hummingbird shares were 3.7%, or 1.25p higher at 35.00p.

In a note to clients, analysts at Shore Capital said: “We understand that due to operational synergies, Hummingbird expects gold produced from Kobada material to enjoy a similar AISC to Yanfolila-sourced production (just under US$700/oz). There would also be capex synergies – in particular, there  would be no need to construct a CIL circuit at Kobada.”

 They added: “Kobada notwithstanding, it should be noted that Yanfolila has additional resources that could potentially enable mine life to be organically extended beyond 10 years.”

 -- Adds share price, broker comment --

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Thu, 28 Sep 2017 10:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184750/hummingbird-resources-signs-potential-50-earn-in-deal-for-kobada-gold-project-in-mali-will-take-99-stake-in-owner-african-gold-group-184750.html
<![CDATA[News - Hummingbird Resources Mali mine is on time and on budget for first gold pour later this year ]]> http://www.proactiveinvestors.co.uk/companies/news/184658/hummingbird-resources-mali-mine-is-on-time-and-on-budget-for-first-gold-pour-later-this-year-184658.html Hummingbird Resources PLC’s (LON:HUM) interim results chart a busy and productive period for the mine developer ahead of its maiden gold pour at the end of this year.

The Yanfolila project in Mali is currently under construction. It is fully funded to production and is on schedule and on budget, the firm said.

READ: Hummingbird Resources publishes video of construction progress at Yanfolila Gold Project in Mali

In April, Hummingbird announced the terms of a “materially improved” US$60mln debt deal to fund the build.

This was on top of the US$67mln raised last June from shareholders and the additional US$11mln from the Mali government, which doubled its stake to 20%.

Pre-production mining is underway, while the delivery of the ball mill was a major landmark for the company.

READ: Hummingbird Resources will continue to re-rate, reckons Cantor

There have also been a few tweaks to the structure of the company in so much as Hummingbird has taken its ownership of the project to 80% (from 75%) by acquiring a 5% stake from La Petite Mine d'Or for US$1mln. It has also bought a 1% royalty on sales for the same amount.

Hummingbird has offloaded subsidiaries Sankarani Resources and Hummingbird Exploration Mali to Cora Gold in return for 50% in the new company.

Cora is currently seeking a listing on AIM, which should crystalise a value for those assets.

As is common with companies at this formative stage of their commercial trajectory, Hummingbird was lossmaking. The pre-tax loss US$2.6mln, it said in a statement.

More importantly, the company was sitting on cash of over US$60mln on September 1 following the debt drawdown.

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Wed, 27 Sep 2017 08:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184658/hummingbird-resources-mali-mine-is-on-time-and-on-budget-for-first-gold-pour-later-this-year-184658.html
<![CDATA[News - Hummingbird Resources publishes video of construction progress at Yanfolila Gold Project in Mali ]]> http://www.proactiveinvestors.co.uk/companies/news/184316/hummingbird-resources-publishes-video-of-construction-progress-at-yanfolila-gold-project-in-mali-184316.html Hummingbird Resources PLC (LON:HUM) said it has published a new video detailing construction progress on the ground at its Yanfolila Gold Project in Mali.

The AIM-listed group said it posted the video on its corporate website ahead of its targeted first gold pour by the end of 2017.

READ: Hummingbird commences mining operations at Yanfolila

In a brief statement, the company also said it remains on budget and on target to deliver first gold by the end of 2017 with 132,000 ounces of gold production forecast for the first full year of production at an all in sustaining cost (AISC) of US$695.

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Wed, 20 Sep 2017 14:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184316/hummingbird-resources-publishes-video-of-construction-progress-at-yanfolila-gold-project-in-mali-184316.html
<![CDATA[News - Hummingbird Resources will continue to re-rate, reckons Cantor ]]> http://www.proactiveinvestors.co.uk/companies/news/184059/hummingbird-resources-will-continue-to-re-rate-reckons-cantor-184059.html Shares in Hummingbird Resources PLC (LON:HUM) should continue to re-rate as it moves towards first production at Yanfolila in Mali before the year end, reckons broker Cantor Fitzgerald.

Shares have broken through the  broker's previous range and it has now hiked up its target to 41p from 32 previously. Shares are at around 33p currently.

Pre-production mining already started..

Pre-production mining has already started and by the end of November, the firm expects that over 3Mt (million tonnes) of material will have been moved with ore stacked ahead of fourth quarter commissioning.

The mine is slated to produce 132,000 ounces of gold in its first year of full production.

READ: Hummingbird building a gold production presence in Africa and on the London market READ: Hummingbird commences mining operations at Yanfolila

Cantor notes that from the last quoted cash position in mid-July of US$70mln, it expects a cash position of US$10m at year end, with net debt of around US$50mln.

It expects commercial production to be declared in April, 2018, which should see the cash position rise rapidly to over US$40mln by the end of 2018, it suggests, leaving the miner well placed to meet subsequent debt repayments.

"The onset of production at Yanfolila will also bring a greater commitment to further reserve definition and exploration at the project," noted Cantor analyst Asa Bridle.

More than 1mln ounces outside initial plan..

"At present over 1Moz of resources lie outside of the initial mine plan, and HUM will look to reclassify this inventory into reserves to increase the average annual production rate and/or the overall mine life," he added.

Bridle said that based on various metrics taken from a peer group of “in construction” gold companies, he values the group's 80% stake in the Yanfolila project at US$121mln or 27p a share.

Using the same metrics from a 'PFS' peer group for the company’s Dugbe property in Liberia generates a valuation of US$66mln or 14p a share for Hummingbird's second gold project.

Combining these gives the new  target price of 41p target price. The recommendation is 'buy'.

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Fri, 15 Sep 2017 10:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184059/hummingbird-resources-will-continue-to-re-rate-reckons-cantor-184059.html
<![CDATA[News - Hummingbird building a gold production presence in Africa and on the London market ]]> http://www.proactiveinvestors.co.uk/companies/news/183384/hummingbird-building-a-gold-production-presence-in-africa-and-on-the-london-market-183384.html In 2014 Hummingbird Resources PLC (LON:HUM) took over the Yanfolila gold project in Mali from Gold Fields (JSE:GFI), which in turn had taken it over from one-time London-listed junior Glencar.

Gold Fields, as one of the largest gold producing companies in the world, had concluded that on the whole the project was too small for it. 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.

Mining underway

Hummingbird has now commenced mining at Yanfolila, although gold production is still some weeks away. That’s partly because the plant isn’t quite complete yet, and partly because the company is building up a planned stockpile of ore to allow for an orderly introduction into the process plant before the end of the year.

As it stands, Yanfolila is forecast to produce 132,000 ounces in its first year of production, at an average all-in sustaining cost over the life of the mine of US$695 per ounce.

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, but the company is well-followed by other brokers, including Mirabaud,  SP Angel and Shore Capital, and that kind of coverage isn’t always easy to achieve for a junior miner.

But with the gold price on an upward trend, and gold companies known to re-rate significantly once they move from development into production, the reasons for the interest are pretty clear.

Chief executive in upbeat mood

“Commencement of mining activities at Yanfolila is a significant milestone for Hummingbird as we continue to bring the project closer to production by the end of this year,” said chief executive Dann Betts.

“Our contract mining partners, AMS, have mobilised a significant fleet to site and this commitment emphasises the momentum the project has gained throughout the year. As we enter the final months of construction we remain on time and budget for first gold by the end of 2017. We will look to build on the current momentum as we ramp up to full scale mining and production.”

 

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Mon, 04 Sep 2017 11:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183384/hummingbird-building-a-gold-production-presence-in-africa-and-on-the-london-market-183384.html
<![CDATA[News - Hummingbird commences mining operations at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/183080/hummingbird-commences-mining-operations-at-yanfolila-183080.html Pre-production mining has commenced at the Yanfolila gold project in Mali held by Hummingbird Resources PLC (LON:HUM).

For the time being, ore will be stockpiled, ready for introduction into the process plant in the fourth quarter, when the first gold pour is also expected.

Construction of plant and associated infrastructure remains on budget and on-schedule, with the mine slated to produce 132,000 ounces of gold in its first year of full production, the company said in a statement.

WATCH: Hummingbird Resources fully cashed-up after accelerated loan drawdown

“Commencement of mining activities at Yanfolila is a significant milestone for Hummingbird as we continue to bring the project closer to production by the end of this year,” said chief executive Dan Betts.  

“Our contract mining partners, AMS, have mobilised a significant fleet to site and this commitment emphasises the momentum the project has gained throughout the year. As we enter the final months of construction we remain on time and budget for first gold by the end of 2017. We will look to build on the current momentum as we ramp up to full scale mining and production."

READ: Hummingbird Resources ups stake in Yanfolila mine in Mali to 80%

 

 

 

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Tue, 29 Aug 2017 08:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183080/hummingbird-commences-mining-operations-at-yanfolila-183080.html
<![CDATA[Media files - Hummingbird Resources fully cashed-up after accelerated loan drawdown ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7748/hummingbird-resources-fully-cashed-up-after-accelerated-loan-drawdown-7748.html Wed, 05 Jul 2017 10:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7748/hummingbird-resources-fully-cashed-up-after-accelerated-loan-drawdown-7748.html <![CDATA[News - Hummingbird completes debt drawdown as construction at Yanfolila continues ]]> http://www.proactiveinvestors.co.uk/companies/news/180279/hummingbird-completes-debt-drawdown-as-construction-at-yanfolila-continues-180279.html Hummingbird Resources PLC (LON: HUM) has drawn down fully on the US$60 mln senior secured loan facility with Coris Bank International Group, a leading Burkinabe bank. 

The debt facility is being used to fund the ongoing construction of the Yanfolila gold mine in Mali, which is on budget and scheduled for first gold pour by the end of 2017.

WATCH: Hummingbird Resources fully cashed-up after accelerated loan drawdown

The latest drawing of the US$35 mln balance from the debt facility follows the initial US$25 mln drawn in April.

Following the drawdown Hummingbird's cash position stands at approximately US$70 million

"It was originally anticipated that we would make monthly drawdowns against our senior secured debt facility with Coris Bank International as we progress the development of Yanfolila,” said Hummingbird chief executive Dan Betts.

“This accelerated drawdown of the remaining facility is the result of their increased confidence in the development of the project and underlines the strength of our relationship with Coris Bank International as a supportive lender who understand the industry."

 

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Tue, 04 Jul 2017 07:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180279/hummingbird-completes-debt-drawdown-as-construction-at-yanfolila-continues-180279.html
<![CDATA[Media files - 'Full steam ahead at Yanfolila' as Hummingbird Resources ups stake to 80% ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7633/-full-steam-ahead-at-yanfolila-as-hummingbird-resources-ups-stake-to-80-7633.html Tue, 13 Jun 2017 15:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7633/-full-steam-ahead-at-yanfolila-as-hummingbird-resources-ups-stake-to-80-7633.html <![CDATA[News - Hummingbird Resources ups stake in Yanfolila mine in Mali to 80% ]]> http://www.proactiveinvestors.co.uk/companies/news/179136/hummingbird-resources-ups-stake-in-yanfolila-mine-in-mali-to-80-179136.html Hummingbird Resources (LON:HUM) has increased its stake in the under construction Yanfolila gold project in Mali to 80% with the exercise of an option over a further 5% of the equity.

The AIM-listed junior is buying out La Petite Mine d'Or’s interest for US$1mln, plus paying a further US$1mln to acquire its 1% royalty. Both considerations will be paid in shares.

WATCH: 'Full steam ahead at Yanfolila' as Hummingbird Resources ups stake to 80%

A 3% royalty to Mali over the project remains in place, with the government owning the remaining 20%  of the project.

Dan Betts, Hummingbird’s chief executive, said reducing the royalties increases the benefit as “we firmly believe the mine life will increase significantly as we convert further Resources into Reserves once we are in production”. 

"We continue to make excellent progress on site and as a result we continue to advance Yanfolila to production both on time and on budget." 

Hummingbird is targeting first production from Yanofilia by the end of 2017.

The mine has a probable reserve of 709,800oz at  3.14g/t and total resources of 1.8Moz of gold.  

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Tue, 13 Jun 2017 08:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179136/hummingbird-resources-ups-stake-in-yanfolila-mine-in-mali-to-80-179136.html
<![CDATA[News - Hummingbird Resources on schedule at Yanfolila in Mali ]]> http://www.proactiveinvestors.co.uk/companies/news/178251/hummingbird-resources-on-schedule-at-yanfolila-in-mali-178251.html Hummingbird Resources PLC (LON:HUM) has reported good progress is being made with the construction of the Yanfolila gold mine in Mali.

The ball mill has recently arrived into the port of Abidjan for transporting to site, said Dan Betts, chief executive, while the carbon in leach tanks are now over 70% complete and the steelwork for the gold room and reagent area is being erected.

“The front-end crushing circuit has been fabricated and is in transit for assembly on site, and the conveyors and construction therefore is all on schedule,” he added. 

 “Once constructed, the plant will need to be electrified and we have recently signed a power contract with Aggreko to provide 'over the fence' power from a bank of diesel generators. 

“Finally, we will move into the commissioning stages of the plant in Q4 2017 ahead of our targeted first gold pour by the end of the year.”

Hummingbird added it has also appointed David Staker-Smith as a non-executive director. He is a director of CrossBorder Capital.

Losses in 2016 were US$8.44mln (US$4.56mln). Cash holdings at the year-end were US$53.8mln.

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Wed, 24 May 2017 09:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178251/hummingbird-resources-on-schedule-at-yanfolila-in-mali-178251.html
<![CDATA[News - Hummingbird Resources announces "significant milestone" for Yanfolila project with delivery of the ball mill ]]> http://www.proactiveinvestors.co.uk/companies/news/178113/hummingbird-resources-announces-significant-milestone-for-yanfolila-project-with-delivery-of-the-ball-mill-178113.html Hummingbird Resources PLC (LON:HUM) has said pre-production mining at its Yanfolila gold project in Mali is on schedule to commence in the third-quarter of 2017 following delivery of a Ball mill from Europe, with the contract mining fleet also arriving on site.

In its latest construction update statement, the AIM-listed firm said “all aspects of construction continue to progress on time and on budget with first gold pour due before the end of 2017.”

By mid morning, Hummingbird shares were still 2.1p higher at 24.25p. 

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

Dan Betts, Hummingbird’s CEO, added: "As the longest lead item, the delivery of the ball mill to site is a significant milestone for Hummingbird and further de-risks the delivery of the project's critical path."

In a note to clients today, analysts at Beaufort said: ”We continue to be encouraged with the pace of progress being made at the Yanfolila as the project remains on time and within budget.

“We look forward to further updates as pre-production mining is planned to commence in Q3 2017. We also note that once Yanfolila is in production, operating costs (AISC) are expected to be US$695/oz with 132,000oz of gold produced in the first full year's production.”

Beaufort maintained a ‘Speculative Buy’ rating on the stock.

Last month Hummingbird put in place the last piece of the funding jigsaw by securing a US$60mln debt facility with West Africa-focused lender, Coris Bank.

Investors have already contributed US$71mln to the construction. The mine itself, which is host to an estimated 1.8mln ounces of gold, is expected to churn out 132,000 ounces of the yellow metal in the first 12 months.

 -- Adds broker comment, updates share price --

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Mon, 22 May 2017 07:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178113/hummingbird-resources-announces-significant-milestone-for-yanfolila-project-with-delivery-of-the-ball-mill-178113.html
<![CDATA[News - Hummingbird Resources Mali gold mine on time and on budget ]]> http://www.proactiveinvestors.co.uk/companies/news/176777/hummingbird-resources-mali-gold-mine-on-time-and-on-budget-176777.html Hummingbird Resources PLC (LON:HUM) said it Yanfolila gold project in Mali is on time and on budget with 410 people on the ground during the construction phase.

Chief executive Dan Betts is confident of having the 1.2mln tonne-a-year operation ready to enter the initial mining phase during the third quarter, enabling the first gold pour by the end of the year.

So far 59% of the work schedule has been completed, with 99% of the detailed engineering and 91% of the process design now done.

CLICK HERE to sign up to the Proactive daily newsletter

Looking at the specifics of this fast-track project, the ball mill is complete and due for delivery to site next month, while work on the carbon in leach tanks is expected to be finished then too.

Structural, mechanical, plate work and piping has been underway for over three months now, while the plant foundations are “largely complete”.

Earlier this month Hummingbird put in place the last piece of the funding jigsaw by securing a US$60mln debt facility with West Africa-focused lender, Coris Bank.

Investors have already contributed US$71mln to the construction. The mine itself, which is host to an estimated 1.8mln ounces of gold, is expected to churn out 132,000 ounces of the yellow metal in the first 12 months. 

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Mon, 24 Apr 2017 08:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176777/hummingbird-resources-mali-gold-mine-on-time-and-on-budget-176777.html
<![CDATA[News - Gold mine developer Hummingbird Resources agrees US$60mln debt deal on better than expected terms ]]> http://www.proactiveinvestors.co.uk/companies/news/176269/gold-mine-developer-hummingbird-resources-agrees-us60mln-debt-deal-on-better-than-expected-terms-176269.html Hummingbird Resources PLC (LON:HUM) has sealed a US$60mln debt agreement on better than anticipated terms that will fund the build of its Yanfolila gold mine in Mali.

The facility is with Coris Bank, one of the largest and fastest growing lenders in West Africa. Hummingbird had been in negotiations with the Taurus Mining Finance Fund, which provided a US$25mln bridge loan to begin the development of Yanfolila, which is scheduled to pour its first gold by the end of year.

CLICK HERE: To sign up for the Proactive daily newsletter

The company has borrowed with Coris over four years at an interest rate of 9% with a 12-month capital deferral.

Crucially, there is no royalty or hedging involved and the company will draw down US$25mln immediately.

Hummingbird said the Coris agreement reduces the cost of the debt and “maintains flexibility” for growth and development.

"Importantly the terms of the loan with Coris Bank International are more flexible than the previous arrangement and much better aligned with our strategy of growth,” said chief executive Dan Betts. 

“We look forward to working with Coris Bank International to bring Yanfolila into production and also to help us execute our strategy to become a multi-mine company."

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Tue, 11 Apr 2017 07:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176269/gold-mine-developer-hummingbird-resources-agrees-us60mln-debt-deal-on-better-than-expected-terms-176269.html
<![CDATA[News - WH Ireland alights on Hummingbird Resources, starts coverage with a 'buy' rating ]]> http://www.proactiveinvestors.co.uk/companies/news/174783/wh-ireland-alights-on-hummingbird-resources-starts-coverage-with-a-buy-rating-174783.html WH Ireland has started coverage on Hummingbird Resources Ltd (LON:HUM) with a ‘buy’ rating and a target of 42p, offering over 20% upside to the gold miner’s current share price of 23.375p.

In a note to clients, analysts at the broker noted that Hummingbird “is busy building its first gold mine in Mali at Yanfolila.”

They pointed out: “This low capital intensity mine is fully funded and construction is well underway with first concrete poured, steel contracts in place, a mine contractor appointed and a growing experienced production team assembled.”

The analysts added: “The mine once commissioned by the end of this year will produce over 100koz gold/a for an initial 8 year period at high profit margins and will be very cash generative.”

They said: “We see this is as only the beginning for Hummingbird with the prospective greenstone belt under its control around the Yanfolila plant, together with a stake in a wider exploration company over this part of West Africa and a 4.2Moz deposit in Liberia at Dugbe.”

The analysts pointed out: “Hummingbird has an experienced management team having i) completed the purchase of an asset from a major, ii) completed a Feasibility study (and optimised it), iii) negotiated both the debt market and the London equity environment in some tough years and iv) begun construction of a significant gold mine.”

They concluded: “We feel this is only the beginning for Hummingbird and initiate today with a BUY recommendation and a 42p price target.”

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Tue, 14 Mar 2017 15:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174783/wh-ireland-alights-on-hummingbird-resources-starts-coverage-with-a-buy-rating-174783.html
<![CDATA[News - Hummingbird appoints highly experienced GM at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/173592/hummingbird-appoints-highly-experienced-gm-at-yanfolila-173592.html Gold mine developer Hummingbird Resources Ltd (LON:HUM) has appointed a general manager at its Yanfolila gold project in Mali.

He is Kevin Moxham, a professional engineer with more than 30 years of experience in the management and commissioning of mining projects in jurisdictions including Ghana, Eritrea, Tanzania and South Africa.

Read Hummingbird Resources’ Yanfolila construction is on track for 2017 gold pour

Most recently Moxham was general manager (GM) and head of operations at Newmont Golden Ridge Ltd, where he oversaw commissioning and production of the 9mln tonnes per annum Akyem Gold Mine in Ghana.

Moxham has also held several senior roles at the Barrick Gold Corporation, Gold Fields Ltd, Lonmin Platinum Mines and Anglo American.

"The appointment of a GM to join the team is a crucial appointment for Hummingbird,” declared Dan Betts, chief executive officer of Hummingbird. 

“It is no exaggeration to say that we have searched extensively for the candidate who we believe demonstrates the right blend of skills, commitment and chemistry to join our team,” Betts said, adding that the appointment looks beyond the immediate focus of constructing and commissioning of Yanfolila towards the company’s further ambitions of operating of a world class project, and building a world class gold mining company. 

“As a board, we believe that to have attracted somebody of Kevin's experience speaks volumes about the quality of the Yanfolila Gold Project and the character of the existing Hummingbird team," Betts added.

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Thu, 23 Feb 2017 07:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173592/hummingbird-appoints-highly-experienced-gm-at-yanfolila-173592.html
<![CDATA[News - Old Hummingbird gold assets move into Aim-traded Glenwick ]]> http://www.proactiveinvestors.co.uk/companies/news/172705/old-hummingbird-gold-assets-move-into-aim-traded-glenwick-172705.html The plan to amalgamate and monetise the non-core assets of Hummingbird Resources PLC (LON:HUM) with those of privately-held Kola Gold took a big step forward this week as Aim-traded investment vehicle Glenwick PLC (LON:GWIK) formally notified the stock exchange of plans to acquire the new vehicle which holds the assets, Cora Gold.

Under the terms of the deal, Glenwick will offer 91% of its enlarged share capital to acquire 100% of Cora Gold. Glenwick has already raised £130,000 to support the transaction from Paternoster Resources PLC (LON:PRS).

Paternoster shares were unchanged at 0.2p per share as it announced its new 10.6% holding in the enlarged issued capital of Glenwick.

But Cora’s 10 gold exploration licenses in Mali and Senegal won’t be its only asset. It also holds £1.1 mln of pre-IPO convertible loan notes in i3 Energy Limited, an oil and gas company with assets in the North Sea that plans to list shortly.

Well-known mining small-cap expert Amanda van Dyke sits on the boards of both Paternoster and Glenwick, and also manages funds at Peterhouse, which acts as broker to Glenwick.

Shares in Hummingbird rose 1.5% to 25.38p on the news.

 

 

 

 

 

 

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Mon, 06 Feb 2017 11:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172705/old-hummingbird-gold-assets-move-into-aim-traded-glenwick-172705.html
<![CDATA[News - Hummingbird Resources receives US$11mln investment from Mali government ]]> http://www.proactiveinvestors.co.uk/companies/news/172544/hummingbird-resources-receives-us11mln-investment-from-mali-government-172544.html Hummingbird Resources Ltd (LON:HUM) said the government of Mali has made an US$11mln investment in the local subsidiary that controls its Yanfolila gold project.

It has exercised an option to take 10% of Société Des Mines De Komana as well as having an ‘non-dilutable’ free carried interest in the same number of shares.

"I believe this is a clear signal of the government's appreciation of the enormous value accretion potential of Yanfolila in the long term,” said chief executive Dan Betts.

Mine construction began last autumn with the first gold expected to be poured by the end of the year.

Production this year

The operation is set to churn out 132,000 ounces of the yellow metal in the first 12 months.

Yanfolila remains one of the best projects among the UK-listed junior mining sector, according to resource-focused ‘house’ RFC Ambrian.

In a definitive study in February, total resources at Yanfolila were defined at 1.8mln ounces of gold with an additional 390,700 ounces of exploration potential.

The plan is to mine five open pits in succession, starting with Komana East and Komana West and then progressing to Guirin West, Sanioumale East and Sanioumale West.

There’s also the high grade Gonka resource that would be worked initially as an open pit before going underground.

Dugbe do

The company’s other major asset is the Dugbe project in Liberia. Weighing in at 4.2mln ounces, it is the country’s largest gold deposit.

Recently, a study suggested the cost of mining the deposit could drop significantly from an all-in sustaining US$900 an ounce with the addition of a hydro-electric facility to generate the power for the processing facility.

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Thu, 02 Feb 2017 07:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172544/hummingbird-resources-receives-us11mln-investment-from-mali-government-172544.html
<![CDATA[News - Hummingbird Resources’ Yanfolila construction is on track for 2017 gold pour ]]> http://www.proactiveinvestors.co.uk/companies/news/171868/hummingbird-resources-yanfolila-construction-is-on-track-for-2017-gold-pour-171868.html As Hummingbird Resources Ltd’s (LON:HUM) mine construction work continues at Yanfolila, in Mali, the company secured key contractors.

In a statement this morning it told investors that it has awarded a structural, mechanical, plate work and piping (SMPP) contract to IMAGRI-SARL.

Additionally it noted that a tower crane and pre-rolled CIL tanks have now been delivered to site, holes for dewatering are now being drilled and overall the construction operation is  on track.

The company anticipates completion in the fourth quarter of this year, ahead of Yanfolila’s first gold pour before year end.

“We are making great progress on the ground and as a result we remain on schedule to deliver our first gold by the end of the year,” said chief executive Dan Betts.

Today’s announcement comes ahead of an analysts visit to the Yanfolila site next week.

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Thu, 19 Jan 2017 08:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171868/hummingbird-resources-yanfolila-construction-is-on-track-for-2017-gold-pour-171868.html
<![CDATA[News - Hummingbird confirms date of first gold production at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/171452/hummingbird-confirms-date-of-first-gold-production-at-yanfolila-171452.html Hummingbird Resources Ltd (LON:HUM) investors won’t have to wait too much longer now after the company confirmed that first gold production at its Yanfolila project is expected by the end of this year.

The explorer said in its quarterly review that the “defining moment” of the past few months was the start of construction at the Malian project.

Hummingbird reckons the mine will churn out around 132,000oz of the yellow metal in the first 12 months, with a life of mine average of around 107,000oz.

Yanfolila is estimated to be host to 2.2mlnoz of gold, with the plant processing around 1.24mln tonnes per year of ore.

All in sustaining cash costs (AISC) are expected to come in around US$700/oz, leaving a tidy profit given the circa US$1,190/oz gold price.

Hummingbird shares closed slightly lower on Tuesday at 22.1p.

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Wed, 11 Jan 2017 07:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171452/hummingbird-confirms-date-of-first-gold-production-at-yanfolila-171452.html
<![CDATA[News - Hummingbird appoints mining contractor for Yanfolila project ]]> http://www.proactiveinvestors.co.uk/companies/news/171004/hummingbird-appoints-mining-contractor-for-yanfolila-project-171004.html Hummingbird Resources PLC (LON:HUM) has reached another milestone - appointing a mining contractor for its Yanfolila gold project in Mali where first gold is expected in 2017.

The group has hired African Mining Services (AMS), which is a subsidiary of ASX listed Ausdrill Limited.

Dan Betts, Hummingbird's chief executive, said the deal represented the single largest contract the company will award. 

"AMS has an excellent reputation for high quality work with an exemplary health and safety record. The team also boasts over 25 years' experience operating in West Africa."

Ron Sayers, managing director of Ausdrill, added: "We look forward to working with Hummingbird to achieve its goal of developing the Yanfolila Gold Project, and running it as an efficient, low cost, high grade open pit mining operation. 

"Ausdrill's 25 years' experience working in the West African gold sector means we have the track record and know-how to ensure the delivery of a safe and profitable mining operation."

Earlier this month, the firm secured US$55mln of debt funding required to complete Yanfolila.

The money is being provided in two tranches by Tarsus Mining Finance Fund, which specialises in bankrolling such development projects.

A total of US$45mln will come in the form of a senior secured facility paying a 9% coupon from draw-down and 7.75% after the work is complete.

There’ also a US$10mln overrun facility with an interest rate of 11% on funds borrowed.

Taurus has agreed to increase a bridge loan facility, currently for US$15mln, to US$25mln, which will remain in place until early April.

The mine is expected to churn out 132,000 ounces of the yellow metal in the first 12 months and construction began in October.

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Thu, 29 Dec 2016 07:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171004/hummingbird-appoints-mining-contractor-for-yanfolila-project-171004.html
<![CDATA[Media files - Hummingbird Resources boss Dan Betts talks new funding and gold mine development ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6582/hummingbird-resources-boss-dan-betts-talks-new-funding-and-gold-mine-development-6582.html Thu, 08 Dec 2016 14:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6582/hummingbird-resources-boss-dan-betts-talks-new-funding-and-gold-mine-development-6582.html <![CDATA[News - Hummingbird secures new US60mln loan facility through switch of provider ]]> http://www.proactiveinvestors.co.uk/companies/news/170017/hummingbird-secures-new-us60mln-loan-facility-through-switch-of-provider-170017.html Hummingbird Resources PLC (LON:HUM) has switched a key debt provider for its Yanfolila gold mine in Mali.

The money is now being provided by Coris Bank, one of the largest and fastest growing lenders in West Africa.

Hummingbird had been in negotiations with the Taurus Mining Finance Fund, which provided a US$25mln bridge loan to begin the development of Yanfolila, which is scheduled to pour its first gold by the end of year.

CLICK HERE: To sign up for the Proactive daily newsletter Four year term

The company has now borrowed US$60mln with Coris over four years at an interest rate of 9% with a 12-month capital deferral.

Crucially, there is no royalty or hedging involved and the company will draw down US$25mln immediately.

Hummingbird said the Coris agreement reduces the cost of the debt and “maintains flexibility” for growth and development.

"Importantly the terms of the loan with Coris Bank International are more flexible than the previous arrangement and much better aligned with our strategy of growth,” said chief executive Dan Betts.

WATCH: Our last chat with boss Dan Betts   New facility tops up existing finance

Investors have already contributed US$71mln to the construction of the new mine.

It is expected to churn out 132,000 ounces of the yellow metal in the first 12 months.

Mine construction began in October 2016 with first gold pour scheduled for the end of 2017.

  Broker upbeat after new deal

Broker Cantor Fitzgerald said the key point of the lender switch was that the new funds are available to support the completion of the mine build over the remainder of the year.

Coris Bank was founded in 2008 in Burkina Faso and is focused on West Africa with operations in five other countries in the region. Its balance sheet is reported to stand at approximately US$1.5bn.

The broker has a 32p price target, which it said was based solely on Yanfolila  and allows nothing for the Dugbe project in Liberia and exploration ground in Mali.

 

1.8mln defined ounces

In a definitive study, total resources at Yanfolila were defined at 1.8mln ounces of gold with an additional 390,700 ounces of exploration potential.

The plan is to mine five open pits in succession, starting with Komana East and Komana West and then progressing to Guirin West, Sanioumale East and Sanioumale West.

The high grade Gonka resource is in addition to this and would be worked initially as an open pit, then underground.

The processing plant will have a throughput capacity of 1.24 mln tonnes a year.

  Dugbe do

The company’s other major asset is the Dugbe Gold Project in Liberia. Weighing in at 4.2mln ounces, it is the country’s largest gold deposit.

Recently a study suggested the cost of mining the deposit could drop significantly from an all-in sustaining US$900 an ounce with the addition of a hydro-electric facility to generate the power for the processing facility.

Shares were 25.8p valuing Hummingbird at £87mln.

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Tue, 06 Dec 2016 07:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170017/hummingbird-secures-new-us60mln-loan-facility-through-switch-of-provider-170017.html
<![CDATA[Media files - Yanfolila 'going as well as I could've hoped', says Hummingbird's Dan Betts ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6272/yanfolila-going-as-well-as-i-could-ve-hoped-says-hummingbird-s-dan-betts-6272.html Thu, 27 Oct 2016 14:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/6272/yanfolila-going-as-well-as-i-could-ve-hoped-says-hummingbird-s-dan-betts-6272.html <![CDATA[News - Hummingbird Resources pours first concrete at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/167695/hummingbird-resources-pours-first-concrete-at-yanfolila-167695.html Hummingbird Resources PLC (LON:HUM) said first concrete had been poured on time and on budget at the Yanfolila gold mine project in Mali.

Civil contractor IMAGRI-SARL, which has worked for Randgold Reosurces (LON:RSS), poured the concrete, which will provide the base for the plant, and pours will continue over the next three months.

Several other long-lead equipment orders have been placed, such as for screens and crushers.

Hummingbird has committed US$12mln of the budget and remains on budget and schedule for the construction of the Yanfolila mine.

Chief executive Dan Betts told investors: "The first concrete pour is a significant milestone on our path to production and we remain on schedule for our first gold pour by the end of next year."

In addition, the compensation process to 50 farmers for loss of croplands has been completed.

Yanfolila boasts impressive fundamentals. The group is targeting 132,000 ounces of gold for the first full year of production, which would deliver around US$70 million of free cash flow at a US$1,250/oz gold price. 

On its initial eight year mine life, Yanfolila has an IRR (internal rate of return) of 60% and a net present value (NPV) of US$162 million at a gold price of US$1,250 per ounce.

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Thu, 20 Oct 2016 07:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167695/hummingbird-resources-pours-first-concrete-at-yanfolila-167695.html
<![CDATA[News - Hummingbird starts mine construction at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/167208/hummingbird-starts-mine-construction-at-yanfolila Hummingbird Resources PLC (LON:HUM) has started groundwork at Yanfolila in Mali, as construction of the new gold mine moves into its main phase.

First concrete pouring is expected later this month and the project remains on schedule for first gold pour by the end of 2017, the company said.

Dan Betts, chief executive, said that getting the building work started was an important milestone.

First year production is forecast to be 132,000 ounces (oz) with an initial mine life of eight years.

Mali-based Imagri is the contractor. It was the builder of Randgold Resources’ Loulo underground mine and Gounkoto open pit.

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Tue, 11 Oct 2016 08:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167208/hummingbird-starts-mine-construction-at-yanfolila
<![CDATA[News - Hummingbird on track with Yanofolila construction ]]> http://www.proactiveinvestors.co.uk/companies/news/166762/hummingbird-on-track-with-yanofolila-construction-166762.html Hummingbird Resources PLC's (LON:HUM) Yanfolila gold mine in Mali is on track and budget with first gold still expected at the end of 2017.

Broker Cantor Fitzgerald said that first concrete for the foundations is expected to be poured in October.

Discussions are underway for the US$35mln loan the broker estimates it needs to complete the construction, but the junior currently plenty of cash in the bank and Cantor kept a ‘buy’ recommendation and 32p target price.

Hummingbird itself anticipates production of 132,000oz gold in its first full year of production, which would deliver around US$70mln of free cash flow at the current gold price.

In addition, Hummingbird has the Dugbe project in Liberia with a resource of 4.2mln oz.

Losses in the half year to June were US$2.75mln (US$1.88mln).

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Fri, 30 Sep 2016 10:11:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166762/hummingbird-on-track-with-yanofolila-construction-166762.html
<![CDATA[News - Hummingbird's Yanfolila mine on schedule and budget ]]> http://www.proactiveinvestors.co.uk/companies/news/165706/hummingbird-s-yanfolila-mine-on-schedule-and-budget-165706.html Hummingbird Resources Ltd (LON:HUM) said its 2.2mln ounce Yanfolila mine project in Mali is on-schedule and on-budget.

Leading industrial infrastructure group IMAGRI has been hired for the civil works, which include the primary crusher and the milling and carbon in leach (CIL) area.

The work is targeted to begin at the start of next month (October).

Chief executive of Hummingbird Dan Betts said: "Development at Yanfolila continues on-schedule and budget, as we target initial production of 130,000oz gold from the first full year of production. 

"The appointment of the civil contractor and mobilisation of equipment is a pivotal undertaking in the project's evolution into a producing mine. IMAGRI's local experience, which includes working for Randgold in Mali, will be invaluable as we advance Yanfolila.

The mine will be one of Africa's newest and highest margin gold mines, generating in excess of US$70 million free cash flow in its first full year of production at current gold prices.

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Mon, 12 Sep 2016 07:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/165706/hummingbird-s-yanfolila-mine-on-schedule-and-budget-165706.html
<![CDATA[Media files - Hydro-power would be a major boost for Dugbe says Hummingbird Resources Ltd, Monro ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/5461/hydro-power-would-be-a-major-boost-for-dugbe-says-hummingbird-resources-ltd-monro-5461.html Wed, 31 Aug 2016 15:17:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/5461/hydro-power-would-be-a-major-boost-for-dugbe-says-hummingbird-resources-ltd-monro-5461.html <![CDATA[News - Hummingbird study shows hydro-electric plant would reduce costs in Liberia ]]> http://www.proactiveinvestors.co.uk/companies/news/129863/hummingbird-study-shows-hydro-electric-plant-would-reduce-costs-in-liberia-129863.html The construction of a hydro-electric plant (HEP) close to Hummingbird Resources PLC’s (LON:HUM) Dugbe Gold Project in Liberia could have a “material impact” on the economics of the planned mine, said chief executive Dan Betts.

His comment followed the publication of a pre-feasibility study assessing the potential benefits and costs of constructing a facility.

The work, funded by IFC InfraVentures, an offshoot of the World Bank, put the capital investment required at US$51.5-US$143.5mln, dependent on size of option selected, which ranged from 10-30 megawatts of electricity.

Weighing in at 4.2mln ounces of the yellow metal, Dugbe is the country’s largest gold deposit.

Using a natural, green and, crucially, a cheap source of electricity will likely cut overheads significantly as power costs make up one-third of total operating expenses.

With no local grid access, the alternative would be to use diesel gensets that guzzle huge amounts of fuel.

“Finding savings in this area will have positive implications to the project's economics,” said CEO Betts.

The current all-in sustaining cost for Dugbe is put at just a tad over US$900 per ounce of gold produced, so any reduction to that figure would have a direct and significant impact on profit margins.

Hummingbird had been using an estimate of 28 cents per kilowatt-hour for electricity from rented diesel units. That figure falls to 5 cents over a 20-year mine life if hydro-electric power used.

“This number does not compare directly, since it does not include the impact of the financing cost of building the hydro plant as it is not yet known how this will be done or by whom,” explained Betts.

“However, assuming a suitable financing solution was found, this could have a materially positive impact on the economics of the Dugbe Gold Project.  Therefore, we are now considering our next steps with our partners on the PFS."

While the Dugbe project has the potential to be Hummingbird’s biggest undertaking, the first cab off the block will be Yanfolila gold project in Mali.

Hummingbird is targeting first gold production at the mine next year and expects to process 132,000oz of gold in the first full 12 months.

After that, the company estimates a life of mine average production of around 107,000oz per annum.

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Wed, 31 Aug 2016 07:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129863/hummingbird-study-shows-hydro-electric-plant-would-reduce-costs-in-liberia-129863.html
<![CDATA[News - Hummingbird issues shares at a premium ]]> http://www.proactiveinvestors.co.uk/companies/news/129278/hummingbird-issues-shares-at-a-premium-129278.html Hummingbird Resources PLC (LON:HUM), the West African gold company, has raised around US$3.8mln by placing shares at 26p a throw.

Shares in Hummingbird closed at 25.625p last night.

"The additional funds raised through this placing, at a premium of 18% to our recent raising in June, give us the optionality to unlock additional value at Yanfolila with added flexibility to look at developing additional near mine resources whilst we target production next year,” said Dan Betts, managing director of Hummingbird.

Yanfolila is Hummingbird’s 2.2mln ounce gold project in Mali.

"Another avenue for considerable further upside is our Gonka deposit, 5km south of the gold plant location, which is not currently included in the Yanfolila mine plan,” Betts continued.

“Gonka's scoping study, released in February 2016, showed the potential for mining ore at greater than 4.5g/t [grams per tonne]. Further in-fill drilling, if successful, could bring this into the Reserves category and potentially add material ounces to our production profile for very limited capital," he added.

In all, Hummingbird issued 11.1mln new shares.

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Fri, 12 Aug 2016 07:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129278/hummingbird-issues-shares-at-a-premium-129278.html
<![CDATA[News - Hummingbird begins detailed engineering at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/127886/hummingbird-begins-detailed-engineering-at-yanfolila-127886.html Hummingbird Resources Ltd (LON:HUM) has awarded the engineering, procurement and construction management (EPCM) contract for its Yanfolila gold project in Mali to South African project management firm SENET (Pty) Ltd.

SENET will be responsible for managing the mine’s construction and has already started detailed engineering work at the site.

“SENET were previously involved with Yanfolila when it was owned by Gold Fields so their knowledge of the project is second to none,” said Hummingbird managing director Dan Betts.

“Coupled with their long and impressive history of delivering quality projects in Africa, this gives us all great confidence.” 

Hummingbird – which only recently completed a US$71mln fundraise to help finance the Yanfolila project – has also appointed Wayne Galea as project manager to oversee the whole process.

Galea has 31 years’ experience in designing, commissioning and operating mines and possesses “significant” experience working in Africa.

He will work alongside technical director Shaun Bunn.

“He is a key hire for project delivery and brings a wealth of experience to the role that we are already benefiting from,” Betts added.

Hummingbird is targeting first gold production at the mine next year and expects to process 132,000oz of gold in the first full year.

After that, the company estimates a length of mine average production of around 107,000oz per annum.

Shares closed higher on Tuesday at 23p.

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Wed, 06 Jul 2016 07:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127886/hummingbird-begins-detailed-engineering-at-yanfolila-127886.html
<![CDATA[News - Hummingbird doubles exposure to Mali gold exploration ]]> http://www.proactiveinvestors.co.uk/companies/news/127619/hummingbird-doubles-exposure-to-mali-gold-exploration-127619.html Hummingbird Resources PLC (LON:HUM) is spinning out a number of non-core exploration permits following an outline deal struck with privately-owned Kola Gold.

The pair plan to create a new company to hold the 10 Mali exploration properties covering 1,600 square kilometres called Cora Gold Inc.

"This transaction doubles our exploration exposure in Mali and provides us with an introduction to Senegal and exciting new mineralised ground in Mali where we are currently focused on bringing Yanfolila, one of Africa's highest margin undeveloped gold projects, to production next year,” said chief executive Dan Betts.

Yanfolila, in Mali, is the company’s flagship project and will start producing next year with aim of churning out 107,000 ounces of the yellow metal a year.

The Kola deal will allow Hummingbird to channel its efforts in this and the 4.2mln-ounce Dugbe asset in Liberia.

The AIM-listed gold explorer and developer will own 43% of Cora Gold, which must raise US$4mln.

Hummingbird will have buy-back and royalty rights over the four permits closest to Yanfolila that could add “significant upside” to the operation there.

"With a dedicated exploration team that we know and trust, that has extensive experience in these gold belts and a budget to explore we look forward to unlocking the exploration value together with Kola,” said Betts.

“Should these exploration efforts be fruitful, we have buy-back and royalty rights over the permits closest to Yanfolila which could add significant upside to our current mine plan as we bring Yanfolila into production in 2017. 

“Additionally, owing to the presence of the mine at Yanfolila, any high grade proximal discoveries will instantly be more valuable to Cora Gold because they will be able to be processed at Yanfolila without the necessary capex to build a new mine.”

Broker Shore Capital noted that the deal allowed the group to develop the flagship Yanfolila site, without sacrificing exploration upside.

"Exploration success at these permits proximal to Yanfolila could potentially add significant upside here.   "The reason is that the ores could be processed at the Yanfolila plant, obviating the need to sink additional capital into new plants,"  also highlighted analyst Yuen Low.   Shares gained 0.56% to 22.375p.   ]]>
Wed, 29 Jun 2016 07:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127619/hummingbird-doubles-exposure-to-mali-gold-exploration-127619.html