Hummingbird reports FY15 progress

JOHANNESBURG (miningweekly.com) – Aim-listed Hummingbird Resources ended its 2015 financial year on a positive note, as significant progress had been made in the development of the 2.2-million-tonne Yanfolila gold project, in Mali, ahead of first gold pour targeted for 2017.

The West Africa-focused gold development company said this week that plant earthworks were completed at the mine ahead of full-scale mine construction on the completion of financing.

The grade control orientation drilling was completed, with the results showing a consistent increase in grade from a section of the mining pit at Komana East, while the recent optimisation study highlighted increased size, extended life-of-mine and robust economics for the project.

The company had also completed the definitive feasibility study, which was published a month post-period.

Meanwhile, Hummingbird continued its ongoing development of the 4.2-million-ounce Dugbe gold project, in Liberia, where the company signed a 25-year Mineral Development Agreement with that country’s government.

Further, Hummingbird inked a hydroelectric collaboration agreement with IFC InfraVentures and Aldwych International for the development of a hydroelectric power plant, following the range of options for a sustainable and low-cost source of hydroelectric power unveiled by a preliminary assessment.

The hydroelectric power prefeasibility study was nearing completion, with indications that there was potential to significantly reduce project operating costs.

Meanwhile, during the year to December, Hummingbird had raised $10.8-million through a placing and open offer to advance the Yanfolila project, and had sold the Asheba licence in Ghana for 10% of the total share capital of Taoudeni Resources and a discovery bonus of $1/oz.

Taurus had extended its bridge facility by $5-million to $15-million for continued development work and post-period, Taurus extended the term of the bridge facility to September 8.

By December 31, Hummingbird had cash of $7-million.