(MENAFN- ProactiveInvestors) () expects to receive the optimisation study for its Yanfolila open pit mine in Mali shortly and start gold production within twelve months.
Yanfolila acquired from Gold Fields in July 2014 has a current 1.8 Moz gold inventory based on multiple high grade pits and averaging 2.8 g/t gold.
In December Hummingbird said that Komana East the first pit to be mined contained 160000 ounces at a grade of 3.12 grams per tonne up from 132000 ounces while an additional 159000 ounces of gold had been discovered in five other planned starter pits.
A US$75m debt facility is in place with Taurus Funds Management to fund the construction of the mine out of which US$10 mln has already been advanced as a bridge loan to fund the Optimisation Study.
The company’s other project is the Dugbe 1 gold project in Liberia that has a current resource of 4.2Moz Au at an average gold grade of 1.4 g/t and that is at the scoping study stage.
Cash at the end of November was US$10.3mln and there was an interim loss of US$3mln.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.