Yanfolila Drill Highlights:
Komana West
• KMWRC1003 – 15m @ 2.73g/t gold
• KMWRC1003 – 19m @ 2.29g/t gold
• KMWRC1006 – 11m @ 8.67g/t gold
• KMWRC1010 – 3m @ 41.5g/t gold
Sanioumale West
• SNWRC0156 – 2m @ 20.52g/t gold
• SNWRC0164 – 12m @ 5.12g/t gold
• SNWRC0185 – 10m @ 2.09g/t gold
• SNWRC0193 – 2m @ 9.04g/t gold
Dan Betts, CEO of Hummingbird Resources, said:
"These are some of the highest grade drill results in the Company’s history and reaffirm our confidence in the quality of the Yanfolila Project. These results will augment existing desktop re-modelling and will allow us to update the oxide and transitional Resources in the near future. The data from these work programmes will also further guide the engineering work being completed this year and are expected to reflect positively on the Project’s Life of Mine and financial model."
Operational Update
The infill and extension drill programme was completed to both increase confidence in and extend existing oxide and transitional zone resources across four of the deposits within the Yanfolila Project. The pits are Sanioumale East (drill results released in September 2014), Sanioumale West, Guiren West and Komana West. These results, and the speed with which they have been achieved, has been extremely encouraging. Combined with the desktop re-modelling of the Gold Field’s drill data already carried out by CSA Global, the Company expects to produce updated Resource estimates for the Project in due course.
Since acquisition of the Project in July 2014, the Company has completed 13,853m of Resource drilling, 542m of geotechnical drilling, 1,136m hydrological and 707m of metallurgical drilling. All of this data is being used to complete the optimisation studies of the Project by the end of 2014 with construction due to start in Q1 2015.
The Optimisation studies are fully funded with the US$10m bridge facility drawn down from Taurus Funds Management as part of a US$75m debt facility to fund the construction of the Yanfolila Mine in 2015.
Although the first case of Ebola has now occurred in Mali, this case was over 800km by road from the Yanfolila Project. In both Nigeria and Senegal, where detection and containment was made early, those countries are now free of the disease and it is hoped that this will also be the case in Mali. The Company continues to monitor the situation and has exercised all necessary procedures to ensure the safety of its in-country staff as the Company works towards the delivery of the optimisation studies by the end of 2014.
