Hummingbird Resources started mobilizing for construction of its Yanfolila gold project in south-west Mali in mid-April, with earthworks scheduled to begin before the end of the month. Initial production is scheduled for the first half of 2016. Project planning calls for production of 79,000 oz/y of gold over a 6.5-year mine life.
Yanfolila has a current gold inventory of 1.8 million oz in multiple pits at an average grade of 2.8 g/mt gold. The project is fully permitted, is located 40 km to the west of the town of Yanfolila, and benefits from established infrastructure.
Capital expenditures to develop the Yanfolila project are estimated at $71.6 million. All-in sustaining production costs are estimated at $733/oz.
Hummingbird has completed 13,853 m of resource drilling, 542 m of geotechnical drilling, 1,136 m of hydrological drilling, and 707 m of metallurgical drilling at Yanfolila since acquiring the project in July 2014. Exceptional drill intercepts have included 19 m @ 2.29 g/mt gold, 11 m @ 8.67 g/mt gold, 3 m @ 41.5 g/mt gold, and 2 m @ 20.52 g/mt gold.
Hummingbird Resources is headquartered in London, England and is listed on London’s AIM Exchange.