Source - SMW
Hummingbird remains on track to deliver first gold  at the Yanfolila project in Mali by the end of the year.

The group said  construction of Yanfolila progressed on schedule and on budget during the third quarter.

Chief executive Dan Betts said: '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. 

'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.  

'We believe this will materially increase both the annual production output and the life of the mine at a similar operational cost.

'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.

'During the next quarter we are set to move through commissioning and into production and we look forward to updating the market over this time.'

  


At 9:39am: (LON:HUM) Hummingbird Resources share price was 0p at 38.5p