Hummingbird Resources (AIM:HUM), is pleased to announce its production results for the quarter ended 30 June 2019, where production has increased at its Yanfolila Gold Mine (“Yanfolila”) and costs have decreased compared to the last two quarters.
Yanfolila Q2 2019 Operational Highlights
- 27,466 ounces (‘ozs’) of gold poured, 15% increase on last quarter (23,807 ozs in Q1 2019)
April | May | June | |
Gold poured (Ozs) | 7,582 | 10,249 | 9,635 |
Ore mined (Tonnes) | 115,607 | 116,018 | 158,927 |
Avg. grade mill feed(g/t) | 2.57 | 2.82 | 3.20 |
- US$998/oz AISC, 23% decrease on last quarter (US$1,297 in Q1 2019)
- Average grade of 2.86 g/t, 16% increase on last quarter (2.46g/t in Q1 2019)
- 27,701 ounces of gold sold at an average price of US$1,311 per ounce
- Construction of second ball mill at Yanfolila completed at the end of the quarter ahead of schedule and under budget
- Mill commissioning is progressing well and already reaching design throughput for extended periods
- Targeting 130,000 ozs annual production from 2020, +20% increase from DFS
- Underground mining studies ongoing targeted at improving mine economics
Corporate highlights at 30 June 2019
- Cash of US$8m (US$13m at end of Q1 2019)
- 3,500ozs of gold inventory worth approx. US$5m
- Undrawn US$10m overdraft facility in place
- Bank Debt of US$51m (US$56m at end of Q1 2019)
Outlook
- 110-125,000ozs production guidance maintained with increased plant throughput in H2 2019 due to the second ball mill
Dan Betts, CEO of Hummingbird, commented:
“The Company is pleased to report a steadily improving operational performance in Q2. The issues previously communicated which adversely affected production in Q1 have largely been addressed and this has translated into an improved production profile; April saw 7,582 ozs produced with May and June returning to circa. 10,000 ozs/month mark. Additionally, this has also resulted in all other operational KPI’s improving during the quarter. Costs have been reducing, grade increasing, and volumes mined and processed have both increased resulting in almost 200,000 tonnes of ore on the ROM at the current time.
In the last few weeks, post quarter end, we have seen the second ball mill being commissioned. The mill is currently ramping up and has already experienced periods operating at design throughput. This will materially increase our ability to process more ore against the original design parameters as we move down the pits into predominantly fresh and harder material. This project marks another development that Hummingbird has achieved ahead of time and under budget.”
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