Hummingbird Resources plc has declared a maiden reserve at its 85%-owned, Yanfolila gold project, in Mali. The reserve (100% basis) is 6.82 Mt at a grade of 3.03 g/t for 666 koz of gold contained, which represents a 20% increase from the in-pit resources in an optimisation study published in June this year. 100% of in-pit Indicated resources have converted into reserves.
The Yanfolila project now has total attributable resources of 18.8 Mt at a grade of 2.54 g/t for 1.54 Moz of gold contained.
The reserves are contained within the Komana East and West pits as these will be mined first under Phase 1 of the mine plan. The project has significant resources at other nearby deposits, including Guiren West, Gonka, Sanioumale East and Sanioumale West which will be mined at a later stage.
As a result of the reserve expansion, the company has increased the plant throughput capacity to 1.24 Mt/y, from 1.0 Mt/y, which will lead to increased gold production in the first year of 120 koz.
The company has agreed a US$75 million debt facility with Taurus Mining and mine construction is now underway with the aim of commencing production in H1 2016.
Hummingbird Resources declares maiden reserve in Mali: HUM