Hummingbird targets 115,000oz of gold from Yanfolila in 2018

London-listed Hummingbird Resources has declared its Yanfolila mine in Mali to be in full commercial production from April 1 and has put production guidance for the year to end-December at between 105,000oz and 115,000oz of gold including the ramp-up during the first quarter.

CEO Dan Betts commented, “Yanfolila had a strong start to the year the ramp-up phase going to plan and with a significant increase in performance during the quarter. The process plant is operating to design specification and the grade and recoveries of gold we are seeing are solid and consistent with expectations.”

Betts added management had committed to spending $8m – about 15% of expected free cash flow – into exploring and developing the “near-mine resources to look to convert opportunities and resources into reserves and an extended mine life.”

Betts pointed out Yanfolila had come into production on budget and Hummingbird had $28m cash in the bank as of March 31.