[miningmx.com] – UK junior miner, Hummingbird Resources, said it hoped to improve the internal rate of return of its Yanfolila gold project in Mali by 15% and add $20m to its net present value through improved pit designs.
“The technical de-risking studies show the significant potential for material economic improvement of the open-pit mining operation,” said Dan Betts, CEO of Hummingbird Resources. Yanfolila, bought from Gold Fields in 2014, has an estimated gold inventory of 1.8 million ounces.
The company also raised £3.5m at 33p to help advance the project. “Having bolstered our cash balance, increased our retail following and potential liquidity, we are now in an even stronger position to deliver our first gold pour at Yanfolila in 2016 where plant earthworks are already underway,’ said Betts.
