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16 Apr 2019 | 09:11

Hummingbird Resources boosts gold production

Hummingbird Resources revealed 23,807 ounces of gold was poured in the first quarter of 2019, up 33% from 17,895 oz in the last quarter of 2018.

OPERATIONAL OVERVIEW:

- Average mill feed grade of 2.46 g/t (1.91 g/t in Q4 2018)

- AISC of $1,297/oz (down 23% from $1,677/oz in Q4 2018)

- Second ball mill construction at Yanfolila remains on budget and on schedule for completion in Q3 2019

- Total recorded injury frequency rate (TRIFR) of 3.77

CORPORATE OVERVIEW:

- Cash of $13m ($21m at end of Q4 2018)

- Bank debt of $56m ($61m at end of Q4 2018)

CEO Dan Betts commented: "The period under review has seen the company resume mining to plan, following a period of remediation work on the pit wall, with a quarter on quarter increase in production of 33%.

"In the period, production was impacted by ore depletion from the Komana West pit from historical artisanal workings, which was greater than forecast in the reserve model.

"We are taking immediate steps to reverse the impact of this dilution through working closely with the mine contractor and as we progress deeper in the pits the impact of this is expected to reduce significantly in the near term as we access areas of expected higher-grade ore.

"We look forward to receiving the updated reserve/resources report in Q2, which will allow us to publish a new Life of Mine plan for Yanfolila.

"It is also pleasing to note the strong progress we have made on the second ball mill project and we look forward to the positive impact that will bring to our process plant capacity once completed."

At 9:11am: (LON:HUM) Hummingbird Resources share price was -1.88p at 18.38p

Story provided by StockMarketWire.com
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