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Interim Results
Hummingbird Resources, the multi-project gold company, has announced its unaudited financial results for the six months ended 30 June 2015.
Operational Highlights
· Significant progress made in the development of the 1.8Moz Yanfolila Gold Project, Mali, ahead of first gold pour targeted for 2016
o Optimisation study highlighted increased size, extended life of mine and robust economics since acquisition in July 2014
o Grade control orientation drilling completed – results post-period showed a consistent increase in grade from a section of the first year mining pit at Komana East
o Technical de-risking studies show significant potential for material economic improvement of the open-pit mining operation
o Commenced initial plant earthworks ahead of full-scale mine construction – planned earthworks completed post period-end
· On-going development of the 4.2Moz Dugbe Gold Project in Liberia
o Signed a Hydro-Electric Collaboration Agreement with IFC InfraVentures and Aldwych International for development of Hydro-Electric Power Plant in April 2015
o Preliminary assessment released post-period end demonstrated a range of options for the development of a sustainable and low-cost source of hydroelectric power for Dugbe and south-east Liberian region
o Signed a 25 year Mineral Development Agreement with the Government of Liberia for development of Dugbe post-period end
Financial Highlights
o Raised US$4.5 million through a Placing and Open Offer with new and existing shareholders with director participation to advance the Yanfolila Gold Project in March 2015
o Raised a further US$6.3 million in June 2015 following strong demand from retail community on appointment of Beaufort Securities as Joint Broker, cash received post period end
o Sale of Asheba Licence in Ghana in June 2015 to receive 10% of the total share capital of Taoudeni Resources and a discovery bonus of US$1/oz
o Taurus extended bridge facility by US$5 million to US$15 million for continued development work ahead of full US$75 million draw down
o Cash of US$6m at period end, cash at 18th August 2015 of US$12m
