AMN - MALI: Hummingbird lifts Yanfolila stake

Hummingbird Resources has acquired an additional 5% interest and a 1% royalty in the Yanfolila Gold Project in Mali for US$2 million. This increases the company’s stake to 80% ahead of its first gold pour targeted by the end of 2017.

The company has agreed to take up its option with La Petite Mine d’Or (LPMDO) to acquire its 5% interest in the project for US$1 million.

In addition, it negotiated the acquisition of the 1% royalty LPMDO had over the project for a further US$1 million. A 3% royalty to the Government of Mali over the project remains.

Hummingbird says US$2 million will be paid in shares on March 31, 2018.

Hummingbird CEO Dan Betts said, “Finalising a previously agreed acquisition of the LPMDO minority interest is another exciting step forward as we close in on our first gold pour from Yanfolila. “Additionally, by reducing the royalties over the project we have further increased the benefit to Hummingbird, as we firmly believe the mine life will increase significantly as we convert further resources into reserves once we are in production.

“We continue to make excellent progress on site and as a result we continue to advance Yanfolila to production both on time and on budget,” he said.

www.hummingbirdresources.co.uk