AMN - MALI: Hummingbird raises $3.8m for Yanfolila

Hummingbird Resources has raised approximately $3.8 million in a private placing with Fidelity Investments. Hummingbird is currently developing its 2.2 Moz Yanfolila gold project in Mali with production targeted by the end of 2017.

Hummingbird Resources managing director Dan Betts says: “The additional funds raised through this placing, at a premium of 18% to our recent raising in June, give us the optionality to unlock additional value at Yanfolila with added flexibility to look at developing additional near mine resources whilst we target production next year.

“Another avenue for considerable further upside is our Gonka deposit, 5 km south of the gold plant location, which is not currently included in the Yanfolila mine plan. Gonka’s Scoping Study, released in February 2016, showed the potential for mining ore at greater than 4.5g/t. Further infill drilling, if successful, could bring this into the Reserves category and potentially add material ounces to our production profile for very limited capital.”

www.hummingbirdresources.co.uk

News courtesy of International Mining