Last 41.50 GBp
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hummingbird resources plc (HUM) Snapshot

41.50 GBp
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41.50 GBp
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41.50 GBp
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41.50 GBp
52 Week High
03/17/14 - 65.50 GBp
52 Week Low
01/14/14 - 33.00 GBp
Market Cap
Average Volume 10 Days
-0.08 GBp
Shares Outstanding
Dividend Yield

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hummingbird resources plc (HUM) Details

Hummingbird Resources PLC engages in the exploration, evaluation, and development of mineral exploration properties in West Africa. It primarily explores for gold metals. The company primarily holds interests in the Dugbe 1 project, a development project located in the South-East of Liberia. It also owns interests in other development projects located in Mali; and exploration projects located in Liberia and Mali. The company was founded in 2005 and is based in London, the United Kingdom.

157 Employees
Last Reported Date: 10/16/14
Founded in 2005

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Executives, Board Directors

hummingbird resources plc (HUM) Key Developments

Hummingbird Resources plc Reports Audited Consolidated Earnings Results for the Year Ended 31 May 2014

Hummingbird Resources plc reported audited consolidated earnings results for the year ended 31 May 2014. Loss before tax was $4,466,000, compared to $3,372,000 a year ago. Loss for the year attributable to equity holders of the parent was $4,466,000 or 7.68 cents per basic and diluted share, compared to $3,372,000 or 6.13 cents per basic and diluted share a year ago. Net cash outflow from operating activities was $3,224,000, compared to $3,822,000 a year ago. Purchase of intangible exploration and evaluation assets was $10,747,000, compared to $12,458,000 a year ago.

Hummingbird Resources Announces Positive Drill Results from the Sanioumale East Deposit

Hummingbird Resources announced positive drill results from the Sanioumale East deposit, the first deposit the Company has drilled within the 1.8Moz Yanfolila Project in Mali, as part of the optimisation programme. The infill and extension drill programme is being completed to both increase confidence in and extend existing oxide and transitional zone resources across four of the deposits within the Yanfolila Project. The desk top re-modelling of Gold Fields drill data being completed by CSA Global (UK) is producing very positive results. These results mean that the Company will extend the 11,000m drill programme to approximately 15,000m with the aim of defining additional resources. Approximately 3,000m of metallurgical and geotechnical drilling is also being completed on those deposits. The Company has already drilled over 11,000m and the entire programme will be completed by early October. All other optimisation work is progressing in line with the plan to commence construction in first quarter of 2015.

Hummingbird Resources Provides an Update on its Operations at the Yanfolila Project in Mali and the Dugbe 1 Project in Liberia

Hummingbird Resources provided an update on its operations at the Yanfolila Project in Mali and the Dugbe 1 Project in Liberia. Yanfolila update: Hummingbird Resources acquired the Yanfolila project from Gold Fields along with its other assets in Mali in July 2014, for a consideration of USD 20 million payable in Hummingbird Resources ordinary shares. Yanfolila has a current mineral inventory of 1.8 Moz of gold at 2.8 g/t. Hummingbird Resources proposes to create a low-cost mining operation that yields strong cash flows early in the project life at Yanfolila. Hummingbird Resources is currently undertaking detailed plant design work and optimization of the Gold Fields mine plan in order to focus on mining oxide material only in Phase 1. Resources: an infill and extension drill programme of 11,000 m is currently underway using four drill rigs. To date 7,000 m have been completed and the company intend to finish this programme in early October 2014. The purpose of this programme is to both extend the total oxide resource inventory and increase the resource confidence in certain areas in order to extend the existing modeled oxide mine life to beyond six years. Using CSA Global (UK) as resource consultants, it has been re-evaluating the existing Gold Fields resource models, targeting both oxide and transitional material. The initial work has been very encouraging and the company look forward to updating the mineral resource estimate on the project in the near future. Process design: an initial plant layout has been developed using preliminary process flow sheets. Due consideration is being given for future expansions and efficient processing of harder transitional material, whilst not increasing the installed capital during this phase of the mine's operation. It is expected that by the end of August 2014 a ±10% accuracy capital cost estimate will be produced which will be closely followed by the commencement of detailed engineering. The ordering of long-lead capital items for the plant is expected during fourth quarter of 2014. Dugbe 1 Update: compilation of the Detailed Feasibility Study reports is ongoing along with a review of the scope of work and any additional optimization that can be applied to it. The DFS has, to date, been compiled using only the Tuzon Indicated Resource with the potential to significantly improve the DFS by bringing into the model further Inferred Tuzon Resources, as well as 1.8 Moz at Dugbe F and potentially Sackor resources. The Company intends to look at all of these options with a view to compiling a detailed work programme to make these changes to the DFS resource inventory. The acquisition, funding and rapid advancement of the Yanfolila Project in Mali presents a unique opportunity to explore the full potential of the Dugbe 1 project. The work completed in producing the DFS has uncovered areas where additional optimization and development can be targeted to further improve the overall Project effectiveness. The company intend to implement supplementary work on the Dugbe 1 Project to enhance the resource, recovery and operating costs that have already been achieved. This work may include: further conversion of Inferred to Indicated Resources at Tuzon through a short drilling programme; confirming extensions at depth of the most significant part of the Tuzon ore-body through a short drilling programme; carrying out further work at the highly prospective Sackor deposit, close to Tuzon, to develop an Indicated Resource on the back of a recent extensive re-logging exercise of core; review the Dugbe F Inferred Resource, (1.8 Moz), and look to upgrade its classification to Indicated Resources; Continue the metallurgical test-work using the Aachen oxygen shear reactor which has shown significant potential for: improved recovery; reduced operating costs and improved environmental quality of tailings; confirm full understanding of structural and mineralogical issues as the basis for looking for further improvements in mining and processing and continue with the creative thinking process to generate maximum value from the Dugbe 1 Project. It is anticipated that this work could continue for six to nine months whilst Yanfolila is being developed, utilizing minimal resources and bringing substantial downstream benefit. The Dugbe 1 Project scoping study showed a 20 year mine life and it believe there are significant opportunities to increase the resource inventory to extend it even further. The directors believe that the Dugbe 1 Project remains a 'company making' project that Hummingbird Resources looks forward to producing gold from in the future.


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