Dan Betts, chief executive officer of West African gold play Hummingbird Resources (HUM) shrugs off both the lacklustre recent performance of the precious yellow metal and his company’s own distinctly less than stellar showing on AIM. He focuses instead on an enhanced production outlook for its 1.8 million-oz. Yanfolila project in Mali, as well as longer-term possibilities for its 4.2 million oz. lower-grade project at Dugbe in Liberia.
John Meyer of SP Angel this morning comments on DiamondCorp (DCP), Finnaust Mining (FAM), Goldplat (GDP), Leed Resources (LDP), Hummingbird Resources (HUM), Ormonde Mining (ORM) and Tertiary Minerals (TYM) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
West African gold seeker Hummingbird Resources (HUM) says first steps towards construction of a mine at its 1.8 million-oz. Yanfolila project in Mali are ‘imminent’ in the wake of an upbeat project optimisation survey, while chief executive officer Dan Betts argues in the longer term another project, Dugbe in Liberia, promises to be the ‘company maker’. The Yanfolila survey gives the Mali project, which was acquired last year from the Gold Fields group, a net present value of $72.4 million (£49 million) and suggests a 35.1% internal rate of return over 6.5 years at an average gold price of $1,250 an ounce, somewhat above its present price of £1,192.02c.
John Meyer of SP Angel this morning comments on Hummingbird Resources as well as a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Dan Betts, entrepreneurial chief executive of West African gold play Hummingbird Resources (HUM), says he is ‘feeling positive and aggressive’ after an encouraging ‘optimisation study’ of the company’s 1.8 million-oz. Yanfolila project in Mali and declares’ there is an unbelievable opportunity in this market to build a gold company’ at a time when ‘everyone is sitting on their hands.’
Shares in AIM-quoted West Africa-focused gold play Hummingbird Resources (HUM) have taken a toll from the fact that its prime project, Dugbe 1, is in ebola-hit Liberia. But encouraging drilling results from another project, at Yanfolila in Mali, suggest the company could have useful potential to exploit elsewhere.
Dan Betts, enthusiastic chief executive officer of West Africa-focused gold hopeful Hummingbird Resources (HUM), has lost no time in clinching a $75 million (£44.1 million) refinancing package for the Yanfolila gold project in Mali. Hummingbird acquired Yanfolila last month from South African mining heavyweight Gold Fields. Based in London and quoted on AIM, Hummingbird has obtained the funding from Australian-backed private equity group Taurus Mining Finance, along with a $10 million bridging facility for initial payments, design and engineering at Yanfolila, which boasts a gold resource of 1.8 million oz. with an average 2.8grams of gold per tonne of ore.
West African gold play Hummingbird Resources (HUM) is celebrating the conclusion of a transformational $20 million (£11.75 million) all-share acquisition which, says founder and chief executive Dan Betts, will set the AIM-quoted company on the road to becoming a 200,000 oz.-a-year gold producer. With estimated gold resources of six million oz. Hummingbird, which lost £2.2 million in the year to May 2013, ‘will be profitable in 18 months,’ declares Betts, as he extols the merits of securing South African mining colossus Gold Fields’ assets in Mali for shares giving Gold Fields a 26.3 per cent stake in the company.
Dan Betts, chief executive officer of Hummingbird Resources (HUM), is celebrating one a million-ounce increase in the company’s gold resource at the Tuzon deposit in its Digbe project in southern Liberia by casting his eyes round the market for new opportunities. Helped by infill drilling, which he says ‘has added $500,000 [£312,500] for every metre drilled’, the AIM-quoted company has hoisted its estimated resource at Tuzon to 2.5 million oz. with an improved if still modest 1.6 grammes of gold per tonne of ore.
The share price of AIM-listed gold explorer in Liberia, Hummingbird Resources (HUM) is a strong reflection of how against such stocks market sentiment has been – the shares down from 170p as recently as February 2012 and more than 100p in November 2012 to a current 41.5p, capitalising the company at £23.5 million.
