We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

Hummingbird includes maiden Guinea reserve in company update

Thu 25 November 2021 16:31 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Hummingbird Resources released an updated, JORC-compliant company reserve statement on Thursday, which included a maiden reserve for the Kouroussa mine in Guinea.

The AIM-traded firm said its updated reserves totalled 1.12 million ounces of gold which was a 438,600 ounce increase to its previous reserve statement in October 2019.

At the Yanfolila mine in Mali, it reported 705,800 ounces at 2.57 grams per tonne, being a net increase of 29,700 ounces, including depleted reserves from mining since its previous reserve statement.

It said the Yanfolila mine reserves included both open-pit reserves on six deposits totalling 503,600 ounces at 2.3 grams per tonne including stockpiles, and a maiden underground reserve at Komana east of 202,200 ounces at 3.64 grams per tonne.

At the Kouroussa mine in Guinea, Hummingbird reported 408,900 ounces at 4.38 grams per tonne, establishing a maiden reserve at that asset.

The Hummingbird board said the reported reserves for both Yanfolila and Kouroussa had upside potential as they did not include the 2021 drilling campaign of around 68,000 metres.

It said the results of that drilling would be included in the 2022 updated company resource and reserve statements, scheduled to be released in the second quarter of 2022.

At 1545 GMT, shares in Hummingbird Resources were down 0.71% at 17.38p.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.


    More AIM news from ShareCast

    No results were found