Hummingbird Resources (HUM) , the AIM listed gold producer operating the Yanfolila gold mine in Mali, told investors that gold production and sales increased in the second quarter.
It poured 27,466 oz of gold, a 15% increase from the previous quarter’s 23,807 oz of gold, and sold 27,701oz of gold at an average price of USD1,311 per oz.
The company also decreased costs at the mine reporting an ASIC of USD998 per oz of gold, a 23% decrease from last quarter’s USD1,297, and it saw grades increase 16% to an average of 2.86 g/t.
Shares in Hummingbird Resources ticked up 3.5% to 22.25p a share by midday trading
Dan Betts, CEO of Hummingbird, commented: "The Company is pleased to report a steadily improving operational performance in Q2. The issues previously communicated which adversely affected production in Q1 have largely been addressed and this has translated into an improved production profile”
He added: “In the last few weeks, post quarter end, we have seen the second ball mill being commissioned. The mill is currently ramping up and has already experienced periods operating at design throughput. This will materially increase our ability to process more ore against the original design parameters as we move down the pits into predominantly fresh and harder material.”
The company told investors that it is progressing the commissioning of the second ball mill, which it anticipates will increase plant throughput capacity by 20%.
Hummingbird maintained its 2019 production guidance in the range of 110,000 to 125,000 oz of gold, but set a targeted annual production of 130,000 oz from 2020 onwards.
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