JOHANNESBURG (miningweekly.com) – Aim-listed gold production, development and exploration company Hummingbird Resources has secured a $5-million facility extension to start moving its flagship 1.8-million-ounce Yanfolila gold project, in Mali, towards targeted production in 2016.
With the completion of the initial earthworks, including the excavation, placement and compaction of more than 80 000 m3 of fill materials, Taurus Funds Management expanded its $10-million bridge facility to $15-million to kick off the full construction and ongoing development activities at the emerging mine.
"The extension of the bridge facility allows Hummingbird to maintain its schedule as we conclude all the necessary technical, financial and legal due diligence prior to first draw on the main facility,” CEO Dan Betts told shareholders in an update to the market on Tuesday.
Hummingbird would use the proceeds to start the initial pit dewatering, acquire land around the mine site and finalise the due diligence in preparation for a full draw down of the main $75-million facility with Taurus.
“We continue to believe that the development of Yanfolila during the downturn will set Hummingbird apart as a cash-generative miner offering investors leveraged exposure into the gold space,” explained Taurus director of management Nick Farr-Jones.