Name and Location
Yanfolila gold project, Mali.

Client
Hummingbird Resources.

Project Description
The project has an indicated and inferred mineral resource of 20.1-million tonnes, grading 2.8 g/t.

The initial Yanfolila mine plan was expanded in the recent optimisation study, which highlighted robust economics for a one-million-tonne-a-year, low-cost, high-grade gold project and the defined path to production.

The study reconfirmed that the mine is capable of turning a profit in a varying gold-price environment.

The project has a 6.5-year life-of-mine production at 79 000 oz/y of gold production.

Net Present Value/Internal Rate of Return
The project has a net present value, an 8% discount rate, of $72.4-million and an internal rate of return of 35.1% at
$1 250/oz of gold.

Value
$71.6-million.

The project will be funded by the $75-million agreement with Taurus Funds Management Mining Finance Fund and funds from a recent $9.5-million fundraise.

Duration
Construction of the plant is expected to start in the first half of this year, with first gold production expected in the first half of 2016.

Latest Developments
Hummingbird has secured a $5-million facility extension to progress its flagship 1.8-million-ounce Yanfolila gold project 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 has expanded its $10-million bridge facility to $15-million to start 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 has told shareholders in an update to the market on September 1.

Hummingbird will 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.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Hummingbird Resources, tel +44 20 3416 3560.