LONDON (ShareCast) - (Sharecast News) - African gold producer Hummingbird Resources issued its second quarter production results to 30 June on Thursday, reporting 33,101 ounces of gold poured at Yanfolila during the period, at an all-in sustaining cost of $790 per ounce.
The AIM-traded firm said the quarter represented its first full quarter of commercial production since the end of the ramp-up period at the Yanfolila Gold Mine.

It said the average grade for the mine during the quarter was 3.43 g/t, adding that it sold 38,726 ounces of gold at an average price of $1,307 per ounce.

A total of 500,000 lost time incident-free hours were achieved during the quarter.

The board said its exploration drilling campaign, targeting the conversion of resources to reserves, began at the end of the quarter.

Looking at the books, Hummingbird had cash of $46.2m at period-end, and net debt of $15.6m.

"Hummingbird's second quarter of production has been a successful one," said CEO Dan Betts.

"It's been our first full quarter of commercial production at Yanfolila and we have delivered on forecast with high grades and strong recoveries coming through the plant."

Betts said the company's team was running the mine "exceptionally well", adding that it was "pleasing" to see its successful emergence as a commercial gold producer.

"Our next focus is to prove that we can extend the mine life of Yanfolila by converting resources to reserves through the group's exploration campaign, which is underway."

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