Hummingbird Resources Update

21 September 2012
Hummingbird Resources Update

Hummingbird Resources plc - Final results for the year ended 31 May 2012

Hummingbird Resources plc, the Liberian gold exploration company with a 3.8 Moz Resource, announces its final audited results for the year ended 31 May 2012.

Highlights for the year

  • Total gold Resource of 3.8Moz in the Dugbe 1 Project Area
  • Dugbe F gold Resource upgrade to 1.77 Moz from 812,000oz
  • Maiden Tuzon Gold discovery of 2.05 Moz
  • Further significant targets identified
  • Strengthening of operational team with appointment of Julian Barnes as consultant Head of Project Development

Highlights post period end

  • Proposed US$5m investment from the International Finance Corporation ("IFC")
  • The IFC's first mining sector investment in Liberia
  • Discovery of large gold-in-soil anomaly at Tiehnpo, 50km east of Dugbe 1

Dan Betts, CEO of Hummingbird, said:

"Hummingbird has had a successful year having increased its Resource from 0.8Moz to 3.8Moz. All of our Resources are in a proximity which could enable them to be developed as one mining operation with a single production facility and we have moved rapidly to assemble a team with the skills to progress these discoveries towards development. Exploration upside continues to be exploited with the discovery of our largest gold-in-soil anomalies to date coming since the period end at Tiehnpo.

"With the proposed US$5m investment from the IFC, its first mining investment in Liberia, Hummingbird remains in a strong financial position to continue developing its gold Resources over the next 12 months." 

Full News Release and Results on London Stock Exchange website