Hummingbird Resources Interim Report

23 February 2011
Hummingbird Resources Interim Report

Hummingbird Resources today announces its interim report for the six months to 30 November 2010

HIGHLIGHTS FOR PERIOD

  • NI 43-101 resource of 812,000 ounces gold defined at the Group's most advanced project, Dugbe F, south east Liberi
    • 552,000 ounces Indicated and 260,000 ounces Inferred
  • Total Dugbe F project discovery cost to 30 November 2010 of approximately $8 per ounce
  • Exploration licences held cover approximately 7,000 square kilometres including a significant proportion of eastern Liberia containing Birimian Greenstone Belt rocks

HIGHLIGHTS POST PERIOD AND OUTLOOK

  • Successful IPO in December 2010 raising gross proceeds of £25.5 million ($40 million)
  • Mineral Development Agreement (MDA) application process initiated
  • JV Agreement with Petmin Limited to explore the Mount Ginka iron ore project entered into 24 January 2011
  • Resource drilling at Dugbe F recommenced on Tuesday 8th February
    • Five holes already completed, all of which show good widths of near surface anomalous arsenic which is consistent with the mineralised envelop that contained all of the gold mineralisation in the previous drilling at the project
  • Regional exploration programmes including scout drilling at Zia completed since IPO

David Pelham has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. David Pelham is Technical Director of the Company and is a member of the Institute of Materials, Minerals and Mining.

Commenting today, Daniel Betts, CEO of Hummingbird Resources, said: "2010 was a milestone year for Hummingbird which marked the recognition of five years' work in Liberia as we brought the Company to AIM. Bringing in a strong institutional shareholder base to the Company is a watershed moment in our development and it allows Hummingbird to upscale our operations in Liberia. Work to date has already defined a maiden NI 43-101 compliant Indicated and Inferred resource totalling 812,000 ounces of gold at the Dugbe F project, having tested only a small portion of the total potential strike length. The additional funds will allow the company to not only develop our maiden resource at the Dugbe F project but to concurrently test and develop a pipeline of targets from within the Company's extensive license portfolio which covers a very significant accumulative potential strike length along three major shear zones. We are currently drilling intensively with two diamond core rigs and we will look to expand on this as our understanding of the immediate targets improve. Additional significant upside for the Company lies in unlocking the potential of our whole licence portfolio which controls a vast portion of these three major shear zones in Eastern Liberia rather than just a single deposit. Thanks to the successful IPO and our new shareholders we are now in a position to explore these wider regions which we believe will prove to be a major new West African, Birimian style gold province. I would like to thank all of our shareholders for their continued support as we look forward to what promises to be an exciting year for Hummingbird Resources."

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