Hummingbird Resources Iron Bird Announcement

11 July 2011
Hummingbird Resources Iron Bird Announcement

Petmin invest an additional US$1.5m to secure a 50% interest in Iron Bird Resources Inc

Hummingbird and Petmin are pleased to announce that Petmin has invested a further US$1.5m in Iron Bird Resources Inc ("Iron Bird") the sole owner of the Mt Ginka iron ore exploration licence in northern Liberia.

This concludes phase two of Petmin's investment under the joint venture agreement with Hummingbird, announced on 25 January 2011 ("Joint Venture Agreement").

The investment takes Petmin's total investment in Iron Bird to US$2m, and under the terms of the Joint Venture Agreement, Hummingbird and Petmin now each hold 50% in Iron Bird. Both parties now have the option to contribute equally to any further funding required.

This investment means that Iron Bird is fully funded for the next stage of work, which focuses on geological mapping, trenching, drilling and metallurgical test work. This work program is focused on obtaining representative samples of the ore body to confirm the earlier grab samples which ranged from 33%-54% Mag Fe and to demonstrate that the ore body is both extractable and economic. Future drilling will give an indication of the size of the deposit.

Commenting today, Dan Betts CEO of Hummingbird:

"We are very pleased that Petmin has invested a further $1.5m to complete its second phase of investment. This investment underlines Petmin's confidence in the potential of this project, which recent airborne geophysics have shown to be significant."

Jan du Preez, Petmin's CEO said:

"Our investment of the $1.5m secures our 50% interest in Iron Bird and highlights the potential of what we see in this well located project. It also further underpins the value of Petmin's business strategy of investing astutely in projects which feed into the steel and infrastructure development value chain."

Iron Bird

On 27th June 2011 it was announced that a continuous magnetic unit, interpreted as an iron formation, extended 20km along strike with widths of up to 250m and depths of 1,000m. This was discovered from the results of a recently flown aeromagnetic survey over the Mount Ginka license.

Iron Bird Resources is the sole owner of the Mt Ginka iron ore exploration license in northern Liberia. The prospect lies approximately 20km south of the Mount Nimba ridge, a historic major iron ore mine reportedly producing between 12Mt and 24Mt per annum of high grade direct shipping ore during the period 1964 to 1989, which has been re-opened by Arcelor Mittal. Approximately 15km to the west of the Mount Ginka ridge lies the railway built to transport the Mount Nimba iron ore to the deep water port of Buchanan.