Hummingbird Resources Results

11 October 2011
Hummingbird Resources Results

Hummingbird Resources plc announces its final results for the year ended 31 May 2011

Highlights - for the year

  • Maiden Resource of 812,000 ounces Au announced in December 2010
  • Successful AIM IPO raising US$40m gross proceeds
  • Joint venture with Petmin Limited on Mt Ginka licence
  • Positive aeromagnetic survey over Mt Ginka iron ore licence completed

Highlights - following the year end

  • Resource upgrade to 1,765,000 ounces Au announced in September 2011
  • Grade of Indicated Resource increased by approximately 20% to 1.289g/t Au
  • Drilling commenced at the Tuzon anomaly, based on strongest trenching results to date
  • Petmin Limited increased stake in Mt Ginka to 50% for total investment of US$2m into the joint venture company, Iron Bird Resources Inc
  • Programme of trenching, sampling and scout drilling commenced at Mt Ginka

Commenting today, Dan Betts, CEO of Hummingbird, said:

"I am pleased to announce our final results, and our annual report will be distributed shortly. The Company has had a very successful year. We discovered and announced our maiden gold Resource. We successfully listed the Company on the AIM market and were well received in our over subscribed Initial Public Offering. Since the year end we have continued to make rapid progress in Liberia. Our recently announced Resource upgrade makes Hummingbird's Dugbe F project one of the fastest growing gold Resources in West Africa this year.

With the teams that we have in place, the geological potential of the ground under licence and sufficient cash reserves in place to see us through our IPO exploration timetables, I am very encouraged about the Company's prospects for the next 12 months."

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.

Full News Release and Results on London Stock Exchange website