Hummingbird Resources Tuzon Announcement

01 February 2012
Hummingbird Resources Tuzon Announcement

2 Moz Maiden gold Resource At 100% owned Tuzon Deposit. Total gold Resource increases to an attributable 3.7 Moz.

 

Hummingbird Resources is pleased to announce that the results from its initial 43 hole resource drill program at Tuzon has produced a maiden Inferred Resource of 2.05 Moz of gold prepared in accordance with NI 43-101. This Resource has been delineated from 9,717 m of drilling over 43 holes in a four month period. Exploration drilling is ongoing at Tuzon to add to this maiden Resource.

Highlights

  • 2.05 Moz maiden Resource at 100% Hummingbird Resources owned Tuzon prospect taking global Resources to 3.8 Moz gold (3.7 Moz attributable).
  • Resource open in several directions and drilling is ongoing at Tuzon to increase Resource.
  • Tuzon lies only 2.6km east from existing Dugbe F Resource and has potential to be developed as part of the Dugbe 1 Project.
  • Deposit extends from surface in several closely stacked narrow zones leading to favourable mining conditions.
  • Deposit grade, geology and general mineralogy look to be consistent with Dugbe F simplifying project engineering.
  • Substantial scope for further resource growth in 2012 within the potentially mineable radius of the Dugbe 1 Project.
  • Sackor, part of Dugbe 1 Project area, trench programme includes results of 20m @ 1.16 g/t. Scout drill programme planned for this prospect after completion of Tuzon to continue building ounces in Dugbe 1 Project area.
  • Strong cash position of US$20m at 1st January 2012.


Table showing total Global Resources (0.5 g/t Au lower cut-off with no upper cut-off grade at Dugbe F and a 7.0 g/t Au upper cut-off grade at Tuzon)

  Tonnes (millions) Grade (g/t) Au Indicated Ounces Au Inferred Ounces Au Total Ounces Au
Tuzon 52.80 1.21 - 2,052,000 2,052,000
Dugbe F 43.01 1.28 1,373,000 392,000 1,765,000
Dugbe F Attributable* 40.73 1.28 1,300,000 377,000 1,677,000
Total Attributable 93.53 1.24 1,300,000 2,429,000 3,729,000


* Joe Village licence, which Dugbe F Resource extends into, is 80% Hummingbird owned compared to 100% owned Dugbe F licence.

Click here for a map showing the location of Tuzon and cross-sections of the Resource: http://www.rns-pdf.londonstockexchange.com/rns/5287W_1-2012-1-31.pdf

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

"The significance of this maiden Resource discovery at Tuzon cannot be under estimated. It marks a seminal moment in the development of our Company.

The Tuzon Resource is more than just a significant discovery because it has potential to be part of the same mine development as the Dugbe F deposit. The Dugbe 1 Project now has a global Resource of 3.8 Moz. During 2011 we have added 3 Moz of gold at a discovery cost of $6 per ounce. Tuzon itself is not yet drilled out, but the most exciting thing for me is that we have several other targets within the mineable radius of the Dugbe 1 Project, which we are looking to drill imminently. Further afield along the shear zone we have many more. The potential of this region is really only just starting to be realised, as has been demonstrated by the speed of this discovery.

We now have a tremendous opportunity not just to discover more gold in what we believe to be a virgin, multi-mine world class gold province, but to build Liberia's first multi-million ounce Birimian gold mine. We are now setting up a dedicated evaluation team to drive the Dugbe 1 Project forward to deliver this."

ACA Howe International Limited have calculated this Resource in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves (the "CIM Standards") for the purposes of release to the AIM market and have approved the content of this announcement.

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.