Hummingbird Resources Results

24 February 2012
Hummingbird Resources Results

Interim Results for the Six Months to 30 November 2011

Highlights for Period ending 30 November 2011

Updated NI 43-101 Resource at Dugbe F prospect - 1.77 Moz @ 1.28 g/t, of which 78% in the Indicated category ascribed by ACA Howe (competent person). 117% increase to the maiden resource announced at the time of admission to AIM on 10 December 2010.

  • Trench results at Tuzon prospect, allowing fast-tracking into resource drilling programme which started 16th August 2011.
  • Commencement of major soil sampling programme at Tiehnpo prospect, located 50km east of Dugbe F deposit.
  • Identification of substantial anomalous targets at north west Joe Village and south east Nemo Creek.

Highlights Post Results Period

  • Maiden NI 43-101 Inferred Resource of 2.05 Moz @ 1.21 g/t at Tuzon 2.6km east of the Dugbe F deposit. Drilling is ongoing.
  • Global Resource currently 3.8 Moz (1.37 Moz Indicated and 2.44 Moz Inferred): this represents the addition of 3m oz of gold during 2011 at a discovery cost of $6 per ounce.
  • 22,000 sample regional geochemical sampling programme commenced.
  • Drill programme planned and due to commence imminently at Mt Ginka.

Daniel Betts, CEO, commenting today;

"These results cover the period of June-November 2011 and show how Hummingbird has completed the huge amount of exploration work promised in its IPO exploration timelines, within our IPO budget for 2011. During the year Hummingbird Resources found 3Moz of Gold at a discovery cost of $6/oz, making it one of the fastest growing, largest discoveries in Africa at one of the cheapest costs per ounce during the year. Of equal importance during the period is the huge success in our earlier stage projects, which will provide the targets for future resource growth and further demonstrate that Hummingbird is rapidly developing what we hope to prove as a new, multi-mine world class gold province."

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