Financial Summary
In addition to the work above, Hummingbird needs to move onto a more
permanent and independent footing in Liberia. Up until now Hummingbird
has relied heavily on the use of external consultants owing to the time
constraints imposed upon us. It is now a priority to move management
in-house and all personnel and criteria to achieve this have been sourced.
Hummingbird resources recently raised approx £2m to achieve the following four goals:
-
To maintain and evaluate the existing Hummingbird properties (including
the Piso concession area under application) and Deveton concession
areas, as per the criteria laid out in this document. -
To develop operational headquarters in Liberia and recruit assistance for
geological and administrative purposes in the UK. -
To professionally evaluate other opportunities with an eye to adding value
to the Hummingbird business and to consider other ways to benefit from
the alluvial potential of the Hummingbird properties, in order to provide
accelerated cash flow. -
Once suitable targets have been identified and qualified during the next
stages of work, it is our aim to raise further capital for Hummingbird
resources by way of either a public listing on AIM or a private placing.
Opportunity Key Points
First Mover Advantage
-
Government favour due to Hummingbird’s early commitment to investment.
-
Advantage in choice of concession areas and contracting key personnel.
-
Strong relationships with key personnel in Liberia.
Hummingbird Ground
-
Some of the best unexplored ground in Liberia
-
Very large exploration concession areas with low population densities
-
Known to have significant alluvial deposits
-
Likely source of deposits within concession areas
-
Potential to acquire promising new ground in near future
- Extremely positive early results.
Technical Expertise
-
Chief geologist, David Pelham, has very extensive experience and knowledge.
-
Dedicated support from experienced and reliable Liberian geological team.
-
A coordinated and comprehensive field sampling programme.
-
Several thousand samples (ie from about 5000 sq km of virgin ground) already taken.
-
Use of excellent laboratory services, in Liberia and Ireland and South Africa.
Financial investment on Exploration
-
90% of funds raised (excluding license fees) spent on geological exploration.
-
Low operating overheads in Liberia.
-
Low labour cost for field work in Liberia.
Liberia’s Bright Future
-
Strong security: 15,000 UN troops ensure stability, combined with large foreign investment will completely rehabilitate country.
-
The embargo placed on the export of diamonds has recently been lifted following Liberia joining Kimberley process.