Company background

Founded in late 2005, Hummingbird Resources is in a prime ‘first mover’ position in eastern Liberia, with an excellent reputation, contacts and relationships throughout the country, from local to government level.

2011 has been a very significant year in the development of Hummingbird Resources. The Company transitioned from a private to a public company when shares became tradable on London’s AIM market on 10 December 2010, raising gross proceeds of $40m. At the time of the IPO, Hummingbird also announced a maiden NI43-101 compliant resource of 812,000 ounces on its Dugbe F Project which was the culmination of five years of pioneering and back-breaking grass roots exploration in the remote eastern provinces of Liberia. That initial resource has now been doubled, and doubled again, to a total of 3,817,000 ounces.

Hummingbird arrived in Dugbe as recently as 2007, so the speed of development to reach a 1.8m ounce resource is impressive. However, this resource serves only as the ‘proof of concept’. We believe that Hummingbird is on the verge of placing itself and Liberia firmly as a major player in West Africa’s world class Birimian gold belt.

The Birimian gold province in west Africa is home to several of the largest gold deposits and mines in the world. The most notable of these mines is Obuasi in southern Ghana, which has had reserves of over 40 million ounces, but there are dozens of other mines across the region with multi-million ounce reserves. In mining terms, the Birimian is elephant country.

Hummingbird Resources has a clear strategy of focussing on exploring greenstone contacts in the Birimian, maximising its potential of making multiple significant gold discoveries within its targeted land package of 7,000 square kilometres in eastern Liberia, the last major remaining unexplored region of the Birimian.

Hummingbird aims to keep administrative and logistical costs to a minimum, concentrating expenditure on a systematic, thorough and professional exploration of its targets, with a view to realising maximum shareholder value in the most cost-efficient and timely manner possible.

On 10 December 2010 Hummingbird Resources plc listed on the AIM stock exchange (AIM:HUM) with a market capitalisation of £89.1 million and raising £25.5 million.