The Dugbe licences total over 2,000km², and was awarded to Hummingbird in November 2005. It is 100% Hummingbird owned. It lies around 40km from the operational deep water port of Greenville, and is the focus of our exploration and development work in Eastern Liberia. This licence covers 80km of strike length of the major, regional Dugbe Shear Zone which is a prominent northeast – southwest trending structure.

In addition to the drilling, approximately 8.000 soils have been taken in the Dugbe licence area, leading to nearly 8,000m of trenching.

In February 2012, the announcement of a new 2.05Moz gold Inferred Resource at the Tuzon deposit (52.8 million tonnes at 1.21 g/t Au), a figure achieved after only four months of drilling, making our resource growth one of the fastest in Africa last year.

The Tuzon deposit is open in several directions, and the drilling of an additional 4,650m in 21 holes in Q1 2012, confirms an extension of up to 400m to the north of the Tuzon deposit. More than 15,000m of diamond drilling has been completed since Q3 2011.

Gold assay results from soils at Dugbe Block D have been highly encouraging and show an east-west trending gold in soil anomaly, with coincident arsenic in soils, measuring 1.4km across, with two distinct anomaly highs which are open to the west and east. A programme of 850m of trenching over 5 trenches has been completed, with assay results pending.

At Dugbe Block B over 400 high-density spur samples have been taken on low ridges which appear to be associated with silicified zones and abundant nearby artisanal workings. These zones broadly tie up with previous coincident gold/arsenic soil anomalies, and line up well with the regional east-north-east trend which is prevalent in this area. 900m of gold in soil anomalies have been trenched so far in 2012.

The licence covers 250 km2 and was awarded in October 2010, with Hummingbird owning an 80% interest. The remaining 20% minority interest, into which the Dugbe F deposit extends, was acquired in Q1 of 2012 for the price of US$3/ounce of existing gold resource.

More than 7,865 soil samples have been taken on the Joe Village licence since it was acquired by Hummingbird in late 2010, across 8 grids. Results from grid 1 confirm a South-West extension of the Dugbe F ore body. 13,760m have been trenched in this licence and over 7,500m drilled.

The drilling proved the mineralisation zone to extend westwards, as part of a folded anticlinal structure, with generally higher grades established than in last year’s drilling on the maiden Resource at Dugbe F.

Further gold/arsenic anomalies occur further west at Sackor, 4km west of Dugbe F. Over 1,400m of trenching has been completed, with assay results awaited from 730 trench channel samples. A 14-hole, 2,000m drill programme is proposed. Trench results returned so far include 20m at 1.16/t and 12m at 1.15 g/t.

The licence covers 690km2 and was awarded in April 2010. Hummingbird has a 90% interest in the licence. It lies directly south of the Dugbe F Project, immediately south of the Dugbe Shear Zone and overlaps onto the Dugbe licence.

By March 2013, nearly 10,000 soil samples had been taken, and over 430m trenching completed.

Results show a North-East striking gold trend, following the main Dugbe shear through to block B.

This licence covers 665km2 and was awarded in July 2010. Hummingbird has a 90% interest in the licence. This licence also falls in the Dugbe Shear Zone, with abundant artisanal workings in streams draining off the east-west ridges.

This licence lies 50km immediately east of the Dugbe licence, and forms an exciting eastwards extension along the Dugbe Shear Zone. Stream sediment sampling and geological mapping has been completed. 4,578 soil samples have been taken in areas pinpointed by geochemical assay results. Results revealed a swarm of north- east trending gold anomalies, totalling over some 8km in strike length and 1km in width. This represents another virgin and potentially, another significant find in a completely new area.

Nearly 3,000m of trenching is complete.