Hummingbird Resources

Feb 1st 2012

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Hummingbird Resources: Tuzon propels Dugbe 1 estimate to 3.8 million ounces of gold - UPDATE
Hummingbird Resources (LON:HUM) this morning unveiled a maiden resource for the Tuzon prospect in Liberia of 2.05 million ounces of gold bringing the global resource estimate for the Dugbe 1 project area to 3.8 million ounces. The figure is well ahead of analysts' expectations, but the company says there is scope for further resource growth within a minable radius of the original Dugbe F deposit. The deposit grade at Tuzon, its geology and general mineralogy look to be consistent with Dugbe F, simplifying project engineering, Hummingbird said. Chief executive Dan Betts 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 million ounces. "During 2011 we have added 3 million ounces 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."

Price: Market Cap:

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159.25p 84.97M

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Code: Listing: Sector: Website: HUM LSE General Mining - Gold

www.hummingbirdresources.co.uk

Company Synopsis:
Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia.
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In December Betts told Proactive Investors that a global resource of around 3 million ounces of the precious metal would give the Dugbe area the critical mass needed to go into mine development. "As soon as you are north of 3 million ounces you are able to start considering commitments to a pre-feasibility study and mine development in the minable radius of Dugbe F," the Hummingbird CEO said in that interview. It would be a multi-pit development around a central point there are currently three other anomalies at soil and trench sampling stage within a 5 kilometre radius. If it is able to compile an economic resource around Dugbe, then Hummingbird may consider splitting the Liberia operation into two discrete teams one tasked with developing the asset, with the other responsible for continuing the
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United Kingdom
Proactive Investors Ltd

North America
44A Shelbourne Road

Australia
Bournemouth, BH8 8QY

Germany
United Kingdom Company No. 05639690

China
VAT No. 87207082

exploration effort. It is worth remembering there is more to Hummingbird than just this one target. In fact there is the potential here to open up a whole new gold district. For the uninitiated, the Birimian is elephant country. It is host to multi-million ounce mines such as Morila, Chirano and Ahafo. That the Liberian portion has remained untapped owes more to the years of civil war that preceded this recent period of political stability than it does to the unpromising geology of the area. So far Hummingbird has drilled only a small portion of a geological anomaly called the Dugbe shear zone, which extends for around 70 kilometres from the coast of Liberia in a north-easterly direction.

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www.proactiveinvestors.co.uk

www.proactiveinvestors.com

www.proactiveinvestors.com.au

www.proactiveinvestors.de

www.proactiveinvestors.com.hk

United Kingdom
Proactive Investors Ltd

North America
44A Shelbourne Road

Australia
Bournemouth, BH8 8QY

Germany
United Kingdom Company No. 05639690

China
VAT No. 87207082