Resource Update

RNS Number : 5287W

Hummingbird Resources PLC

01 February 2012

 

Hummingbird Resources plc

("Hummingbird Resources" or the "Company") (AIM: HUM)

2 Moz Maiden gold Resource At 100% owned Tuzon Deposit.

Total gold Resource increases to an attributable 3.7 Moz.

Hummingbird Resources is pleased to announce that the results from its initial 43 hole resource drill program at Tuzon has produced a maiden Inferred Resource of 2.05 Moz of gold prepared in accordance with NI 43-101.  This Resource has been delineated from 9,717 m of drilling over 43 holes in a four month period. Exploration drilling is ongoing at Tuzon to add to this maiden Resource.

Highlights

·    2.05 Moz maiden Resource at 100% Hummingbird Resources owned Tuzon prospect taking global Resources to 3.8 Moz gold (3.7 Moz attributable).

·    Resource open in several directions and drilling is ongoing at Tuzon to increase Resource.

·    Tuzon lies only 2.6km east from existing Dugbe F Resource and has potential to be developed as part of the Dugbe 1 Project.

·    Deposit extends from surface in several closely stacked narrow zones leading to favourable mining conditions.

·    Deposit grade, geology and general mineralogy look to be consistent with Dugbe F simplifying project engineering.

·    Substantial scope for further resource growth in 2012 within the potentially mineable radius of the Dugbe 1 Project.

·    Sackor, part of Dugbe 1 Project area, trench programme includes results of 20m @ 1.16 g/t.  Scout drill programme planned for this prospect after completion of Tuzon to continue building ounces in Dugbe 1 Project area.

·    Strong cash position of US$20m at 1^st January 2012.

Table showing total Global Resources  (0.5 g/t Au lower cut-off with no upper cut-off grade at Dugbe F and a 7.0 g/t Au upper cut-off grade at Tuzon)

	Tonnes (millions)	Grade (g/t) Au	Indicated Ounces Au	Inferred Ounces Au	Total Ounces Au
Tuzon	52.80	1.21	-	2,052,000	2,052,000
Dugbe F	43.01	1.28	1,373,000	392,000	1,765,000
Dugbe F Attributable*	40.73	1.28	1,300,000	377,000	1,677,000
Total Attributable	93.53	1.24	1,300,000	2,429,000	3,729,000

* Joe Village licence, which Dugbe F Resource extends into, is 80% Hummingbird owned compared to 100% owned Dugbe F licence.

Click here for a map showing the location of Tuzon and cross-sections of the Resource

http://www.rns-pdf.londonstockexchange.com/rns/5287W_1-2012-1-31.pdf 

Commenting today, Dan Betts, CEO of Hummingbird Resources, 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 Moz. During 2011 we have added 3 Moz 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."

ACA Howe International Limited have calculated this Resource in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves (the "CIM Standards") for the purposes of release to the AIM market and have approved the content of this announcement.

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.

ENDS

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Chief Financial Officer and Company Secretary

Robert Monro, Corporate Development  [phone]

Liberum Capital Limited

Nominated Adviser and Joint Broker

Tom Fyson / Richard Bootle [phone]

Mirabaud Securities LLP

Joint Broker

Peter Krens [phone]

Yellow Jersey PR Limited

Harry Fielder

[phone]

Dominic Barretto

[phone]

Notes to Editors

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.  The Group's total Resource is 3,817,000 ounces of gold (Indicated Resource of 1,373,000 ounces gold and Inferred Resource of 2,444,000 ounces gold).

The Group has a gold Resource on its Dugbe F deposit of 43.01 million tonnes at 1.276 g/t Au to give 1,765,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade (Indicated Resource of 1,373,000 ounces of gold at 1.28 g/t Au and an Inferred Resource of 392,000 ounces of gold at 1.23 g/t Au).   The Group now has in addition to this a maiden Resource on its Tuzon project of 52.8 million tonnes at 1.21 g/t Au to give 2,052,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au (Inferred Resource of 2,052,000 ounces gold at 1.21 g/t). Tuzon lies 2.6km to the east of the Dugbe F deposit.  The exploration has been based on sound geological premises and has been executed in an efficient and practical manner according to best industry practices.

The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.

For more information, please visit www.hummingbirdresources.co.uk

Appendix:

Tuzon Grade Tonnage Table:

Block Model  Cut Value Au g/t	Block Model Avg.  Grade Au g/t	Block Model Tonnage (Mt)	Total Ounces
3	3.51	0.66	70,000
2.75	3.34	0.88	95,000
2.5	3.10	1.33	132,000
2.25	2.74	2.62	230,000
2	2.48	4.38	350,000
1.75	2.22	7.64	545,000
1.5	1.98	12.82	816,000
1.25	1.75	20.61	1,158,000
1	1.54	30.76	1,523,000
0.75	1.37	41.71	1,832,000
0.5	1.21	52.80	2,052,000
0.25	1.09	61.42	2,162,000
None	1.09	61.75	2,164,000

Click link below for Tuzon Grade Tonnage Curve
http://www.rns-pdf.londonstockexchange.com/rns/5287W_2-2012-1-31.pdf

Tuzon Drill Data

Calculated at 0.5 g/t Au lower cut-off and 7.0 g/t Au upper cut-off						Drill Collar information
Hole ID	From	To	Interval (m)	Grade (g/t Au)			EUTM Survey	NUTM Survey	RL Survey	DIP	AZ	EOH
TDC001	0.61	6.00	5.39	0.60			554795	562677	121	-60	295	150.1
	9.08	10.00	0.92	0.88
	20.00	21.00	1.00	0.52
	43.00	44.03	1.03	0.58
	45.00	46.00	1.00	0.54
TDC002	3.10	11.00	7.90	1.03			554942	562611	110	-60	295	122
	12.00	14.00	2.00	2.05
	25.00	26.00	1.00	0.58
	32.00	36.35	4.35	2.61
	36.86	39.95	3.09	1.63
	41.00	41.96	0.96	0.86
	51.05	60.00	8.95	1.00
	61.00	62.78	1.78	1.01
	99.00	100.00	1.00	0.58
TDC003	100.00	101.00	1.00	0.88			555072	562533	109	-60	295	188.1
	102.00	110.52	8.52	1.89
	113.00	135.00	22.00	1.31
	136.00	138.00	2.00	0.68
	145.00	148.00	3.18	1.95
	149.07	155.82	6.75	1.44
	168.84	171.04	2.20	1.09
	172.79	183.31	10.52	1.16
TDC004			no significant results				555229	562483	113	-60	295	259
TDC005	41.00	42.00	1.00	0.87			554875	562474	126	-60	295	233.1
	44.00	55.00	11.00	1.27
	57.00	58.00	1.00	2.46
	78.20	79.10	0.90	0.58
	80.10	110.08	29.98	1.56
	157.00	158.00	1.00	2.37
TDC006	50.03	51.00	0.97	1.45			554733	562532	113.864	-60	295	92.1
	63.00	63.94	0.94	0.77
TDC007	105.60	106.68	1.08	0.78			555154	562686	117	-60	295	326
	109.81	110.83	1.02	0.60
	117.00	118.00	1.00	1.44
	119.04	120.00	0.96	0.50
	121.00	122.06	1.06	0.52
	123.11	124.00	0.89	1.36
	128.74	131.83	3.09	1.17
	134.00	139.50	5.50	1.82
	141.94	148.98	7.04	1.49
	151.07	163.04	11.97	1.79
	218.00	219.00	1.00	0.51
	219.92	233.00	13.08	1.55
	233.67	235.50	1.83	0.70
	237.75	241.00	3.25	0.64
	270.22	273.00	2.78	0.83
	275.00	277.00	2.00	0.77
	279.23	280.07	0.84	0.77
	283.84	284.46	0.62	1.20
	316.00	321.05	5.05	1.60
TDC008	66.55	69.46	2.91	2.03			555015	562402	107	-60	295	312
	73.50	74.32	0.82	1.27
	81.00	81.75	0.75	1.09
	82.40	83.10	0.70	0.94
	133.00	134.10	1.10	0.60
	135.00	142.00	7.00	1.86
	149.00	150.00	1.00	0.71
	158.10	158.95	0.85	2.21
	167.64	168.53	0.89	0.52
	169.49	183.48	13.99	1.74
	186.37	192.71	6.34	2.01
	196.71	199.61	2.90	1.12
	204.62	207.67	3.05	0.83
	208.64	212.50	3.92	0.73
	213.56	218.75	5.19	1.95
	222.46	225.71	3.25	0.84
	227.65	243.25	15.60	1.34
	244.35	250.50	6.15	1.10
	254.45	256.44	1.99	0.61
	292.00	293.00	1.00	0.51
	294.04	296.90	2.86	1.43
	297.50	299.40	1.90	1.04
	301.44	302.24	1.80	4.27
TDC009			no significant results				555297	562624	96	-60	295	341
TDC010	28.00	32.00	4.00	1.25			555353	562737	122	-60	295	146.1
TDC011	0.00	0.74	0.74	0.51			555078	562908	134	-60	295	77
	2.30	5.10	2.80	0.88
	6.80	10.80	4.00	1.50
	20.00	21.00	1.00	1.70
TDC012	23.00	24.00	1.00	0.98			555208	562836	120	-60	295	210.5
	28.00	31.00	3.00	1.28
	37.00	38.10	1.10	0.52
	39.00	55.10	16.10	1.76
	62.67	93.50	30.83	2.04
	95.10	117.17	22.07	2.47
	167.37	168.49	1.12	1.11
	176.00	177.00	1.00	0.50
	178.00	180.90	2.90	0.85
	186.10	187.10	1.00	0.64
	189.56	194.10	4.54	1.36
	196.10	197.00	0.90	1.03
	199.70	201.80	2.20	1.10
TDC013	60.00	61.00	1.00	0.64			555366	562769	121.724	-60	295	230.1
	70.00	71.10	1.10	0.50
	84.00	85.24	1.24	0.97
	91.25	95.00	3.75	1.62
	100.00	103.83	3.83	1.75
	104.81	106.00	1.19	1.19
	149.00	150.00	1.00	0.76
TDC014			no significant values				555147	563046	127.348	-60	295	104.6
TDC015	0.00	1.00	1.00	0.66			555294	562982	120.084	-60	295	251.4
	38.00	43.00	5.00	1.16
	46.30	49.00	2.70	1.62
	55.00	58.00	3.00	1.82
	60.00	64.62	4.62	0.83
	67.90	69.00	1.10	0.56
	69.87	74.40	4.53	1.59
	83.00	84.00	1.00	0.57
	100.14	101.00	0.86	0.53
	111.00	113.00	2.00	0.86
	150.70	156.10	5.40	1.85
	158.16	159.00	0.84	1.23
	165.10	167.00	1.90	2.93
	172.00	173.00	1.00	0.58
	204.90	206.00	1.10	0.61
	221.00	222.00	1.00	0.55
	231.50	232.30	0.80	0.95
	239.10	242.00	2.90	1.01
	245.00	246.00	1.00	0.77
	248.00	249.00	1.00	0.63
TDC016	0.00	22.48	22.48	1.84			555353	563129	117.807	-60	295	242.7
	23.30	32.00	8.70	1.37
	33.10	34.00	0.90	0.65
	35.00	37.00	2.00	0.63
	44.15	45.00	0.85	0.50
	46.00	48.00	2.00	0.55
	49.00	51.00	2.00	0.73
	52.03	53.00	0.97	0.76
	54.00	65.15	11.15	1.87
	66.08	68.00	1.92	0.89
	69.08	71.66	2.58	1.02
	82.02	83.00	0.98	0.65
	84.00	85.00	1.00	0.63
	97.00	98.00	1.00	0.89
	99.00	103.00	4.00	0.95
	104.75	115.00	10.25	9.26
	116.00	117.19	1.19	0.97
	118.18	119.10	0.92	1.48
	120.03	120.95	0.92	0.86
	134.00	137.00	3.00	1.75
	142.00	143.68	1.68	1.73
	144.91	151.00	6.09	6.56
	152.00	153.00	1.00	0.58
	154.00	155.00	1.00	1.30
	158.00	161.08	3.08	0.69
	162.08	164.00	1.92	0.99
	191.06	192.12	1.06	1.43
	193.00	197.08	4.08	0.77
	213.00	214.05	1.05	0.53
	215.00	226.00	11.00	1.58
	228.03	242.70	14.67	2.54
TDC017	131.00	132.00	1.00	0.58			555441	562928	115.359	-60	295	281.1
	138.56	139.61	1.05	0.66
	142.35	144.00	1.65	0.69
	145.00	152.00	7.00	0.77
	192.15	193.25	1.10	5.17
	197.65	198.80	1.15	0.80
	201.10	211.19	10.09	1.94
	217.82	221.36	3.54	1.27
	230.00	232.00	2.00	5.25
	233.95	240.00	6.05	1.42
TDC018	0.00	4.16	4.16	2.11			555428	563273	112.183	-60	295	212.1
	6.00	11.95	5.95	1.52
	16.70	18.00	1.30	0.72
	19.00	38.00	19.00	2.38
	41.00	41.90	0.90	0.53
	49.57	51.56	1.99	1.08
	56.00	57.00	1.00	0.85
	62.00	69.84	7.84	1.50
	71.76	91.00	19.24	2.88
	92.00	95.95	3.95	1.46
	97.23	105.56	8.33	2.01
	107.25	125.10	17.85	1.47
	127.00	129.00	2.00	0.60
	133.00	153.00	20.00	1.35
	154.00	155.00	1.00	0.53
TDC019	4.20	5.10	0.90	1.97			555487	563409	106.871	-60	295	140.1
	19.00	20.00	1.00	0.66
TDC020			no significant values				555567	563207	113.438	-60	295	230.1
TDC021	17.60	18.66	1.06	1.24			554660	562388	106.414	-60	295	210.8
	22.00	24.03	2.03	0.84
	38.98	40.00	1.02	3.96
	49.00	50.00	1.00	0.67
	65.00	65.97	0.97	0.52
	89.00	90.00	1.00	0.50
	95.00	96.00	1.00	0.54
	97.97	99.00	1.03	1.63
	105.00	106.97	1.97	1.29
	108.03	109.85	1.82	0.71
	127.00	128.00	1.00	1.23
	150.13	152.05	1.92	1.46
	164.10	165.00	0.90	0.70
TDC022	14.10	15.14	1.04	0.50			554799	562309	112.051	-60	295	251.5
	27.02	27.93	0.91	0.87
	79.00	80.00	1.00	0.61
	108.63	109.83	1.20	0.87
	119.00	120.00	1.00	0.67
	123.00	130.00	7.00	1.58
	151.00	162.00	11.00	0.99
TDC023			no significant values				554536	562447	125.812	-60	295	164.2
TDC024	170.00	174.00	4.00	2.20			554931	562275	102.7	-60	295	289.5
	185.82	186.61	0.79	0.96
	202.00	203.00	1.00	0.52
	209.06	218.00	8.94	1.16
	221.08	228.12	7.04	1.72
	257.27	258.42	1.15	1.68
	259.13	264.15	5.02	1.56
	265.14	266.34	1.20	0.83
	270.41	271.67	1.26	0.90
	277.00	280.27	3.27	0.98
TDC025			no significant values				554451	562302	115.895	-60	295	152.1
TDC026	54.00	56.00	2.00	0.65			554591	562247	106.197	-60	295	167.1
	58.19	60.61	2.42	1.03
	64.10	66.00	1.90	1.22
	72.00	73.14	1.14	1.56
	99.61	100.46	0.85	0.77
	109.00	110.10	1.10	3.32
	113.00	114.00	1.00	0.71
TDC027	22.10	30.17	8.07	0.92			554732	562195	106.822	-60	295	288.8
	130.00	138.00	8.00	1.57
	152.45	153.64	1.19	1.15
	161.10	161.82	0.72	0.66
	168.00	169.00	1.00	0.78
	172.28	182.85	10.57	0.97
	209.95	211.00	1.05	0.85
	247.00	248.00	1.10	2.49
TDC028	41.00	41.97	0.97	0.52			554534	562104	101.387	-60	295	149.8
	43.00	45.06	2.06	0.79
	97.00	101.00	0.72	0.61
TDC029	179.90	180.87	0.90	0.94			554657	562036	99.994	-60	295	209.4
	207.11	208.10	0.99	0.78
TDC030			no significant values				554376	562171	114.174	-60	295	170
TDC031	125.00	138.97	13.97	1.30			555227	562663	125.196	-60	295	323.1
	142.00	143.00	1.00	0.51
	148.16	149.00	0.84	0.56
	179.00	189.00	10.00	1.41
	191.39	199.00	7.61	1.37
	201.00	203.79	2.79	1.17
	205.40	214.00	8.60	1.57
	218.00	219.00	1.00	0.51
TDC032	0.00	8.60	8.60	1.52			555331	563048	120.084	-60	295	506
	10.92	12.28	1.36	0.70
	13.28	20.58	7.30	1.31
	24.15	47.30	23.15	1.78
	48.55	49.55	1.00	1.49
	52.70	55.00	2.30	1.03
	77.63	81.00	3.37	0.84
	82.00	83.00	1.00	0.90
	84.33	85.34	1.01	0.56
	87.32	88.24	0.92	0.91
	89.26	90.46	1.20	0.72
	100.61	105.00	4.39	1.40
	135.00	136.00	1.00	0.64
	137.71	146.11	8.40	1.84
	147.45	149.50	2.05	1.51
	150.57	156.00	5.43	1.49
	178.22	179.33	1.11	0.99
	186.09	187.00	0.91	0.50
	191.00	192.00	1.00	0.54
	198.00	199.00	1.00	1.14
	202.20	203.16	0.96	0.60
	212.00	213.00	1.00	0.75
	217.03	219.00	1.97	1.53
	220.04	226.04	6.00	2.53
	249.00	251.00	2.00	0.62
	282.00	283.06	1.06	0.94
	284.07	287.04	2.97	1.00
	288.00	292.00	4.00	0.76
	303.00	304.05	1.05	0.85
	305.96	308.14	2.18	0.90
	311.05	312.00	0.95	3.96
	319.00	320.00	1.00	0.67
	322.00	323.00	1.00	0.99
	325.00	330.08	5.08	1.45
	354.00	355.00	1.00	0.56
TDC033	46.00	46.97	0.97	0.84			554313	562021	113.293	-60	295	139
TDC034	150.07	152.00	1.93	1.32			554380	561987	104.581	-60	295	171.1
TDC035	198.00	199.00	1.00	0.88			554601	561898	118.093	-60	295	317.1
	200.00	204.00	4.00	1.15
	246.00	247.00	1.00	0.57
	248.00	250.00	2.00	1.03
	251.00	252.05	1.05	1.31
	256.00	257.07	1.07	1.09
	261.00	262.02	1.02	0.62
	263.00	273.00	10.00	1.20
	276.00	277.00	1.00	0.60
TDC036	0.00	4.60	4.60	1.55			555267	563170	114.552	-60	295	365.1
	8.10	10.10	2.00	0.85
	11.10	11.70	0.60	1.58
	13.00	16.00	3.00	0.96
	17.00	22.00	5.00	1.16
	28.10	29.00	0.90	0.75
	221.00	222.94	0.94	1.61
	223.71	225.00	1.29	0.56
	226.00	231.00	5.00	0.80
	232.00	233.00	1.00	0.63
	246.00	247.00	1.00	0.72
	249.00	250.00	1.00	0.69
	252.00	251.00	1.00	0.74
	253.00	254.00	1.00	0.69
TDC037	8.10	11.10	3.00	0.60			554242	561866	109.22	-60	295	140.1
TDC038	41.13	42.19	1.06	0.52			555421	563088	115.286	-60	295	349.1
	58.90	65.26	6.36	1.78
	66.17	71.00	4.83	1.14
	85.00	72.00	13.00	1.42
	87.00	88.00	1.00	0.70
	103.00	104.10	1.10	0.51
	125.00	126.00	1.00	0.83
	129.00	130.00	1.00	0.76
	131.00	134.00	3.00	0.66
	136.00	138.00	2.00	0.53
	138.98	142.07	3.09	1.18
	152.00	156.00	4.00	0.81
	162.00	161.00	1.00	0.63
	183.00	184.00	1.00	1.43
	201.20	220.48	19.46	1.73
	221.05	246.00	24.95	1.78
	248.00	251.00	3.00	1.14
	253.00	259.00	6.00	0.97
	263.02	264.00	2.96	0.98
	266.96	268.00	1.04	1.29
	300.00	301.00	1.00	1.10
TDC039	178.00	179.00	1.00	0.51			554389	561803	101.427	-60	295	237.5
	180.00	184.56	4.56	0.89
	192.00	193.00	1.00	2.36
TDC040	0.00	2.10	2.10	0.70			555287	562802	130.286	-60	295	241.1
	3.00	4.10	1.10	1.00
	5.09	22.05	16.96	2.47
	24.00	28.14	4.14	1.16
	30.00	31.00	1.00	1.03
	132.83	145.00	12.17	1.97
	149.05	155.00	5.95	1.86
	157.05	162.00	4.95	1.32
	162.97	176.53	13.56	1.25
	185.51	190.00	4.49	0.78
	196.00	197.10	1.10	0.60
	199.00	202.00	3.00	0.79
TDC041	290.10	290.98	0.88	0.71			554553	561736	102.349	-60	295	350.55
	297.00	298.00	1.00	0.51
	301.87	307.00	5.13	0.73
	309.00	310.70	1.07	0.62
	325.58	327.45	1.87	0.56
TDC042	11.24	16.00	4,76	0.91			555149	562887	118.126	-60	295	218.1
	18.05	25.00	6.95	1.17
	29.24	30.41	1.17	4.00
	118.00	119.00	1.00	0.73
TDC043	73.00	75.00	2.00	0.62			554864	562643	117.796	-60	295	152.1
	79.96	82.00	2.04	1.46
	83.00	84.00	1.00	0.54

Sackor Trench Data

Calculated at 0.5 g/t Au lower cut-off and no upper cut-off						Trench Collar information
Hole ID	From	To	Interval (m)	Grade (g/t Au)		EUTM Survey	NUTM Survey	RL Survey	AZ	Length
KHTR001	138	140	2	0.66		547495	560375	115	296	168.00
	142	146	4	0.57
	154	156	2	0.56
	158	162	4	1.3
KHTR002	2	4	2	1.2		547431	560295	138	296	202.00
	6	8	2	0.6
	98	100	2	3.01
	110	116	6	1
	152	154	2	2.84
	168	188	20	1.16
	194	198	4	0.56
KHTR003	18	20	2	0.53		547469	560162		297	132.00
	22	24	2	1.12
	26	28	2	1.68
	56	58	2	0.77
	60	62	2	0.51
	70	72	2	0.77
	74	76	2	0.91
	78	84	6	0.63
	94	98	4	0.66
	102	104	2	1.7

 

END

 

 

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