19th Feb 2014 10:26
LONDON (Alliance News) - Hummingbird Resources PLC Wednesday said its pretax loss was largely flat in the first half of its financial year, as it continued to move through a development phase.
The Liberia-focused gold exploration and development company reported a net loss of USD1.47 million for the six months to end-November, compared with a loss of USD1.51 million a year earlier, even though administrative costs rose.
The company is yet to achieve revenues as it develops its Tuzon site towards future production.
Hummingbird said its administrative expenses increased slightly to USD1.72 million, from USD1.68 million, but its finance income increased to USD295,000, from USD248,000, and its share of joint venture losses decreased to USD17,000, from USD81,000.
The company reiterated that its interim mineral estimate for Tuzon demonstrated a robust geological and resource model that showed scope for an initial starter pit near the surface with higher grade zones. Its definitive feasibility study remains on track to be completed in the third quarter, it said.
The estimate, provided by SRK Consulting Ltd, said that a USD1,500 pit shell at Tuzon comprises 37.6 million tonnes at an average grade of 1.27 grams per tonne of gold, for 1.54 million ounces of gold.
The resource holds indicated mineral resources of 12.8 million tonnes at 1.22 grams per tonne of gold, and as well as higher grade zones of 337,000 ounces at 1.57 grams per tonne and 77,000 ounces at 1.44 grams per tonne.
"With the DFS well advanced, and the company being fully funded through to its completion, Hummingbird made significant steps in the second half of 2013," Chief Executive Dan Betts said in a statement.
Hummingbird shares were untraded at 45.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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