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Drilling Update at the Dugbe 1 Project

9th Aug 2013 07:00

RNS Number : 3264L

Hummingbird Resources PLC

09 August 2013

9th August 2013

Hummingbird Resources plc

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

Drilling Update at the Dugbe 1 Project

Hummingbird Resources, the Liberian gold developer with a 3.8 Moz gold Resource, announces that it has received results from a further 15 holes in its 15,802m 2013 drilling programme.

Highlights of Latest Tuzon Drilling Results

·; TDC124 8m @ 1.91g/t gold

·; TDC125 8m @ 2.31g/t gold

·; TDC126 8m @ 3.38 g/t gold

·; TDC127 29.6m @ 2.53 g/t gold

·; TDC127 27m @ 2.19 g/t gold

·; TDC128 67m @ 2.08 g/t gold

·; TDC131 4.3m @ 7.67 g/t gold

·; TDC139 8m @ 2.46 g/t gold

These results from the drilling programme continue to support the overall grade of the deposit as defined in the PEA, and reaffirm the Company's confidence in the Project.

Dan Betts, Chief Executive of Hummingbird Resources, said:

"The widths and grades of these intersections are very promising as the Company is currently progressing its DFS and updating its geological model.

Hole TDC128 with 67m at 2.08 g/t gold is extremely encouraging. This backed up with other significant intersections gives us continued confidence in the robust nature of our Resource.

The Company is currently progressing the various work items necessary to advance the DFS as fast as possible and these drill results, which will feed into our new Resource, are an instrumental part of the process."

ENDS

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Finance Director

Robert Monro, Head of Business Development +44 (0) 203 416 3560

Liberum Capital Limited

Nominated Adviser and Joint Broker

Tom Fyson / Christopher Kololian +44 (0) 203 100 2222

FTI Consulting LLP

Financial PR

Ben Brewerton / Oliver Winters +44 (0) 207 831 3113

Notes to Editors

About Hummingbird Resources plc

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 Inferred Resource is 3,835,000 ounces of gold. The Group has published a PEA on its project showing on a 3.5Mtpa tank leach operations an NPV of US$337m on a Capex of US$212m for an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).

The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade. In addition, the Group has declared an Inferred Resource on its Tuzon project of 51.1 million tonnes at 1.26 g/t Au to give 2,071,000 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. Tuzon lies 2.6km to the east of the Dugbe F deposit. Exploration is being carried out to best industry practices.

In 2013 the Group is moving the Dugbe 1 Project towards feasibility and is currently infill drilling its existing Resources as well as continued regional exploration work.

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 of all 2013 drilling results

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
TDC078	39.17	40.13	0.96	0.52	555201	563098	113	-60	295	234

TDC079	1.2	3.2	2	0.8	555239	562994	114	-60	295	254
	26.4	27.18	0.78	1.32
	31	33.02	2.02	4.45
	34.95	55.26	20.31	2.69
	56.32	69.69	13.37	1.36
	70.7	72.88	2.18	1.42
	174.87	175.91	1.04	1.18
	177	178.05	1.05	0.59
	179.57	180.17	0.60	2.06
	181.11	182.46	1.35	1.95
	186.67	187.9	1.23	1.79
	189.03	189.92	0.89	1.67
	193.4	194.21	0.81	0.91
	198	199.31	1.31	4.81
	201.41	205	3.59	1.72
	206.73	212.23	5.5	1.02
	217.33	219	1.67	0.8

TDC080	0	1.8	1.8	0.77	555275	563070	110	-60	295	333
	12.92	14.3	1.38	0.55
	32.6	45	12.4	1.23
	140.86	142	1.14	2.68
	154.9	157.9	3	2.88
	160.72	165.36	4.64	1.81
	191.06	194.29	3.23	0.68
	229.34	230.38	1.04	0.81
	232.34	234.34	2	0.7
	236.36	240.53	4.17	1.12
	241.54	266.5	24.96	1.45
	269.5	271.67	2.17	0.59
	274	282	8	0.86
	296.28	297.26	0.98	0.62
	300.28	301.3	1.02	1.19
	306.61	308.63	2.02	3.66
	312.82	315.76	2.94	2.46
	312.82	315.76	2.94	2.46

TDC081	0	7.26	7.26	2.91	555171	562944	118	-60	295	248
	8.43	18.82	10.39	1.16
	20.76	23.76	3	0.69

TDC082	8	10.25	2.25	0.74	555240	562908	118	-60	295	308
	14	15	1	1.81
	17	18	1	0.69
	64.66	66.9	2.24	1.13
	68	89.4	21.4	1.15
	90.44	94.7	4.26	2.17
	98.96	103.72	4.76	1.58
	179.05	189.29	10.24	1.72
	219.59	221.58	1.99	0.91
	228	230.13	2.13	0.84
	232.48	233.55	1.07	0.59
	259.4	261.51	2.11	1.48
	271	282	11	1.98
	285.34	289.48	4.14	0.6
	294.18	307.19	13.01	1.69

TDC083	99.57	120.38	20.81	1.32	555247	562727	124	-60	295	308
	122.4	124.22	1.82	0.72
	156	158	2	0.9
	178.4	182.06	3.66	1.13
	183.58	185	1.42	0.71
	188	191.72	3.72	1.46
	193	207	14	1.16
	209.13	211.37	2.24	0.71
	214.04	215.73	1.69	1.65

TDC084	1	2	1	0.54	555319	562872	117	-60	295	301
	14.4	15	0.6	1.95
	18.25	25	6.75	1.73
	30	37	7	2.02
	42.71	51.83	9.12	2.18
	111	112.03	1.03	5.17
	141.69	152.95	11.26	1.49
	299	300.22	1.22	0.74


TDC085	2	7.3	5.3	0.67	555117	562794	104	-60	295	224
	20	26.1	6.1	1.52
	28.6	46	17.4	1.21
	78.5	82.3	3.8	1.21
	159.6	160.6	1	0.61
	163.9	165	1.1	0.7

TDC086	52	56	4	2.18	555175	562763	111	-60	295	279
	72	76	4	0.84
	88	92	4	0.71
	98	118.7	20.7	1.51
	121.2	124.9	3.7	1.41
	126	141.6	15.6	2.76
	179.8	180.9	1.1	0.51
	196.9	201.4	4.5	1.57
	202.5	206.2	3.7	1.67
	214.9	216	1.1	0.57
	257.1	258	0.9	0.53
	267	268	1	1.09

TDC087	0	4.2	4.2	0.6	555010	562792	106	-60	296	200
	22.1	23.3	1.2	0.56
	42.5	43.4	0.9	1.63
	55.7	56.4	0.7	28.6

TDC088	1.1	10	8.9	1.78	554964	562683	102	-60	295	230
	11.7	12.7	1	0.69
	27.7	28.8	1.1	1.29

TDC089	104	106	2	1.11	555122	562604	105	-60	295	299
	134	147	13	1.15
	150	154	4	0.69
	159	179	20	0.92
	197	199	2	0.74
	224.4	225.3	0.9	0.61
	235	238	3	1.28
	243.4	249	5.6	0.69
	265	269	4	0.51

TDC090	4	6	2	0.63	555008	562581	105	-60	292	218
	43	47	4	0.75
	71	72	1	1.74
	74	84	10	0.89
	90	92	2	0.69
	114.2	117.4	3.2	1.59

TDC091	20	32.4	12.4	1.63	555064	562676	103	-60	294	251
	55	66	11	1.19
	68	70	2	3.33
	79	86.9	7.9	1.29
	223	225	2	0.55

TDC092	3	15	12	1.09	554892	562542	114	-60	294	212
	39	40	1	0.7
	49.3	68.1	18.8	1.45

TDC093	102	116	14	1.11	554964	562508	121	-60	293	245

TDC094	25	27	2	0.5	554801	562432	113	-60	296	221
	58	59	1	4.19
	94.4	98.1	3.7	0.86
	101.5	102.7	1.2	0.71
	167	169	2	0.63

TDC095	128	131	3	0.86	554952	562383	101	-60	295	311
	144	146	2	1.29
	148.1	152	3.9	1.52
	170	179	9	1.01
	187	189	2	1.16
	212.8	223	10.2	1.32
	225	229	4	1.04
	235	237	2	1.86
	262	263	1	0.97
	266	268	2	0.81
	274	276	2	0.56
	306.7	311.4	4.7	1.41

TDC096	68	72	4	1.02	554734	562392	108	-60	295	217
	90	92	2	0.69
	97	101	4	0.56
	119.7	121.4	1.7	0.71
	133	134	1	1.1
	154	154.7	0.7	0.88
	183	184.9	1.9	0.89

TDC097	25.5	28.2	2.7	1.52	554708	562315	100	-60	295	236
	88	90	2	0.78
	105.4	108	2.6	0.89
	116	117	1	0.58
	143	146.7	3.7	0.69
	149	150	1	0.66
	163.1	164.5	1.4	0.65
	165.8	167	1.2	1.03
	221	223	2	0.55

TDC098	62	71.8	9.8	1.46	554869	562422	114	-60	295	267
	88	90	2	2.52
	95	125	30	1.89
	135	140	5	0.8

TDC099	26	28	2	0.54	554880	562319	102	-60	295	281
	150.9	154	3.1	1.35
	159	160	1	1.97
	175	180	5	0.66
	255	257	2	1.43

TDC100	85	87.1	2.1	1.02	554810	562362	103	-60	296	252
	89	90	1	0.71
	92	99	7	0.87
	103	108	5	1.24
	111	114	3	0.71
	128	142	14	0.87
	165	166	1	1.11

TDC101	15	17	2	0.88	554755	562255	106	-60	295	281
	23	26	3	1.3
	164	167	3	1.23
	177	178	1	0.84
	198	200	2	0.59
	214	215	1	0.8

TDC102	117.6	120	2.4	0.79	554675	562251	100	-60	295	273
	125	126.6	1.6	0.66
	146.3	147	0.7	0.73
	154	156	2	0.64
	190.9	192	1.1	0.86
	204	205	1	2.15
	223	225	2	0.59
	251.1	253	1.9	0.73
	268	270	2	2.22

TDC103	80	81	1	0.71	554664	562161	101	-60	295	252
	90	92	2	0.51
	127	129	2	0.92
	144	151	7	0.58
	241	243	2	1.43
	248.6	250	1.4	0.79

TDC104	0	8	8	0.95	554902	562710	105	-60	295	153
	44.9	47	2.1	0.97

TDC105	33	43	10	1.12	554839	562576	113	-60	295	162
	92	93	1	0.58
	95	96	1	0.83
	98.9	99.9	1	0.9


TDC106	47	53	6	0.93	554804	562509	120	-60	295	161
	55	59	4	0.85
	104	107	3	0.66
	115	117	2	0.74

TDC107	58	59	1	1.32	555053	562469	108	-60	295	306
	61	65	4	1.94
	68.9	70	1.1	1.57
	83	85	2	0.87
	130	136	6	1.4
	138	145	7	1.94
	151	168	17	1.97
	171.2	175	3.8	0.72
	177	182	5	1.65
	184	186	2	0.51
	197.6	211	13.4	1.81
	213	219	6	0.65
	221	241	20	1.2
	243.1	246	2.9	0.95
	262.9	272	9.1	1.01
	274.6	276	1.4	0.57
	280.2	286.7	6.5	1.12
	295.8	296.8	1	0.64

TDC108	32	34	2	0.99	554753	562486	116	-60	295	141
	60	61	1	0.52
	63	64	1	0.5
	117	118	1	0.97

TDC109	159	164	5	0.58	555194	562587	108	-60	295	309
	214	217	3	1.21

TDC110	108	110	2	0.64	555194	562587	108	-60	295	279
	119	122	3	1.07
	130	131	1	0.76
	133	135	2	1.23
	158	167	9	1.49
	228	229	1	0.72

TDC111	41	42	1	0.5	555060	562651	103	-60	295	229
	62.8	67	4.2	1.3
	72.2	74	1.8	1.12
	84	89	5	1.35
	208	209	1	1.65

				No significant values
TDC112				No significant values	555311	563411	104	-60	295	291

TDC113	0	1	1	0.77	555435	563526	108	-60	295	279
	3.9	42.9	39	1.91
	44.1	48.3	4.2	1.84
	50.7	83	32.3	1.63

				No significant values
TDC114				No significant values	555193	563216	111	-60	295	252
				No significant values
TDC115				No significant values	555514	563500	98	-60	295	273
				No significant values
TDC116				No significant values	555176	563259	115	-60	295	213
				No significant values
TDC117				No significant values	555226	563282	113	-60	295	189

TDC118	10.6	14	3.4	0.79	555394	563467	111	-60	295	210
	16	21	5	1.75
	43	49	6	1.5
	53	56	3	1.35
	58	61	3	1.22
	82	87	5	1.69
	98	99	1	0.82

TDC119	229	230	1	1.07	555248	563222	108	-60	295	270
	232	235	3	0.92
	238	239.4	1.4	0.99
	241.6	242.8	1.2	0.71

TDC120	110	111	1	1.25	555331	563507	103	-60	295	162

TDC121	98	99	1	0.97	555363	563570	168	-60	293	97
	103	106	3	0.56
	108	111	3	1.13
	114	116	2	1.59

TDC122	109	119	10	2.21	555308	563195	106	-60	292	336
	147	148	1	1.15
	162	166	4	1.36
	172	183	11	0.8
	204	212	8	0.8
	218	222	4	0.83
	225	226	1	0.55
	292	293	1	0.59
	295	296	1	2.04

TDC123	1	4	3	0.59	555378	563222	105	-60	295	306
	9	17.1	8.1	0.82
	19	20	1	0.69
	27	29	2	0.91
	32	33	1	0.57
	35.1	48	12.9	0.69
	53	57	4	0.65
	59.9	61	1.1	0.61
	70.2	71.3	1.1	0.66
	74.4	75.4	1	0.64
	77.4	78.5	1.1	1.44
	80.8	81.9	1.1	0.51
	84	87	3	1.13
	106.8	109	2.2	0.83
	119	122	3	0.68
	125	136.1	11.1	0.64
	142.3	156.5	14.2	1.94
	158.6	159.6	1	1.21
	161.9	167	5.1	0.76
	170	178	8	0.57
	180	189	9	2.09
	190.1	191.2	1.1	0.52

TDC124	84	124	40	1.75	555453	563126	102	-60	297	353
	127	133	6	1.45
	135	143	8	1.91

TDC125	49	56.5	7.5	1.12	555443	563184	100	-60	295	327
	59	72.8	13.8	1.39
	81.2	93	11.8	1.99
	95	103	8	2.31
	105.5	129	23.5	1.81
	146	154	8	0.92

TDC126	0	26	26	1.83	555389	563150	106	-60	295	348
	31	47	16	1.58
	140	150.2	10.2	0.9
	162	200	38	2.43
	206	214	8	3.38
	215.1	223	7.9	1.52

TDC127	240	267	27	2.19	555373	563028	109	-60	295	414
	269	298.6	29.6	2.53

TDC128	257	263	6	1.41	555352	562962	107	-60	295	372
	270	337	67	2.08
	338.2	352	13.8	1.8

TDC129	46	48	2	0.53	555204	563026	114	-60	295	186
	172.5	173.7	1.2	0.62

				No significant values
TDC130				No significant values	555094	562996	127	-60	295	178

TDC131	0	0.7	0.7	0.63	555032	562852	118	-60	295	153
	3.3	7.6	4.3	7.67
	9.2	10.1	0.9	0.66
	32	33	1	0.56
	36	38	2	0.64

TDC132	2.6	4.4	1.8	0.63	554569	562429	120	-60	295	162
	23	24	1	0.51

TDC133	21	23	2	0.67	554611	562329	104	-60	295	191
	26	29	3	0.41
	43	47	4	0.96
	89	90	1	0.53
	137	138	1	0.85

TDC134	61	62	1	1.08	554543	562186	183	-60	297	183
	68.1	69.1	1	0.91
	98	99	1	0.55
	111	112	1	0.62
	125	126	1	1.07

TDC135	63	64	1	2.01	554829	562233	333	-60	295	333
	123	124	1	1.36
	131	137	6	0.91
	140	141	1	2.73
	159	160	1	1.61
	162	167	5	1.38
	175	177	2	0.95
	215	216	1	5.83
	220	225	5	1.22

TDC136	115	122	7	1.05	554618	562161	99	-60	295	273
	179	180	1	4.15
	200	201	1	0.7
	207	208	1	0.53
	213	215	2	0.87
	250	251	1	0.54
	260.4	261.5	1.1	5.81

TDC137	56	59	3	1.11	554774	562172	94	-60	295	315
	168	190	22	0.97
	195	198	3	1.21

TDC138	134.1	135	0.9	0.58	554687	562120	95	-60	295	290
	143	144	1	0.73
	149	151	2	0.59
	188	200	12	1.09
	209.8	211	1.2	1.84

TDC139	97	105	8	0.84	554781	562063	94	-60	295	312
	113	116	3	2.58
	227	228	1	0.53
	235	236	1	2.54
	258	266	8	2.46
	276	277	1	0.72

Note: 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 a Director of the Company and is a member of the Institute of Materials, Minerals and Mining.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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