Gold firm Hummingbird bullish about prospects for year ahead

BIRMINGHAM-registered gold and minerals exploration firm, Hummingbird Resources, has said it is bullish about its prospects for the year ahead.

Dan Betts, the group’s chief executive said 2014 looked set to be a “step change year” for the business.

Part of his optimism is based on the expected completion of a major feasibility study in the third quarter of the year. The study has been part-funded through a grant from the South African Department for Trade and Industry.

In a fourth quarter update the group said its financial position had also been enhanced with a £1.1m placing with Canadian asset manager Sprott Inc at 41p per share.

A further corporate development has seen the appointment of Endeavour Financial to facilitate the Project Finance Debt Facility for the company’s Dugbe 1 Project site in Liberia.

Hummingbird said an updated interim mineral resource estimate for its Tuzon operation had demonstrated a “robust geological and resource model” showing the scope for a new starter pit near the surface of the prospect, while an infill drilling campaign at Tuzon aimed at upgrading the site had been completed.

“2014 looks set to be a step change year for Hummingbird with our DFS on schedule for delivery in Q3. Our positive infill drill results at the Tuzon deposit offer significant exploration upside. In addition, all of our technical studies remain on schedule for completion,” said Betts.

“We are fully funded through to the completion of the DFS and all of the work undertaken in recent months has confirmed that the Dugbe 1 Project remains commercially robust in the current gold-price environment.”