Hummingbird losses widen

Full year losses widened at Liberia focused gold explorer, Hummingbird Resources, but says it remains in a strong financial position to continue developing its gold resources over the next 12 months.

Loss before tax widened to $4.2m for the year ended May 31st 2012 compared to a loss of $2.6m a year earlier. Loss per ordinary share was 7.78 cents versus 5.79 cents.

The group, which heralded a new gold discovery in June at its Sackor site, close to the already established Dugbe deposit, increased its resource from 0.8Moz to 3.8Moz over the year.

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Commenting on the results, CEO Dan Betts said: "All of our resources are in a proximity which could enable them to be developed as one mining operation with a single production facility and we have moved rapidly to assemble a team with the skills to progress these discoveries towards development.

"With the proposed US$5m investment from the IFC, its first mining investment in Liberia, Hummingbird remains in a strong financial position to continue developing its gold Resources."

CJ