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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published