Hummingbird Resources

As foreshadowed here last month, Hummingbird Resources (HUM) has hoisted its attributable gold resources in Liberia to 3.7m oz. That includes a maiden inferred resourceof 2.05m oz for the Tuzon prospect, part of the AIM-quoted company's Dugbe project.

Hummingbird says latest drilling results take total indicated resources at Dugbe, which is in West Africa's gold-rich Birimian Craton, to 1.3m oz in the firmer indicated category and 2.4m oz, including Tuzon, in the inferred category. The average grade is a low 1.24 grammes of gold per tonne of ore, but the company, steered by managing director and co-founder Dan Betts, has made it clear it anticipates relatively low eventual extracftion costs of between $500 and $600 an ounce, against a present gold price of $1,735 an ounce.

Betts argues Tuzon is one of several promising targets in eastern Liberia's Dugbe Shear Zone, which he suggests will prove to be a 'virgin, multi-mine world-class gold province'. He claims Hummingbird now has the chance to 'build Liberia's first multi-million oz Birimian gold mine.'

First highlighted by Growth Company Investor at 126p in November, Hummingbird shares now trade at 167p, up 9.5p this morning. They should go further if progress is maintained.