Hummingbird Regulatory News (HUM)

Wednesday 12 March 2014

Hummingbird Resources plc

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

Material Increase to Tuzon Resource grade, size and Indicated Resource ounces

Hummingbird Resources, the Liberian gold exploration and development company, provides a new Mineral Resource Estimate ("MRE") on the Company's Tuzon deposit of the Dugbe 1 Project in Liberia. The MRE was carried out by SRK Consulting (UK) Limited ("SRK"), an independent consultant, which incorporates the results from the recently completed infill drill program.

Highlights*

· Hummingbird Resources total resource inventory increased to 4.2 Moz

· Significant increase in the Indicated Resource grade from 1.23 to 1.56 Au g/t within the US$1,200/oz Au constrained pit

· Tuzon Indicated Resource within a US$1,500/oz Au constrained pit increased to 42 Mt @ 1.5 Au g/t for 2.0m Moz

· Tuzon Mineral Resource across both pit shell scenarios:-

\* Total resource inventory is the Dugbe F inferred resource of 1,764 Koz + the Tuzon $1500 pit shell resource of 2,466 Koz

*Reported with cut-off grade of 0.5 g/t, US$1,200 pit shell is not categorised as Mineral Resource Estimate for purposes of SRK report

· Technical risk of the Dugbe 1 Project is materially de-risked through development of a robust resource model and significant increase in expected mine life

· This programme concludes the necessary resource drilling required for the Definitive Feasibility Study ("DFS") which is on track to be completed in Q3 2014

· Final US$5m tranche of royalty funding from Anglo Pacific Group in the process of being paid to Hummingbird

Dan Betts, Chief Executive of Hummingbird, said:

"These outstanding results are the culmination of a tremendous effort by the Hummingbird Resources Technical team and our consultants.

The recently completed infill drilling has confirmed that the new resource model developed for Tuzon shows an impressive degree of predictability. This supports the material increase in the level of confidence now provided in this Mineral Resource Estimate with the Indicated categorisation of over 80% of the total Resource. This predictability also supports the Company's belief in the ability to further increase the Resource at Tuzon which remains open in several directions.

Other work on the DFS continues to unlock value and progresses well. Exploration efforts at interpreting further near pit resources are ongoing and the original belief that Hummingbird was sitting on one of West Africa's prime new gold districts seems to be being borne out. We believe that the Dugbe 1 Project now represents one of the largest and one of the most robust undeveloped gold projects in West Africa and continues to demonstrate best in class value to potential investors".

Conference Call Details

Management will be hosting a conference call for analysts at 9.00am UK time this morning. Please find the dial in details below:

Time & Date: 9.00am - Wednesday 12 March 2014

Dial In Details: +44 (0) 1452 569393

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

Cantor Fitzgerald Europe

Nominated Adviser and Broker

Stewart Dickson/ Tom Sheldon/ Jeremy Stephenson +44 (0) 207 894 7000

FTI Consulting LLP

Financial PR

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

Mineral Resource Statement

The Tuzon deposit has been explored and sampled using appropriate methodologies and is sufficiently understood to support the estimation of Indicated and Inferred Mineral Resources. Table 1 shows the resulting Mineral Resource Statement for the Tuzon Project with an effective date of 5th March 2014. The statement has been classified in accordance with the CIM Code, by the Qualified Person, Mr Martin Pittuck (CEng, MIMMM). Mr Pittuck is an independent consultant who is independent of Hummingbird Resources Plc.

Table 1: Mineral Resource Statement for the Tuzon Gold Project as of 5th March 2014

*Reported within a US$1,500 pit shell at a cut-off grade of 0.5 g/t

Comparison with 2013 mineral resource statement

The main differences between the 2013 statement and the 2014 statement are the significant increase in grade tonnage and the 305% increase in proportion of Indicated Mineral Resources to 2,031,000 ounces. This significant improvement in both size and grade has been driven by the thicker high grade intersections through the deeper parts of Zone B resulting from recently deepened drillholes.

Also, with some refinement in SRK's interpretation, there is improved definition and continuity of the high grade domains in Zone A and Zone B.

These positive changes have resulted in a deeper, more elongated US$1,500 pit shell, a cross section of which can be viewed here

http://www.rns-pdf.londonstockexchange.com/rns/0681C_-2014-3-11.pdf

The increase of 29 million tonnes of Indicated Resource is due to conversion of material previously classified as Inferred largely as a result of the infill drilling completed in the intervening period which was designed specifically to achieve this classification upgrade.

SRK has also generated the Mineral Resources constrained within a US$1,200 pit using the same parameters at a 0.5 g/t cut-off grade. The new model shows total indicated and inferred resource increasing by 45% to 2,123,000 ounces with the total Indicated Mineral Resources increasing by 281% to 1,879,000 ounces at a grade of 1.56 g/t.

Table 2: Tuzon Mineral Resources within the US$1,200 pit shell

*Reported at a cut-off grade of 0.5 g/t

Royalty Agreement

The third tranche of royalty funding of US$5 million from Anglo Pacific Group Plc is in the process of being paid, which will take the cash balance of the Company to approximately US$10m.The Company is fully funded through to the completion of the DFS.

Conclusion

The results obtained from the recent drilling have confirmed the understanding of the deposit and the validity of the geological model at Tuzon.

The infill drilling has achieved the objective of converting the previously Inferred Mineral Resources constrained within a US$1,200 shell to Indicated to provide a significant tonnage at 37.4 Million tonnes, capable of supporting a robust detailed feasibility study.

In addition to the drilling at Tuzon, the Company is conducting further drilling on the Dugbe F Resource. This drill programme is targeting the potential for higher grade starter pits located at Dugbe F.

Qualified Person Review: 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 for Companies. David Pelham is a Director of the Company and is a member of the Institute of Materials, Minerals and Mining.

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 has published a PEA on its project showing that using a $1,500 gold price, on a 3.5Mtpa tank leach operation, The project has 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 recently published a Mineral Resource estimate for the Tuzon deposit constrained within a US$1,500 pit shell and using a 0.5 g/t cut off grade comprising of an Indicated Resource of 41.8 Mt at an average grade of 1.51 g/t Au for 2.03 Moz of gold and an Inferred Resource of 10.2 Mt at an average grade of 1.32 g/t Au for 0.43Moz of gold in accordance with the Canadian Institute of Mining, Metallurgy and Petrology Definitions Standards ("CIM Code") for Reporting of Mineral Resources and Ore Reserves. The Group has also 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 Q3 2014, the Group is due to release a Detailed Feasibility Study and Front End Engineering Design.  The Group's licence areas constitute a significant proportion of eastern Liberia's Birimian sequence.

For more information, please visit www.hummingbirdresources.co.uk