LONDON (ShareCast) - 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.

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

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