LONDON (ShareCast) - Hummingbird Resources, a gold exploration company which operates in Mali and Liberia, saw its losses widen as it had to put its project in Liberia on hold due to the Ebola outbreak.
The company did not generate any revenues during the year ended 31 May 2014, but it said it will not "sit and lick our wounds" over the bad momentum for gold miners in West Africa.

Losses before tax for the full year increased to $4.5m from $3.5m in the year before, while its cash and equivalents decreased nearly by half to $7m from $13.7m. Loss per share also rose from 6.13c to 7.68c.

Chief executive Dan Betts said: "The year has not been kind to junior gold miners operating in West Africa, but rather than sit and lick our wounds we have instead grasped the opportunities and in the process fast-tracked the company towards first production by 2016.

"The Ebola virus is having a devastating impact on Liberia at this current time," he said.

However, Betts said the group will focus on its Yanfolili project in Mali which was acquired in July.

Sp Angel analysts said: "The re-focus on Yanfolila not only gives them a better near term development opportunity but also one that can be economically developed against current gold prices."

Shares were down 1.74% to 36.6p on Friday.

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