Dugbe Gold Project

completed

Hummingbird has successfully assembled a total of 14 exploration licenses (13 gold and 1 iron ore) covering 7,000 km2 of prospective ground in Liberia. Hummingbird’s most advanced project is the Dugbe One Project (“Dugbe” or the “Project”) located in southeast Liberia about 275 km from Monrovia. The Company’s focus is on the development of Dugbe. The Dugbe exploration license (450 km²) was first granted in November 2005 to Hummingbird and was renewed in October 2009. The Dugbe exploration license would normally have expired on 24 October 2011. As required by the license an application for a Mineral Development Agreement (“MDA”) was submitted prior to the expected expiry of the Dugbe exploration license, and on 14 September 2011 the Minister for Lands Mines and Energy of the Republic of Liberia wrote to Hummingbird to confirm that whilst the exact timings of the MDA application process were unforeseeable, all licenses controlled by Hummingbird are in good standing regardless of when their due date occurs. Negotiations with the Government of the Republic of Liberia in relation to this MDA application are ongoing.Dugbe has a total mineral resource of 3.8 Moz (96 Mt grading 1.24 g/t ) including 1.4 Moz indicated and 2.4 Moz inferred. The resource is contained in the Dugbe F and Tuzon deposits. Dugbe is still very much at the advanced exploration stage and Hummingbird is looking to start a Preliminary Economic Assessment (“PEA”) of the Project, which will be followed by a prefeasibility study and a bankable feasibility study as quickly as all factors allow.