In this article, I'll have a closer look at Hummingbird Resources (OTCPK:HUMRF), which plans to develop its Dugbe gold project in Liberia, Africa. I recently wrote on another mining company in Liberia here, and I think Hummingbird will learn a lot from Aureus Mining in terms of operating in the country.
I will start by providing some background information on the Dugbe project in Liberia and explain the outcome of the Preliminary Economic Assessment on the property. Thereafter I will use some different inputs to see if the economics of the project are still good when using a lower gold price. I will explain why the share price isn't trading anywhere close to the NPV/share and...
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