Hummingbird Resources' share price continues to plumb new depths despite no fresh news since the company’s last positive exploration update in early July.
The junior gold explorer's share price is off nearly 30 per cent over the past month alone and managers says institutional selling is not to blame. Instead, they attribute the selling to private shareholders selling in dribs and drabs. Since being floated at 167p in December 2010, the shares have lost over 50 per cent of their value, primarily reflecting investors' disenchantment with many junior exploration companies.
This comes in spite of a series of positive exploration advances at Hummingbird's flagship project in Liberia, where the company has added nearly 3m ounces of gold resources over the past 18 months, bringing total resources there to an impressive 3.8m ounces of gold.
