Pasofino Gold Announces Feasibility Study Results for the Dugbe Gold Open Pit Project in Liberia
Pre-Tax NPV5% of USD690 million, Pre-Tax IRR of 26.35% and AISC of USD1,005/oz
2.27Moz gold production over a 14-year mine life, producing 200,000 oz per annum in the first 5years
Upon filing of the Feasibility Study on SEDAR Pasofino can deliver an Option Satisfaction Notice confirming that it has satisfied the requirements to earn its 49% interest in the project
TORONTO, ONTARIO –13 June, 2022 - Pasofino Gold Limited (“Pasofino” or the “Company”) (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07) is pleased to announce the results of the Dugbe Project Feasibility Study (FS), which is located in Southern Liberia. The FS was prepared by the Company’s lead engineers, DRA Global (South Africa), in accordance with Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
As per NI 43-101 the Feasibility Study will be filed by Pasofino at www.sedar.com within 45 days of this news release. Subject to the filing by Pasofino of the Feasibility Study under Pasofino’s profile at www.sedar.com and final administrative documentation, Hummingbird Resources Plc (“Hummingbird”) has confirmed that the FS has been carried out to the agreed standards and will satisfy the technical requirements to allow Pasofino to earn its 49% economic interest in the Project (prior to the issuance of the Government of Liberia's 10% carried interest).
Figure 1. Dugbe Gold Project Mineral Development Area and gold deposits and targets with airborne magnetic data background.
Table 1. Mineral Resource Estimate for the Dugbe Gold Project using a 0.5 g/t Au cut-off grade
Notes:
1) Report reference: Dugbe Gold Project, NI 43-101 Technical Report Feasibility Study prepared by DRA Projects (PTY) LTD with an effective date of June 13, 2022, and an issue date of July 28, 2022 filed on SEDAR+ on July 28, 2022.
2) The effective date of the Mineral Resource is November 17, 2021.
3) The Mineral Resource are stated using a 0.5 g/t cut-off grade and within a USD1700/oz gold conceptual pit shell.
4) Figures have been rounded to the appropriate level of precision for the reporting of Mineral Resources.
5) The Mineral Resources are stated as in situ dry tonnes. All figures are in metric tonnes.
6) The Mineral Resource has been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (2014), and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101).
7) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
QUALIFIED PERSONS STATEMENT
Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Mr. Andrew Pedley. Mr. Pedley is a consultant of Pasofino Gold Ltd.'s wholly owned subsidiary ARX Resources Limited. He is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is as a Qualified Person under National Instrument 43-101.
ABOUT PASOFINO GOLD LIMITED.
Pasofino Gold Limited is a Canadian-based mineral exploration company listed on the TSXV (VEIN).
Pasofino, through its wholly-owned subsidiary, has consolidated its interest in the Dugbe Gold Project and currently owns 100% of the Dugbe Gold Project (prior to the issuance of the Government of Liberia's 10% carried interest).
For further information, please visit www.pasofinogold.com
ABOUT HUMMINGBIRD RESOURCES PLC
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold producing Company, member of the World Gold Council and founding member of Single Mine Origin (www.singlemineorigin.com). The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which will more than double current gold production once at commercial production. Further, HB PLC now has a controlling interest in Pasofino Gold Limited, who is the owner of the Dugbe Gold Project in Liberia. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, and a 14-year life of mine at a low AISC profile.
For further information, please visit hummingbirdresources.co.uk.
For further information, please contact:
Pasofino Gold Limited
Ian Stalker, Lead Advisor
Email: istalker@pasofinogold.com
Website: www.pasofinogold.com
Hummingbird Resources plc
Daniel Betts, CEO and Interim Executive Chairman
Thomas Hill, FD
Edward Montgomery, CD
Tel: +44 (0) 20 7409 6660
Website: hummingbirdresources.co.uk
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Pasofino to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the ability to obtain all requisite government and regulatory approvals, the ability to fund operations, the results of business operation, the results of exploration activities; the results of the strategic review process, the ability of Pasofino to complete further exploration activities; timing and availability of external financing on acceptable terms and those risk factors outlined in Pasofino's Management Discussion and Analysis as filed on SEDAR+. Pasofino does not undertake to update any forward-looking information except in accordance with applicable securities laws.
NON-IFRS MEASURES
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (IFRS), including cash costs and AISC per payable ounce of gold sold. Non-IFRS measures do not have any standardised meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.