Name of the Project
Dugbe gold project.

Location
South-eastern Liberia.

Project Owner/s
Pasofino Gold.

Pasofino Gold has an agreement with Hummingbird Resources to earn a 49% economic interest in the project, before the issuance of the Liberia government’s 10% carried interest.

Project Description
A preliminary economic assessment (PEA) has established Dugbe as a foundation for a new gold district in Liberia.

The project comprises the Tuzon and Dugbe F deposits, which together contain indicated resources of 47.7-million tonnes grading 1.51 g/t
gold and inferred resources of 26.7-million tonnes grading 1.47 g/t gold.

Both deposits are amenable to openpit mining. The planned openpits will be mined using conventional truck-and-shovel methods to supply mill feed to the run-of-mine tip, near Tuzon, and waste to the respective pits’ waste stockpile facilities.

The processing plant design has been based on a typical semiautogenous grinding and ball milling circuit followed by a carbon-in-leach gold recovery circuit.

The PEA envisages a five-million-tonne-a-year operation, producing an estimated 2.5-million ounces of gold a year over a 14-year mine life.

Steady-state production is estimated at 188 000 oz/y, with peak production of 226 000 oz in Year 8 of operation.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The PEA has estimated a pretax net present value, at a 5% discount rate, of $825-million and an internal rate of return of 34%, at a conservative base gold price of $1 600/oz.

Payback is esti­mated at 2.8 years (undiscounted).

Capital Expenditure
Initial capital expenditure is estimated at $391-million.

Planned Start/End Date
Not stated.

Latest Developments
Ongoing positive drilling results at Dugbe F and Tuzon will be included in an updated mineral resource estimate planned for July and August 2021.

A feasibility study is planned for completion by end of the second quarter of 2022.

Key Contracts, Suppliers and Consultants
DRA Global – lead consultant, SRK Consulting and Epoch Resources (PEA).

Contact Details for Project Information
Pasofino Gold, tel +1 416720 2540 or email contact@pasofinogold.com.