Pasofino gains 49% stake in Dugbe JV
Aim-listed Hummingbird Resources reports that 49% of its Dugbe gold project in Liberia will be transferred to Pasofino Gold as part of the latter’s acquisition of ARX Resources.
Prior to the acquisition, ARX Resources held the 49% stake in the Dugbe gold project, which it was operating under a joint venture with Hummingbird.
Pasofino also completed a C$10.02-million equity financing fundraise. It plans to use the net proceeds for exploration and development work at the Dugbe project.
As part of its earn-in agreement for the Dugbe project, Pasofino will need to meet certain criterion over a two-year earn-in period, including the completion of a mutually agreed exploration programme and completing a definitive feasibility study under joint management committee oversight.
In addition, Pasofino will cover all overhead and operating costs associated with the project during the earn-in period.
Hummingbird notes that progress has already been made by both itself and Pasofino at its joint management committees to progress the Dugbe project. Hummingbird also notes that, with funding now secure, the company will provide further updates to the market as the project’s development accelerates from here on.
Hummingbird CEO Dan Betts says the Dugbe project already has a significant mineral endowment.
“We are very excited to support Pasofino in its work to both prove the robust economics of the project and to showcase what we believe to be a world class gold province which is still in the embryonic stages of discovery.”
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