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
Hummingbird’s earn-in partner, Pasofino Gold, released drilling results during the quarter ended September 30, 2021, which continued to highlight the significant gold endowment scale of the Dugbe project, with Pasofino expected to release an updated mineral resource estimate soon.

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.