Name of the Project
Dugbe gold project.

Location
South-eastern Liberia.

Project Owner/s
Hummingbird Resources.

Hummingbird reported in November 2022 that Pasofino Gold had provided notice to exercise its right to convert Hummingbird’s 51% interest in the Dugbe gold project to a 51% interest in Pasofino, such that Pasofino would become the sole owner of Dugbe before giving effect to the 10% carried interest of the government.

The consolidation is subject to all required government, TSX-V and shareholder approvals. 

Pasofino will issue to Hummingbird such number of common shares of Pasofino that results in Hummingbird owning 51% of the outstanding common shares of Pasofino on completion of the consolidation.

Moreover, Hummingbird has an antidilution right.

Project Description
Dugbe has estimated mineral reserves of 66-million tonnes at a grade of 1.30 g/t gold for a total of 276 000 oz of gold.

To date, two deposits have been identified – Dugbe F and Tuzon.

A feasibility study completed on the project in June 2022 highlighted the project’s potential five-million-tonne-a-year throughput for a potential mine life of 14 years, based on the openpit mining of both deposits.

Average production of 200 000 oz/y is estimated for the first five years, with a life-of-mine average of 172 000 oz/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The feasibility study estimates a net present value, at a 5% discount rate, of $524-million and an internal rate of return of 23.6%, with a payback of 3.3 years.

Capital Expenditure
Average startup capital is estimated at $435-million.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
DRA Global (lead consultant); SRK Consulting; and Epoch Resources (preliminary economic assessment).

Contact Details for Project Information
HUmmingbird Resources, tel +44 20 7409 6660 or email hum@buchanan.uk.com.
Pasofino Gold, tel +1 416720 2540 or email contact@pasofinogold.com.