- Pasofino Gold Limited (VEIN) has exercised its option to acquire an initial 49-per-cent economic interest in the Dugbe Project
- This comes before the issuance to the Government of Liberia of its 10-per-cent carried interest in Hummingbird Liberia
- Each of Pasofino and Hummingbird will have the right to exercise the option to consolidate ownership by converting Hummingbird’s 51-per-cent ownership of the project for a 51-per-cent shareholding in Pasofino
- With that, Pasofino would own 100 per cent of the project
- Pasofino Gold Ltd. is a Canadian-based mineral exploration company
- Pasofino Gold Limited was unchanged at C$0.51 at 10:04 AM ET
Pasofino Gold (VEIN) has exercised its option to acquire an initial 49-per-cent economic interest in the Dugbe Project.
This comes before the issuance to the Government of Liberia of its 10-per-cent carried interest in Hummingbird Liberia.
Consequently, each of Pasofino and Hummingbird will have the right to exercise the option to consolidate ownership by converting Hummingbird’s 51-per-cent ownership of the project for a 51-per-cent shareholding in Pasofino.
With that, Pasofino would own 100 per cent of the project (prior to the Government of Liberia’s 10-per-cent carried interest), subject to the receipt of all required approvals, including the TSX Venture Exchange.
“As we are nearing the completion of our current private placement, we have formally exercised the option and have acquired our initial 49 per cent economic interest in the Dugbe Project,” said Krisztian Toth, Chairman of the Board of Pasofino.
“This puts the company in a better position for the strategic review that is currently being undertaken and in respect to exercising our right to acquire 100 per cent of the project (prior to the government of Liberia’s 10-per-cent carried interest),” he added.
The 2,559 km2 Dugbe Gold Project is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup, which is host to most West African gold deposits.
To date, two deposits have been identified on the project: Dugbe F and Tuzon. They were discovered by Hummingbird in 2009 and 2011, respectively.
The deposits are located within 4 km of the Dugbe Shear Zone, which is thought to have played a role in large-scale gold mineralization in the area.
Pasofino Gold Ltd. is a Canadian-based mineral exploration company.
Pasofino Gold Limited was unchanged at C$0.51 at 10:04 AM ET.
