Pasofino Gold (TSXV:VEIN,OTCQB:EFRGF,FWB:N07A) is confident it could move its Dugbe gold project towards operation in 2024 following the release of the project’s feasibility study, according to the company’s strategic advisor, Ian Stalker.
“It’s got a 14 year mine life at least,” Stalker said. “It’s got an exploration package of 2,500 square kilometers, of which we literally have just scratched the surface. But there’s more to come in that regard … we move forward with the pace we’re going, which could be an operation, I believe, settling comfortably by the end of 2024. So it’s not far away.”
The project’s NI 43-101 feasibility study highlights strong financial metrics, including a pre-tax NPV 5 percent of US$690 million and a 26.35 percent IRR at a base gold price of US$1,700 per ounce.
The Dugbe gold project is in Southern Liberia, and the company has an agreement with the Liberian government to help develop the infrastructure needed to support the project, according to Stalker. He further explained that the government has expressed a willingness to remove the tariff and import duties on fuel if the gold price drops below US$1,500.
“The government is willing to forego that tax benefit they get from fuel to encourage us to build a mine and get operating. So we’re in a very, very positive environment, good relationship with the government and ready to go.”
In November 2022, Pasofino Gold exercised its right to acquire 100 percent of the Dugbe gold project from Hummingbird Resources (LSE:HUM,OTC Pink:HUMRF).
“We’ve been reasonably shy in telling our story until we achieved the first 49 percent, and subsequently 100 percent, ownership (of the project). It is the season of giving and we’re giving investors a great opportunity. This is the time to invest because it will grow in terms of value going forward. There is interest out there in this project,” Stalker said.
Watch the full interview with Pasofino Gold Strategic Adviser Ian Stalker above.
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