DUGBE GOLD PROJECT JV
The Republic of Liberia (‘Liberia’) has been a stable democracy since 2013, during which time three democratic elections have taken place. Liberia has a population of over 4 million people and English is predominantly spoken. It has a pro-mining Government and has been EITI-compliant since 2011, making it the first country in Africa to comply. Liberia has hosted a commercial gold mine since 2016 and the country’s fiscal regime is highly supportive of the industry, with a 3% royalty rate and a 25% basic rate of tax. In June 2020, the Company entered into an earn-in agreement with Pasofino Gold Limited (TSX: VEIN) in respect of Dugbe who will earn in a 49% in the Project once a definitive feasibility study and agreed exploration programme is completed.
Dugbe Gold Project
The Dugbe Shear Zone is located in south-eastern Liberia, located 40 miles by road from the deep water port of Greenville, the capital city of County Sinoe. The Dugbe Gold Project (‘Dugbe’) is situated within the Dugbe Shear Zone and crosses the Company’s Dugbe and Joe Village Licences. Dugbe is made up of three mineral-rich discoveries (Dugbe F, Tuzon and Sackor). Our unearthing of Dugbe marks the largest discovery of gold in Liberia.
In June 2020 Hummingbird Resources entered into an earn-in agreement with Pasofino Gold Ltd, a Canadian based mineral exploration company listed on the TSX-V (TSXV:VEIN), for up to 49% stake of the Project. Earn-in over a period of two years including the completion of a mutually agreed exploration programme and the completion of a Definitive Feasibility Study, under joint management committee oversight. All overhead and operating cost associated with the Project over the earn in period will be covered by Pasofino Gold Ltd.
More detailed progress updates on Dugbe can be found on Pasofino Gold Ltd’s website at www.pasofinogold.com
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