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Pasofino Gold Limited (TSXV:VEIN, OTCQB:EFRGF, FSE:N07A) is confident it could move its Dugbe Gold project towards operation in 2024, following the release of the results of the project’s feasibility study, according to the company’s strategic adviser Ian Stalker.
“It’s got a 14-year mine life at least. 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,” Stalker said.
The project’s NI 43-101 feasibility study highlights strong financial metrics of 5 percent NPV pre tax of US$690 million and 26.35 percent internal rate of return (IRR) at a base gold price of US$1,700/oz.
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 the government has expressed a willingness to remove the tariff and import duties on fuel once the gold price drops below $1,500 an ounce.
“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 (AIM:HUM).
“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.
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The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.