お知らせ • Aug 29
Pasofino Gold Limited Announces Completion of Phase One Update to the 2022 Feasibility of the Dugbe Gold Project in Sinoe County in Liberia
Pasofino Gold Limited announced that it has completed its Phase One update to the 2022 feasibility of the Dugbe Gold Project in Sinoe County in Liberia. The Company engaged MineScope Services Pty Ltd. to conduct a gap analysis of the Dugbe July 2022 feasibility study1 (the " 2022 Study"), to prepare the roadmap of various work streams required to fully update and optimize the study Pasofino Gold Engages MineScope Services to Conduct Phase One Feasibility Study Update at Dugbe Gold Project - Pasofino Gold is developing the Dugbe Gold Project/Liberia. The gap analysis indicates that the Dugbe 2022 feasibility has no fatal flaws. However, several areas of 2022 Study require additional work to validate the resource model, mine plan, infrastructure to support a large scale mining operation, and other associated activities related to environment, social and governance initiatives (" ESG"). The gap analysis also has clearly identified the various work streams that are required to update the 2022 Study to a current level regarding capital costs, production profile over its life of mine, metallurgical processing methods and recovery of gold, operating costs, power requirements, associated other infrastructure needed to support the operation, and deliver economic models reflecting an updated gold price environment from 2022, suitable for project financing of the Dugbe project. These work streams are expected to take a further twelve months to complete, with the Company conducting as many work activities in parallel to compress the timetable where possible. Highlights of the Phase One Study Update: 1. In order to validate the tonnage, grade and contained metal above cut-off, MineScope are proposing a c.16,000 m drill program, including infill, step out and definition drilling, to give a higher degree of confidence in reconciliation to the resource model. Mining: Update mining pit shells, mine design, sequencing /scheduling and costs. Process and Metallurgy: Conduct a comprehensive metallurgical test work program to include additional variability in areas of the pits with low sample representation. Samples are currently held in very good condition in cold storage at a metallurgical test facility in Perth, Australia. Environmental, Social Impact Assessment ("ESIA") Review and Submission: Final overview of the ESIA and Resettlement Action Plan ("RAP") will be conducted in an effort to submit both areas of study to the Environmental Protection Agency (" EPA") of Liberia during the course of the feasibility update period as well as ensuring that the project meet performance standards in environment and social required for financing. Project Schedule and Project Costs: Currently, the process to update the feasibility study to a level suitable for project financing is twelve (12) months, and is expected to cost approximately USD 6.0-8.0 million depending on factors including the costs of final drilling metres, final metallurgical test work determined representative of the quality of study, ESIA and other external study work required for the final report. Additional Costs Under the Mineral Development Agreement ("MDA")): In addition, as previously disclosed by the Company, during the period of the feasibility update, there are other obligations costs of USD 0.3 million to be paid to the Liberian government upon submission of an application for approval of Dugbe's ESIA and RAP. Once the feasibility study update is completed, there is an additional application fee of USD 1.5 million upon submission of the updated NI 43-101 towards a Class A Mining Licence. Update on ongoing negotiations with the Government regarding the Mineral Development Agreement ("MD") After a recent assessment, the Government of Liberia denied certain customs exemptions applied for during the years 2019 to 2021 due to COVID-19 and as result, the current overdue amount owing by the Company to the Government of Liberia has increased by USD 4.5 Million of payments overdue to the Government of Liberia). The Government of Liberia has demanded payment of the outstanding amounts and the Company is currently making efforts to negotiate with the Government to secure a flexible payment plan with respect to this amount, which is otherwise payable by no later than the end of the first week of September. If the Company is unable to make payment when due, the Company is unable to make payments when due, the Government of Liberia could declare an event of default under the applicable 60 day cure period, could result in a cancellation of the MDA which if not cured during the applicable 60 day cure period.