Pasofino Gold Limited announced the results of the Dugbe Project Feasibility Study (FS), which is located in Southern Liberia. The FS was prepared by the Company's lead engineers, DRA Global (South Africa), in accordance with Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects. HIGHLIGHTS: Strong financial metrics: Pre-tax NPV5% of USD690M (USD530M post-tax), 26.35% IRR (23.6% post-tax) at a base gold price of USD1,700/oz; Fast capital payback of approximately 3.5 years from start of production: Life of mine (LOM) All In Sustaining Cost (AISC) of USD1,005oz and USD29/t cash cost, Pre-production capital requirement of USD397M excluding owners' costs for a 5Mtpa processing plant; Large Mineral Reserve with potential for expansion: 2.27Moz gold produced over a 14-year LOM, Average annual production of 200,000oz for the first 5 years, 2.76Moz of Mineral Reserves, Additional 67koz of Inferred Mineral Resources within the FS pit and immediate sidewalls which have not been included in the Mineral Reserves; Simple project with economies of scale: LOM strip ratio of 4.21:1 highlighted by a low 3.56:1 ratio in the first five years, Simple (Gravity-CIL) process flow sheet which enhances project economics, Low power costs of USD0.175/kWh, with opportunities for long-term savings with alternative renewable energy sources.

PASOFINO EARN-IN UPDATE: Subject to the filing by Pasofino of the FS under Pasofino's profile at www.sedar.com, and final administrative documentation, Hummingbird has confirmed that the FS has been carried out to the agreed standards and will satisfy the technical requirements to allow Pasofino to earn its 49% economic interest in the Project (prior to the issuance of the Government of Liberia's 10% carried interest). Further, both Pasofino and Hummingbird will have the right to exercise the option to consolidate ownership by converting Hummingbird's 51% ownership of the Project for a 51% shareholding in Pasofino, such that Pasofino would own 100% of the Project (prior to the government of Liberia's 10% carried interest), subject to the receipt of all required approvals including the TSX Venture Exchange. INFRUSTRUCTURE-READY PROJECT: Only 76km by road from the Port of Greenville to the Dugbe Project, which was repaired and improved as part of the FS process; All build and operational cargo to be transported through the operating Port of Greenville; Government supported berthing rights at the Port of Greenville for the Project; Tuzon and Dugbe F deposits are 4km apart, serviced by a central processing plant; LNG power generation hybridised with solar PV power generation to produce an estimated levelised cost of energy of USD 175.10/MWh.