Pasofino Gold Limited announced that it has filed under its profile at www.sedar.com the Feasibility Study in respect of the Dugbe Gold Project in Liberia. Further, the Company announced that Hummingbird Resources Plc ("Hummingbird") has confirmed that the option exercise conditions have been satisfied such that the Company may within 120 days from the date of this press release deliver the option satisfaction notice (the "Notice") to Hummingbird. Upon delivery of the option satisfaction notice the Company will acquire its 49% interest in the Project (prior to the issuance of the Government of Liberia's 10% carried interest)[1].

Following acquisition of its 49% interest in the Project, 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. 30 days after Pasofino provides the Notice it will be responsible for sole funding the first $4.71 million of Joint Venture Expenditures and shall remain as operator during such sole funding period. A strategic review of options to best realize the maximum value of the Dugbe Gold Project for all stakeholders is being led by Pasofino with the support of Hummingbird.

HIGHLIGHTS: 5Mtpa throughput, for a potential mine life of 14 years. Estimated head grade of 1.30 g/t over the life of mine. Average annual production of ounces of 200 koz for the first 5 years with a LOM Average of 172koz.

Average Estimated Recovery of 83% for the combined Tuzon and Dugbe F pits. A start-up capital cost of USD 435 million. A post tax NPV at 5% of USD 524 million, for a gold price of USD 1,700/oz.

Life of mine AISC of USD 1,005/oz. A post tax IRR of 23.6%. A 3.3 year payback period.

The Mineral Reserve Estimate has 66Mt at a grade of 1.30 Au g/t with a total of 2,760koz. Life of Mine strip ratio of 4.02.