Hummingbird Resources plc has increased its holding to 53% in Pasofino Gold Ltd, owner of the Dugbe gold project in south Liberia.
MAXIMISATION
The company finalised the acquisition in December through a US$2 million investment in Pasofino’s non-brokered private placement, totalling $2.33m, announced today.
Funds will be used to optimise the 2022 definitive feasibility study.
Both companies have also identified “several opportunities” to maximise the value of Dugbe and reduce overall project capital expenditure.
Hummingbird chief executive Dan Betts added that the focus was on unlocking the full potential of the “highly promising” project and bringing it into full production.