Pasofino Gold Limited V.VEIN

Pasofino Gold Announces Filing of Its Feasibility Study

[Betteryear2]

Pre-Tax NPV of 5% of US$690 million, Pre-Tax IRR of 26.35% and AISC of US$1,005/oz

2.27Moz gold production over a 14-year mine life, producing 200,000 oz per annum in the first 5 years

Toronto, Ontario--(Newsfile Corp. - August 1, 2022) - Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07) ("Pasofino" or the "Company") is pleased to announce 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 is pleased to announce 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].

Pasofino Gold Announces Filing of Its Feasibility Study and Confirmation of Satisfaction of the Option Exercise Conditions to Acquire Its Interest in the Dugbe Gold Project