Canada-based mineral exploration company Pasofino Gold has reported that significant progress is being made with the ongoing strategic review process aimed at advancing the Dugbe gold project, in Liberia.
Pasofino, in which Aim-listed Hummingbird Resources owns a 53% interest, notes that the company is actively engaged in discussions with several interested parties, two of which have submitted nonbinding expressions of interest to acquire it.
A site visit has also taken place as part of this ongoing process.
The strategic review being conducted by Pasofino is focused on unlocking the full potential of the Dugbe project, with the objective of securing financing to advance the definitive feasibility study initiatives that started earlier this year.
Pasofino says it continues to engage with interested parties in the completion of their confirmatory due diligence and structuring to enable Pasofino and a third party to enter into a letter of intent or exclusivity agreement by the end of the third quarter of this year.
Thereafter, the intention is to enter into a definitive acquisition agreement in the fourth quarter of this year.
Pasofino confirms that it has not signed any binding documents in relation to any potential transaction and is engaged with the parties with respect to the terms of the offer letters.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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