Pasofino Gold Announces Appointment of New CEO, and Update on Strategic Process Led by Ian Stalker

Toronto, Ontario--(Newsfile Corp. - June 20, 2022) -  Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) ("Pasofino" or the "Company") is pleased to announce the appointment of Dr. Daniel Limpitlaw, as President and CEO of the company effective immediately. Daniel replaces Ian Stalker who is stepping down from his current role as President and CEO, but will remain in a consultancy role, focused on the strategic initiative underway. Dr. Limpitlaw will also join the Board of Pasofino, replacing Mr. John Sanders who has resigned from the Company.

Krisztian Toth, the Non-Executive Chairman of the Board, commented "On behalf of the Board, I would like to thank Daniel for taking on the CEO role and the COO functions as he brings years of industry knowledge and given his recent role as Vice President, Projects of the Company. In addition, Ian's extensive experience in the mining industry will continue to serve the Company well as we aggressively pursue strategic options with the sole purpose of providing value for all shareholders.

We thank John for his service and wish him well in his future endeavours. We also thank Daniel and Ian for their tireless contributions to Pasofino, and look forward to working with them in their new roles".

ABOUT PASOFINO GOLD LTD.

Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN). Pasofino, through its wholly-owned subsidiary, is earning a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest) in the Dugbe Gold Project.

For further information, please visit www.pasofinogold.com or contact:

Lincoln Greenidge, CFO
T: 416-451-0049
E: lgreenidge@pasofinogold.com

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128306

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