Pasofino Gold Provides Further Results for the Dugbe F Deposit Infill Drilling Program

Toronto, March 29, 2021 - Pasofino Gold Ltd. (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07) ("Pasofino" or the "Company") is pleased to announce that Hummingbird Resources (Liberia) Inc. has received results from a further twelve holes drilled at the Dugbe F deposit. Dugbe F is one of two deposits on the Dugbe Gold Project, in which the Company has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest).

Highlights

• Results for intersections of the flat-to-gently dipping main mineralised layer in 12 'new' holes-Table 1, and for a previously partially reported hole DFDC338 include:

• 43.5 m grading 0.85 g/t gold from 52.0 m in DFDC349
• 12.7 m grading 1.64 g/t gold from 83.9 m in DFDC339
• 32.1 m grading 1.45 g/t gold from 86.9 m in DFDC338
• 12.7 m grading 1.51 g/t gold from 88.0 m in DFDC346

• Of the 19 holes drilled at Dugbe F since January 2021, 18 have intersected the main mineralised layer, supporting the extensive and relatively shallow sheet-like form and extent of the deposit.
  
  
• 30-40 metre drill intersections in the southern part of the deposit are newly interpreted to be due to repetition of the gold mineralised layer - this has the potential to impact positively on the Mineral Resource Estimate.
  
  
• The current infill drilling is aimed at 'upgrading' a large portion of the Inferred Mineral Resource Estimate to Indicated. The current Indicated Mineral Resource Estimate for Dugbe F is 5.8 Mt with an average grade of 1.46 g/t Au containing 273 k oz gold. The current Inferred Mineral Resource Estimate is 16.3 Mt with an average grade of 1.57 g/t Au containing 823 k oz of gold.

Ian Stalker, CEO, commented; "It is the relative simplicity, extent and continuity of the Dugbe F deposit which underpins its quality this being a sheet 2.5 km by up to 1.3 km wide and typically between 4 to 20 m thick. With the newly interpreted thickened area in the south of the deposit, we hope that the Mineral Resource Estimate will grow further, to add to that of the larger Tuzon deposit which is located 4 km away. Now that the Geebo River bridge has been completed we have full access to Tuzon - drilling can now start on the planned resource extension and infill drilling program there, concurrently with the completion of the drilling at Dugbe F".

Infill Drilling at Dugbe F

Since 21 January 2021 approximately 4900 meters have been drilled at Dugbe F - Figures 1,2 and 3, for the completion of 55 drillholes. These holes were drilled between pre-existing holes to increase the density of the gold intersections within the areas of the deposit that fall within a conceptual mining pit-shell. The objective is to upgrade a large portion of the Inferred Mineral Resource Estimate to Indicated and to increase the resource base that will be used for the Feasibility Study. The Indicated Mineral Resource Estimate at Dugbe F currently stands at 5.8 Mt with an average grade of 1.46 g/t Au containing 273 k oz gold. The Inferred Mineral Resource Estimate is 16.3 Mt with an average grade of 1.57 g/t Au and has contained gold of 823 k oz.

Table 1. All intersections from the additional 12 new holes and the complete assay for hole DDC338 which was partially reported previously. Drillholes are estimated to be close to true thickness (within approximately 10%).

Figure 1. Cross section through the southern part of Dugbe F as shown in figure 3 (Line of Section 1). New intersections highlighted yellow.

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Figure 2. Cross section through the southern part of Dugbe F as shown in figure 3 (Line of Section 2). New intersections highlighted yellow.

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Figure 3. Plan view map of the Dugbe F deposit, drillholes and line of the cross-section of figures 1 and 2.

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Dugbe F deposit

The deposit length as defined by the dimensions of the conceptual pit is 2.5 km. The width of the deposit ranges from 1.3 km in the south to 200-300 m in the north. The gold is hosted by a flat to undulating layer which outcrops along the western side of the deposit and dips gently southeast to a maximum of 120 m below surface within the conceptual pit. The host rock is orthopyroxene gneiss with increased sulphide content (visible pyrrhotite, arsenopyrite and pyrite) and seems to be a largely stratiform layer close to the contact with overlying quartz biotite gneiss. There is no discernable shear-related or other structural control. The rocks are high grade metamorphic, and structural controls may have been obliterated by later ductile deformative events. Pegmatites may be found within or bounding the mineralized layer and appear to be largely parallel or subparallel with it.

Figure 4. Dugbe Gold Project Mineral Development Area.

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Drilling procedure and Quality Assurance and Quality Control (QAQC)

The new holes were positioned using a handheld GPS and lidar data for elevation. Downhole orientation surveys were completed for all holes and core was oriented to assist with interpretation. All drilling and logging were completed in adherence to industry standard operating procedures. Core recovery is over 95% for all mineralized intersections. Core was drilled HW (65 mm diameter) through the overburden typically 2-10 m depth, then NQ (47 mm diameter) size. Samples were all half core, analyzed by ALS in Burkina Faso, a facility compliant to ISO 17025:2005 for the analytical methods used for the samples. Samples range from 1 kg to over 5 kg depending on the length of each sample. Within every 20 core samples submitted a certified standard and blank was inserted. The results of these samples show acceptable levels of variance. Duplicate (other half of the core) samples were inserted 1 in every 20 core samples to check on precision. Sample weights on dispatch and received sample weights were examined to monitor for sample swaps. All samples were stored and transported to the laboratory securely and accompanied by a company representative until arrival at the laboratory. Similar QAQC measures were undertaken for the previous drillholes reported herein; those samples were analyzed by ALS in Loughrea, Ireland which is an ISO 17025:2005 compliant facility for the analytical methods used for the samples. All samples were analyzed by fire assay with atomic absorption finish on a sample with 50g nominal weight.

Table 2. Collar positions of the drillholes with assay results reported. Coordinates are UTM zone 29N, WGS84 datum.

Table 3. Collar positions of the previous drillholes shown on figures 1 and 2. Coordinates are UTM zone 29N, WGS84 datum.

Qualified Persons Statement

Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Mr. Andrew Pedley. Mr. Pedley is a full-time consultant of Pasofino Gold Ltd.'s wholly-owned subsidiary ARX Resources Limited. He is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is as a Qualified Person under National Instrument 43-101.

About the Dugbe Gold Project

The 2,559 km² Dugbe Project is located in southern Liberia and situated within the south westmost part of the Birimian Supergroup, which is host to the majority of West African gold deposits. To date, two gold deposits have been identified on the Project: Dugbe F and Tuzon. The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area. A large amount of exploration in the area was conducted by Hummingbird, including 74,497 m of diamond coring. 70,700 m of this was at the Dugbe F and Tuzon deposits, discovered by Hummingbird in 2009 and 2011 respectively. Both deposits outcrop at surface and may be amenable to open-cut mining. In addition, there are a number of prospects within the Project, including 'Sackor' where gold mineralization has been intersected in drill-holes and where additional drilling is planned. No other prospects have been drill-tested to date. At some prospects extensive trenching identified anomalous levels of gold that require drill-testing. An aggressive exploration program to test the prospects is planned by the Company. In 2019, Hummingbird signed a 25-year Mineral Development Agreement ("MDA") with the Government of Liberia providing the necessary long-term framework and stabilization of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is 3%, the income tax rate payable is 25% (with credit given for historic exploration expenditures), the fuel duty is reduced by 50%, and the Government of Liberia is granted a free carried interest of 10% in the Project. Over $70 million has been spent by Hummingbird on the Project.

Table 4. Mineral Resource Estimate for the Dugbe Gold Project using a 0.5 g/t Au cut-off grade

Notes:

1. The effective date of the Mineral Resource is 19 August 2020.
2. The Mineral Resource assumes open pit mining at a cut-off grade of 0.5 g/t Au and within a USD1700/oz gold conceptual pit shell.
3. A geological loss of 5% has been applied to the mineralised volumes at Dugbe F due to barren late stage intrusive pegmatites.
4. Figures have been rounded to the appropriate level of precision for the reporting of Mineral Resources. 5. The Mineral Resources are stated as in situ dry tonnes. All figures are in metric tonnes.
6. The Mineral Resource has been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (2014), and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101).
7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

About Pasofino Gold Ltd.

Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN). Through its recently announced acquisition of ARX Resources Limited, Pasofino has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest) in the Dugbe Gold Project. Pasofino has also earned a 50% interest in the advanced-stage Roger Gold-Copper Project located in Quebec's prolific Abitibi Greenstone Belt.

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

Ian Stalker, President & CEO

T: 604 367 8110
E: istalker@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 "aim", "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 ability to successfully file and obtain approval for the Qualifying Prospectus, the ability to obtain all requisite regulatory approvals in respect of the Qualifying Prospectus, 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.

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