Pasofino Gold Announces Annual General and Special Meeting, Approval of Consolidation of Common Shares and Election of New Director

Toronto, Ontario--(Newsfile Corp. - December 22, 2020) -  Pasofino Gold Limited (TSXV: VEIN) (FSE: N07) ("Pasofino" or the "Company") is pleased to announce that at its annual general and special meeting held on December 21, 2020 (the "Meeting"), shareholders of the Company approved all matters brought before them, including: (i) the fixing of the number of Directors of the Company at five (5) and the election of Robert Metcalfe to the board of directors; (ii) the appointment of McGovern Hurley LLP, Chartered Accountants, as auditors of the Company; (iii) the reapproval of the Company's stock option plan; and (iv) the consolidation of the issued and outstanding common shares in the capital of the Company (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every fifteen (15) pre-consolidation Common Shares.

Additional information concerning the Meeting is available in the Company's management information circular dated November 9, 2020.

About Pasofino Gold Ltd.

Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN) and FSE (N07). Pasofino is earning a 50% interest in the advanced-stage Roger Gold-Copper Project located in Quebec's prolific Abitibi Greenstone Belt.

Through its wholly-owned subsidiary, 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.

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

Ian Stalker, President & CEO Africa
T: 604 367 8110
E: istalker@pasofinogold.com

Steve Dunn, President & CEO North America
T: (416) 361-2827
E: sdunn@pasofinogold.com

Cautionary Statements Regarding Forward-Looking Statements.

This news release contains "forward-looking statements" within the meaning of Canadian securities laws 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70848