Limpitlaw was previously vice president of the company. His new title will include president and he will join Pasofino's board, replacing John Sanders who has resigned.

Stalker will remain in a consultancy role, focusing on the strategic initiative underway, the company said.

"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," non-executive chairman of the board Krisztian Toth said.

Pasofino, which is earning a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest) in Dugbe, completed a feasibility study on the project last week which showed a post-tax NPV5% of US$530 million and post-tax IRR of 23.6% at a base gold price of US$1,700.

The company is joint venturing in the project with Hummingbird Resources.

Both companies will have the right to exercise the option to consolidate ownership by covering Hummingbird's 51% ownership of the project for a 51% shareholding in Pasofino, such that Pasofino would own 100% of the prior—prior to the government's 10% carried interest.

The next step is the environmental and social impact assessment process which Pasofino says is nearing completion with the submission to the EPA expect this month.

Pasofino's share price on June 20 was C$0.80 (US$0.62). The company has a market capitalization of C$32.9 million.