Name and Location
Fekola gold project, Mali.

Client
Papillon Resources.

Project Description
A prefeasibility study (PFS) completed on the Fekola project has confirmed a large-scale, low-cost and robust project.

The project hosts a mineral resource of 54.97-million tonnes, grading 2.38 g/t gold.

Envisaged is an openpit mine and conventional carbon-in-leach processing circuit to process four-million tonnes a year during steady state production.

Average production of 306 000 oz/y of gold is expected over the life of the mine, which is estimated at nine years.

Contract miners will be used, thus eliminating the need for capital expenditure on fleet.

Value
The estimated capex for the mine, process plant and associated infrastructure is $254-million.

Duration
Not stated.

Latest Developments
Papillon has started early site clearing of the plant site and mine services area at its Fekola project.

The company has identified several key areas, primarily in earthworks, to advance Fekola towards production prior to a formal final investment decision being made, following the release of the definitive feasibility study (DFS). These works will minimise the potential for delays, particularly the impact of the wet season, once formal construction has started.

Papillon launched the DFS on Fekola in March this year and will build on the technical and economic results achieved in the PFS.

Papillon has secured a mining permit over the Fekola gold project, which would be valid for 30 years.

Key Contracts and Suppliers
Not stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Papillon Resources, tel +61 8 9222 5400, fax +61 8 9322 6558 or email info@papillonresources.com.