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Papillon adds ounces at Fekola

3rd September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior Papillon Resources has increased the resource at its Fekola gold project, in Mali, by some 22% to 5.15-million ounces.

The mineral resource estimate has now been estimated at 68.29-million tonnes, grading 2.35 g/t gold. The resource estimate includes some 60.01-million tonnes of measured and indicated resource, which was around 90% of the total mineral resource estimate.

“The updated mineral resource estimate is another significant milestone for the Fekola project,” said MD Mark Connelly.

“The rapid growth of this deposit to over 5.15-million ounces of contained gold in less than 30 months highlights the world class potential of the deposit. The recent results from the prefeasibility study (PFS) demonstrate its ability to support a large scale, long life, low cost operation,” he added.

The PFS defined average pre-tax yearly operating cash flow of around $130-million at a gold price of $1 100/oz via the project’s four-million-tonne-a-year processing facility.

A capital cost of A$292-million had been estimated for Fekola.

Edited by Creamer Media Reporter

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