From the article mentioned above...found it MINUS digital pass requirements...
"THE inclusion above of Resolute, with its 51 per cent share price rebound since mid-July, is a clear example that the once hotter-than-hot West African gold stocks on the ASX aren't on the nose as much as they were when investors were getting spooked by the region's rash of coups, mining law changes and some good old-fashioned general unrest. More to the point, they haven't missed out on the broad recovery in gold equities since July/August.
Resolute did have a setback yesterday, shedding 8.5c or 4.3 per cent to $1.855 folllowing news that three locals had been killed in protests on the road to its flagship Syama mine in southern Mali.
The violence was over sackings by the mine's contractor and had nothing to do with concerns in the north of the country over the rise of Islamist militants following the military coup in March, which toppled the civilian government - a toppling said to have occurred because the military believed too little was being done to maintain security.
Against that background, Resolute has nevertheless marched from a low of $1.23 a share on July 12 to yesterday's close. So apart from the sadly violent flare-up on a local jobs issue, the market is convinced that Syama has, and will continue to be, unaffected by what has been going on way up north. That's all well and good.
But today's interest is what it all means for Papillon Resources and its presence in Mali. It has just released drill results from its Fekola project in southwest Mali, which boosted confidence in its 3.14 million ounce gold resource, as well as indicating that there is more to come.
A recent scoping study pointed to the resource supporting at least an 11-year mine life with average annual production of 230,000 ounces at an average cash cost of $US596 an ounce.
Papillon has come from nowhere on the strength of all that and is now a $490m company at yesterday's closing price of $1.89 a share, up from its starting point for the year of 57c. But analysts following the stock will tell you its value is probably north of $3 a share, based on all of the comparative multiples they like to use."
PIR Price at posting:
$1.85 Sentiment: LT Buy Disclosure: Held
