PAPILLON RESOURCES LTD - ASX: PIR

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Description

Papillon Resources Ltd ("Papillon") (previously Colonial Resources Ltd) is based in Perth Western Australia and listed on the Australian Stock Exchange (ASX: PIR). Papillon's primary focus is the recent acquisition of gold assets in Mali, West Africa.

The Malian assets consist of 18 prospecting authorizations and research permits spanning circa 1883km² within the Kedougou-Kenieba window, a major Lower Proterozoic Birimian outlier on the NE margin of the West African Shield. The Medinandi Project in western Mali contains an established resource base of 650,000 oz gold (JPRC and SAMREC compliant). Papillon completed the acquisition of 80% equity interests in each of Mali Goldfields SARL (“Mali Goldfields”) and Songhoï Resources SARL (“Songhoi Resources”) (collectively referred to as “Malian Assets”) on 17th March 2010.

Songhoï Resources represents the joint venture vehicle between Papillon (80% equity interest) and Mani SARL (20% equity interest) established in August 2006 for the exploration and development of four exploration permits covering circa 279km2 in the prospective Kéniéba and Kayes districts in West Mali.

Mali Goldfields represents the joint venture vehicle between Papillon (80% equity interest) and Mali Mining House SA (20% equity interest) established in February 2006 for the exploration and development of fourteen exploration permits covering circa 1,533km2 of the prospective Birimian Gold Belt in South and West Mali.

Papillon’s tenements in West Mali are in the Kéniéba Valley, host to AngloGold Ashanti Limited / IAMGOLD Corporation’s Sadiola and Yatela Mines, Randgold Resources Limited’s Loulo-Yalea operations and Avion Resources’ Tabakoto-Segala mines.

Papillon’s tenements in South Mali are proximal to the Morila gold mine (owned via a joint venture between AngloGold Ashanti and Randgold), the Syama Mine operated by Resolute Mining Limited and the advanced projects Komana (Goldfields Ltd), and Kalana.

The acquisition of the Malian Assets has positioned Papillon with a significant portfolio of tenements in a world class gold region that will add significant growth potential for shareholders, as well as increasing the diversity of its project portfolio.

Mine For

gold

Location of operation(s)

Mali

Address

52 Ord Street
WEST PERTH, WA, Australia

Phone

+618 9481 8760

Email

Website

http://www.colonialresources.com.au/

Last Updated

14/04/2011