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FEBRUARY 2013 The International Resource Journal1112.5g/t,” he adds. “When you look at those figures,you realise it’s a Tier 1 asset.”While Fekola’s potential stoked Connelly’sinterest, Papillon’s credibility and “very goodboard of directors” sealed the deal. Beforehe joined Papillon, Connelly was chief operatingofficer of Endeavour Mining and beforethat managing director and chief executive ofAdamus Resources. He has 25 years of miningindustry experience and a history of workon West African projects, which will no doubtprove useful at Fekola.In good companyOf African mining locations, Mali is surely oneof the best. As the continent’s third largestgold producing country, it has an internationallycompetitive mining code and a fiscal regimebeneficial to miners. On Papillon’s website, itlists Mali’s fiscal advantages as being:• Free of corporate tax for the first fiveyears of mining;• Three-year moratorium on import dutiesfor miners;• The government gets a 6% royalty onrevenues; and• The government has 10% participationin the decision to mine, and the optionto acquire another 10% at market value.Mark Connelly, managing director and CEO“We believe [the updated MRE]provides an excellent platform forfuture growth, as well as greatlyenhancing Papillon’s ability to fulfilits strategic objective of becoming aWest African gold producer in thenear term”– Mark Connelly,managing director and CEO