Ann: Papillon Delivers Outstanding PFS for Fekola, page-18

re: Ann: Papillon Delivers Outstanding PFS fo... I'm a bit late to the PIR PFS party, but it looks good.

I guess PIR had to increase production to ~300koz p/a to reduce cash costs as they stated previously they were looking for 220k-240k, but with the exploration upside available, that is a huge result. How many Au companies would like to kick of their production life with ~300koz p/a? Increase M&I to 5moz and you have an extra 5 years!

Start up costs around what they have been stating previously with ~$300m, but heres hoping the DFS reduces that to ~$250m somehow, with the all in cash cost reducing as well. Scoping study stated C1 @ $596 LOM, so a chance to maybe reduce that ~$550? This should also reduce the all in.

Everything else is basically what they have been stating in the scoping study, but I must have missed the exchange rate used or it isn't in the PFS?

It seems that every ~$1000 increase/decrease in the POG equates to ~$30m difference in cash flow. So even at ~$1000 POG PIR will make ~$100m ... I like that, and it also reinforces the potential of what PIR have with many mines treading water if gold gets to $1000 and stays there.

I gotta say though that I didnt think the PFS would be released in Q213, but more so in July, sometime before the Quarterly. Management are staying by their words so far, so let's hope the DFS in completed early 2014 (Q114) and released.