This write up will put a big smile on holders...

This write up will put a big smile on holders faces.

http://www.proactiveinvestors.com.au/companies/news/30888/papillon-resources-trounces-market-estimates-with-31m-ounce-gold-resource-at-fekola-30888.html

So much more to come from Fekola and PIR.

I especially like the analysis at the end;

Analysis

That Papillon Resources has delivered a “wow” of a resource today and trounced market estimates is an understatement. Today’s resource statement is a starting point and clearly demonstrates that the size and scale of Fekola is still unknown and on current drilling results and trends it could well be in the vanguard of major gold deposits in the country.

With $25.5m of cash at end of March quarter, and based on today’s resource statement places Papillon Resources back on the “undervalued status.”

A re-calculation based on today’s resource is warranted. A resource of 4 million or 5 million ounces is now not out of the question. On this basis, Papillon Resources could become one of the West African gold counters with the highest valuation upside listed on the ASX or overseas exchanges.


Cheers

Retrac