Banfora Project

In 2014, we acquired an extensive exploration land holding in the Banfora Gold Belt situated some 200 kilometers south west of Mana through the signature of farm-in agreements on ten permits and the acquisition of five permits. The 15 permits cover a total surface area of 1,600 square kilometers. Under the terms of the agreements signed with junior exploration companies, we have three-year working rights and the option to earn interest up to 90% in the farm-in permits of Banfora.

Despite some good drilling intersections, the 2015 RC drill campaign did not find continuity between holes. Following evaluation of our exploration strategy, we decided to cease exploration activities at Banfora in the third quarter of 2015 and to evaluate our strategy in 2016.

In 2016, we have decided to focus our $18 million exploration program on Mana and Natougou. A small provision has been assigned to other properties that includes the cost of maintaining permits at Banfora.

Figure 1