Papillon Resources Limited (Papillon) is engaged in the exploration and development of resource projects. The Company has joint venture interests in a portfolio of gold tenements totaling approximately 1,200 square kilometers (granted licenses and applications) in western and southern Mali. During fiscal year ended June 30, 2012 (fiscal 2012), it continued the aggressive exploration and ongoing development of its flagship Fekola Project (Fekola or the Project) located in western Mali. During fiscal 2012, the drilling completed at the project consist of a total of 587 drill holes for approximately 57,750 meters. Diamond drilling (DD) accounted for 114 drill holes (for approximately 29,350 meters) and reverse circulation (RC) accounted for 115 drill holes, and aircore (AC). On September 12, 2012, it had moved to 90% ownership of Fekola by acquiring an additional 10% in Songhoi Resources SARL. During fiscal 2012, the Company acquired 10% additional interest in Mali Goldfields SARL.