UPDATE 1.45pm: Papillon Resources has secured a mining permit from the Malian government for its flagship Fekola gold project in the West African country.
The permit, which is valid for 30 years, covers the entire 75sqkm area of the Fekola exploration permit.
The permit follows an environmental approval for Fekola secured in April last year.
Managing director Mark Connelly said the company was a significant step closer to mining at Fekola, with the permit further reducing the risk of the company's development execution strategy.
A pre-feasibility study last year showed Fekola could yield 300,000 ounces a year at low operating costs.
A definitive feasibility study is set to start before the end of next month followed by design and engineering with a final investment decision expected during the second half of the calendar year.
Papillon shares closed up 4.5 cents, or 3.23 per cent, at $1.44.