Table of Contents
Executive Summary .......................................................................................................................................................... 3
Political Climate – Regional Integration Points to Diminishing Risk ..................................................................... 4
Opportunities and Strengths.......................................................................................................................................... 6
Unifying Mining Codes Should Facilitate Ease of Operations................................................................................12
Ranking Countries by Favourability For Investment ...............................................................................................12
How Do They Stack Up? - Clarus Favourability Index...........................................................................................12
Three Ways To Win......................................................................................................................................................13
Conclusion........................................................................................................................................................................18
Appendix A: West African Coverage Universe ......................................................................................................19
Red Back Mining Inc. (RBI–TSX; BUY $14.70 Target)................................................................................................19
SEMAFO Inc. (SMF-TSX; BUY $3.90 Target) ...............................................................................................................23
Perseus Mining Limited (PRU-ASX; BUY $1.50 Target) ............................................................................................27
Adamus Resources Limited (ADU-TSX.V; HOLD C$0.55 Target)........................................................................33
Keegan Resources Inc. (KGN-TSX; BUY $4.50 Target)............................................................................................37
Appendix B: West African Watch List .......................................................................................................................41
African Gold Group, Inc. (AGG–TSX.V; Not Rated) .................................................................................................41
Avion Gold Corporation (AVR-TSX.V; Not Rated) ...................................................................................................45
Cluff Gold PLC (CFG–TSX, CLF–LSE; Not Rated).....................................................................................................51
La Mancha Resources Inc. (LMA–TSX; Not Rated) ....................................................................................................55
Mineral Deposits Limited (MDM–TSX, MDL–ASX; Not Rated) .............................................................................59
Oromin Explorations Ltd. (OLE-TSX; Not Rated)......................................................................................................65
Pelangio Exploration Inc. (PX–TSX.V; Not Rated)......................................................................................................69
Appendix C: Election Cycles (Democracies and Dictators) .................................................................................74
Appendix D: West African Gold Supply ....................................................................................................................75
Appendix E: Clarus Favourability Index .....................................................................................................................76
Appendix F: West African Junior Producers and Development Companies Comp Table............................77