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
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