07:07:20 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Petaquilla Minerals Ltd
Symbol PTQ
Shares Issued 221,863,781
Close 2012-06-29 C$ 0.395
Market Cap C$ 87,636,193
Recent Sedar Documents

Petaquilla talks Molejon, omits 2012 P&L from NR

2012-07-03 11:08 ET - News Release

Mr. Richard Fifer reports

PETAQUILLA MINERALS LTD. ANNOUNCES PRELIMINARY FOURTH QUARTER AND ANNUAL RESULTS OF FISCAL 2012

Further to its webcast of last Wednesday, Petaquilla Minerals Ltd. has released its preliminary fourth-quarter, and annual operational and financial results for its Molejon gold mine, located in Panama. Currency is reported in U.S. dollars unless otherwise indicated.

        MOLEJON MINE PRELIMINARY OPERATIONAL AND FINANCIAL HIGHLIGHTS

                                             Fourth quarter      Fiscal year       
                                                       2012             2012

Gold production                               17,725 ounces    68,002 ounces
Gold equivalent production                    18,122 ounces    69,490 ounces
Gold sold                                     15,181 ounces    61,259 ounces
Average spot gold price                    $1,636.00 per oz $1,644.00 per oz
Gold ounces sold at spot price                11,476 ounces    47,564 ounces
Gold ounces delivered to Deutsche Bank         3,705 ounces    13,695 ounces
Total gold ounces recognized as revenue       15,181 ounces    61,259 ounces
Silver production                             20,897 ounces    73,032 ounces
Revenue                                       $22.8-million    $93.1-million

The company's cash position as at May 31, 2012, equalled $12-million. Cash cost per ounce of gold sold for both the fourth quarter of fiscal 2012 and for the annual period ranges from $550 to $600 and is expected to remain unchanged for the present fiscal 2013 period.

As part of the company's production growth strategy, which is targeting 250,000 to 300,000 gold ounces by 2015, Petaquilla is currently moving forward on both its Molejon plant expansion in Panama and plans for its Lomero-Poyatos mine in Andalusia, Spain. At Molejon, installation of a fourth ball mill, third thickener and second retained circuit is under way accompanied by the expansion of leach tanks No. 7 and No. 8 and of CIP tanks No. 7 and No. 8. The addition of the fourth ball mill is anticipated to enhance plant throughput at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30 per cent. In Spain, the company has received all necessary authorizations to proceed with the reopening of the Lomero-Poyatos mine and is working with the General Directorate of Mineral Resources on a timeline to initiate operations, which will initially focus on four components: drilling, dewatering of galleries, construction of a new ramp to access galleries and construction of a water treatment plant to manage the underground water system. The company expects to commence drilling this month.

Also this month, the company anticipates the completion of a new National Instrument 43-101 resources and reserves report on its Molejon and Botija Abajo concessions in Panama. In fiscal 2013, the company will also be focusing on updating measured and indicated resources at its Molejon, Botija Abajo, Palmilla and Oro del Norte properties.

With respect to the company's proposed spinout of its infrastructure division, the company is presently finalizing the documentation for submission to shareholders to vote on the transaction. Following receipt of required regulatory approvals, the company will proceed with establishing a date for the special meeting of shareholders. Based on an updated timeline, a record date will likely be set for mid-July with the meeting to take place a month thereafter. Full details of the spinout transaction along with voting instructions will be provided to shareholders as at record date.

The company wishes to remind shareholders that its webcast of June 27, 2012, will be available until July 27, 2012. Instructions to access the presentation provided by Richard Fifer, the company's executive chairman, have been provided in the company's news release dated June 25, 2012.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.