Welcome to Petaquilla
Petaquilla Minerals is an established gold mining company that operates a producing gold mine in Panama. The 100 percent owned Molejon gold mine reached commercial production in January 2010 and currently operates at the rate of approximately 3,000 tonnes per day.
In August 2011 we announced the acquisition of Iberian Resources Corp. which brought to us developments stage projects in Spain.
Our other projects include Panamanian Development of Infrastructures subsidiary that is in the process of being span-out to the shareholders.
Petaquilla Minerals' flagship Molejon Gold Mine is located in the Colon Province of Panama approximately 130 kilometers west of Panama City. Gold production started in April 2009 and reached commercial production in January 2010. On/off heap test leach pads were successfully started in the beginning of September 2011 with full production anticipated by the end of the year. Molejon Gold Mine
During the first quarter of Fiscal 2013 Petaquilla sold 17,230 ounces of gold and 24,300 ounces of silver representing sales of $25.5 million and $0.5 million, respectively. Cash cost per ounce of gold sold during the first quarter of Fiscal 2013 ranged from $550 - $600, as originally anticipated.
Production and Financial Highlights
|Gold ounces mined: ||33,475 - increased by 6% compared to previous quarter. |
|Gold equivalent production sold: ||17,597 ounces - increased by 13% compared to previous quarter. |
|Gold ounces stockpiled as at August 31, 2012: ||112,266 - increased by 17% compared to the end of previous quarter. |
|Gold production inventoried: ||4,691 ounces - increased by 35% compared to previous quarter. |
|Revenue: ||$25.5 million - increased by 6% compared to previous quarter |
|Cash cost per ounce of gold sold: ||$550 - $600 |
|Cash position as at August 31, 2012: ||$12.5 million - increased by 4% compared to the end of previous quarter |
|Net income: ||$22.4 million, increased by 683% compared to fiscal 2011. |
|Gold production: ||68,002 ounces, increased by 22% compared to fiscal 2011. |
|Gold equivalent production: ||69,503 ounces, increased by 23% compared to fiscal 2011. |
|Gold stockpiled: ||95,897 ounces, increased by 282% compared to fiscal 2011. |
|Revenue: ||$94.3 million, increased by 32% compared to fiscal 2011. |
|Cash cost per ounce of gold equivalent sold: ||$574, decreased by 8% compared to fiscal 2011 |
|Operating margin: ||$34.9 million, increased by 74% compared to fiscal 2011. |
|EBITDA: ||$24 million, increased by 289% compared to fiscal 2011. |
Iberian Resources properties were added to Petaquilla Minerals in August 2011 with the acquisition of Iberian Resources Corp. These projects are located in the Iberian Pyrite Belt in Spain. Lomero-Poyatos is the key property in this portfolio of projects.
Lomero-Poyatos is the highest gold grade in the Iberian Pyrite Belt massive sulphide currently known. The Lomero-Poyatos mine produced about 2.6 Mt of pyrite ore, mostly by underground mining methods, for use as sulphuric acid feedstock, but has been closed for about 20 years. The site consists of a sealed vertical shaft and headgear that would need refurbishing, the Lomero open-pit mine to the east of the shaft and the Poyatos open-pit mine to the west of the shaft. The Lomero-Poyatos mine is located in Andalucía in Southern Spain, about 500 km south of Madrid, 85 km north-west of Seville and 60 km north-east of the port of Huelva.
At the surface there are two separate orebodies - Lomero (east) and Poyatos (west) - that combine at depth to form a single deposit 900 m in strike length. The average thickness of massive sulphide, based on drill-hole intersections, is about 7.5m, although the maximum thickness of massive sulphide exceeds 20m. The mineralisation is known to extend at least 500m down dip.
Vancouver, BC - April 10, 2012: Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") is pleased to announce that representatives of the Company recently met with members of the Andalusian Autonomous Government, the regional government body of Andalusia, Spain, to settle the final details regarding the initiation of commercial mining operations at the Company's Lomero-Poyatos concession.