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Hi Badge. I don’t know if Mjk wants to post here since the board really went down as much as SP did. But at these levels anyone with new position will make money, I think.
I don’t think Fifer will resign but Trust should keep him in-line.
MTI launches ultimatum to Petaquilla Gold
Wednesday January 21, 2015 - 12:00 a.m.
The Canadian Petaquilla Minerals in 1997 obtained the rights to mine gold in Molejón, Donoso, in the province of Colón
Kemy Loo Pinzón
kloo@laestrella.com.pa
The Ministry of Trade and Industry (MITI) today informed the representatives of Petaquilla Gold that have 180 calendar days for the company to rectify the faults to contractual obligations.
Among the failings of the company are the default in the payment of royalties, lack of maintenance works mining project, omission of contributions and employers contribution to the Social Security Fund, a statement of the ICIM.
'The action taken reflects the interest of the Government to ensure that all mining projects run in compliance with legal obligations and to safeguard high environmental standards and safety' said the owner of the ICIM, Meliton Arrocha.
The Canadian Petaquilla Minerals obtained in 1997 the rights to mine gold in Molejón, Donoso, in the province of Colón.
In December 2014, a hundred workers spoke out publicly to demand unpaid wages.
I agree, PTQ is nice little gamble for this prices.
From today's paper:
"The Ministry of Labor and Workforce Development (Mitradel), said the mining company Petaquilla Gold has a debt by $ 3.5 million to employees, however, a company spokesman said on Monday they hope to have settled default.
Jorge Obon, a spokesman for Petaquilla Gold said the company, which is undergoing a restructuring, the debt has already been paid to active workers, and by Monday also expect to have discharged the debt with the 'unemployed' workers.
Employees as 'unemployed' are those
Petaquilla Gold says it has already paid the debt to colleaguesthat "are in their homes," despite not being fired, so you still unpaid.
Badge, Red Kite deal was killed by Inmet attempt of takeover,
keep in mind it was expensive for company to fight it off , like David and Goliath, regardless it is a water under the bridge.
Today we have different scenario, let’s not to forget that KDL recent claim in Spain might require swift action on Company behave, I am guessing here but PTQ was always slow with PR we might as well get used to it and give them credit for what they did best - attracting additional millions to re-start a production.
Good luck, stop by again, end of the month would be tell-tell.
Red Kite was different- Inmet screw that one.
Obviously company worth much more then stock price suggests.
Miami Florida ??? What are you trying to say?
It is doable if they can produce 3 or 4 thou oz. per month from HL.
I think Spain goes behind 3 years we are talking about.
I am curious about new Spaniard and what he can do for Petaquilla in Spain.
Looks like your guess is right on a money- accumulation is continuing, so far.
Are you on board? They are have to pay back all that money , you know.
Those $0.03 a share could be ten-bagger.
Digi, I am surprised new guys did not get an options.
Its running fast, I would not mind a little pull-back, maybe after Q report.
"People forget that heap leaching was thoroughly tested several years ago at Molejon with a small 40,000 ton test pad. You can still see it in the I-Box next to the fully operational heap leach plant. Yields were well above what was expected and it will be very profitable..."
New people who joined BD will make sure that production will start- they want their money back and that is good news.
Moleron can produce 50- 60K oz a year, Portugal is welcome addition and low cost one. The dark horse is HL.
If PTQ can HL 3 – 4 K oz per month they will hit 100 K oz mark at ease. Time will tell.
Finally partially updated, looks like someone turn the lights on in the office. We might hear more soon.
Iberia
Spain
Lomero-Poyatos
Petaquilla Minerals Ltd. added the Lomero-Poyatos Project to its holdings through its acquisition of Iberian Resources Corp. in 2011. The Lomero-Poyatos massive sulphide deposit is located in the prolific Iberian Pyrite Belt, which has a long history of mining dating back to Roman times and features several mines currently in operation. The project is located in the Andalusia autonomous community in southern Spain, about 500 kilometres southwest of Madrid, 85 kilometres northwest of Seville and 60 kilometres northeast of Huelva. The area surrounding the project features very good infrastructure and logistics with grid power, sealed roads and a deep water port at Huelva.
The concession of Lomero-Poyatos at present is in full effect. Administrative initiatives taken by the Directorate of Mineral Resources of Andalusia are in the process of review to determine their merit. This initial review is also subject to appeal.
NI 43-101-compliant Inferred Mineral Resource report by Behre Dolbear in May 2012 (*)
The Lomero-Poyatos mine historically produced approximately 2.6 Mt of pyrite ore, mostly by underground mining methods, for use as sulphuric acid feedstock. It has been closed for over 20 years.
Lomero-Poyatos project highlights:
Resource
Lomero-Poyatos property has an Inferred Mineral Resource of 6.07 Mt at 4.25 g/t Au, 88.74 g/t Ag, as per May 2012 NI 43-101 compliant Technical Report(*)
PTQ has completed over 6,000 meters of drilling to update the currently inferred resources to measured and indicated resources and then advance to reserves level. This drilling was done for geotechnical purposes, metallurgy, in fill drilling, twinning and resource expansion.
Twin drilling program completed in February 2013 with a view to upgrading resources to the Measured & Indicated category in FY 2015 and, subsequently, a NI 43-101-compliant feasibility study
(*) 1.17M Au equivalent oz. as per NI 43-101 Technical Report on the Lomero-Poyatos Au-Cu-Pb-Zn Mine dated May 21, 2012, by independent consultants, Behre Dolbear International Limited. Disclosure approved by Andrew J. Ramcharan P.Eng., the Company's Executive VP Corporate Development, a Qualified Person as defined under NI 43-101.
San Telmo
The Company is moving forward with the San Telmo project, where it proposes a work program defined by geophysical and drilling operations in the first quarter of fiscal year 2015 (third quarter calendar year). San Telmo was historically mined for principally zinc and some gold credits in the 1960s. Testing has shown gold potential in the tailings as well as the existing galleries from previous mining operations. This systematic testing is to be carried out in conjunction with the geophysical and drilling operations.
Portugal
Banjas
The Company holds an initial production license to produce up to 30,000 ounces during the first phase. This initial production is slated to begin in the first half of 2015. The results of this initial production will lay the groundwork for a 30-year license, the next step in regulatory process. Financing is well under way with the initiatives in advanced due diligence.
Jales
17,000 meters of drilling have been carried out in a joint venture with government-owned Mining Development Company (EDM), of Portugal. This drilling is being assayed and evaluated. The results will be recorded during the 2nd quarter of fiscal year 2015 (4th quarter of calendar year 2015). The drilling program is ongoing.
Financing is moving forward on the Spain and Portugal operations and in the first quarter of the fiscal year 2015 when it is projected to be implemented.
I joined this Board years ago as a helpful tool for people investing in a same company helping each other make money. Unfortunately at this point majority of this board ( but not shareholders) interested in pursuing legal action which I categorically oppose.
On this note I will finish my participation here until PTQ board gets back to its original topic.
Changing first member on BOD, follow by management positions and other changes which will be introduce - is a prudent plan to make a recovery out of this situation.
Call me stupid if you want. But to follow someone you have no idea who, into possible derailment of the whole operation with no chance of getting money back, just for revenge - is stupid in my eyes.
I am done.
Badge, what I am saying - I am not looking to make scandals or soup opera , it is what it is. Shit happens.
But I want to make my money back. Digitech has a Plan, he is working on it now and if it successful - it might actually make money back and maybe more, might take some time thou, but still better then taking revenge to lose all money. I am not that stupid.
I am sorry you feel that way.
This sounds absolutely crazy. I bet majority of shareholders will not join you in what can be a legal chaos and possibly cause of legal action against those who chose that path.
I can tell you one thing for sure.
To fire all BOD and management is one thing.
But going to BCSC to start investigation is completely wrong way to go.
It is definitely going to hurt share price further and might finish the company altogether.
G.I. I am not accountant so please correct me if I am wrong.
But it is my understanding that big chunk of that debt was incurred while company was not in production.
It is like if you stop working and don’t make your house mortgage payments - it is very easy to find yourself in a huge debt during the next few month as your debt accumulates fast. So unpaid wages or equipment payment and other fees, can add-up I am sure. Someone has to take a look at those A/P numbers and explain better so we all can understand but I think it was nothing criminal done to raise this matter.
Almost everyone agree how things went from bad to worth. We need to stop talking about the past, what could- off or would off.
And concentrate on how to help Company get out of this hole.
I still support Digitech plan, one BOD at the time.
Kind of reminds me story about two bulls,
old and the young one standing on a hill , looking down at the herd of cows.
And young bull saying: "lets run down and screw them all,
at what older Bull reply: Let’s just walk and screw one.
"...The problem now was that there was no end in sight. Here we are 2 ½ years later and companies have had to continually cut their coat to suit their cloth and are left little in the way of protection than a loin-cloth and some are down to a financial figleaf.
The stabilization of base metals and gold/silver’s upticks in the second half of 2013 managed to stop the rot and shone the focus onto production. If money could not be raised in any circumstance then the winners, by a process of exclusion, had to be those that generated their own money i.e. via being producers. Welcome to the age of production is king. Not only do producers need to produce (and do it at least in a cash-flow positive way) but those who are near production need to trumpet the fact. The old fallback of “we have a PEA, but we want to expand the resource before thinking of production” is a conversation killer with investors. We can barely suppress the urge to shout “Faker!” when we hear it. We don’t need to as the market can see these companies for what they are and they are not being funded.
Companies MUST have production or a production path.
This new imperative is not going away fast.. we would hesitate to use the word “never”, but if you do not perceive this change then you might as well be a brontosaurus after the meteor has landed.
With this colouring our view, the collateral damage from this paradigm shift can also be noted. This is bad news for explorers without a resource. This is terrible news for drillers and (nary a dry eye in the house) it’s dire new for consultants that do NI 43-101 reports and suchlike paraphernalia. It’s bad for the whole industry of announcements for announcements sake, the IR firms, the news release distributors and the conference booth floggers.
The King is Dead, Long Live the King..."
I don’t think you understand me correctly.
No one is arguing with you that bad decisions were made.
I agree that changes should be taken.
The only and big disagreement we have – is how to proceed about it.
You choosing to go with GI which is in my view is very radical and risky, might even cost you legal action against you personally.
I chosen Digitech approach, read his post again.
If you think that only MJK and I disagree with you then you and GI should have no problem getting over 90% of the all shares/votes.
I am all for rectifying.
But I don’t believe that Panama large shareholders will switch to new unknown European team so easy.
That is why I prefer levelheaded approach which was offered by Digitech. Replacing BOD member and steering company in a right direction slowly but surely.
Bobby, read Digitech post one more time.
I don’t think you realize legal ramification of GI move.
Have you ever been named personally in a law suit?
Have you ever defended yourself against corporate lawyers?
Do you have any idea how much it might going to cost you personally?
Forget about PTQ stock it will be nothing compare what you might ended up liable for.
O.T.
(CNN) -- Your spouse "had to stay late at work" -- are you skeptical? Do you think your friend doesn't like you if he cancels dinner plans? Do you suspect that your co-worker is putting her ambitions ahead of the team?
Curmudgeons of the world, listen up: This line of negative thinking might actually hurt your health.
A new study in the latest edition of Neurology, the journal of the American Academy of Neurology, found that cynical people have a higher likelihood of developing dementia.
Kimberly Williams-Paisley on dementia Study: Multivitamins should be avoided Study: Multivitamins should be avoided
"There have been previous studies that showed that people who were cynical were more likely to die earlier and have other poor health outcomes, but no one that we could tell ever looked at dementia," said Anna-Maija Tolppanen, one of the study's authors and a professor at the University of Eastern Finland. "We have seen some studies that show people who are more open and optimistic have a lower risk for dementia so we thought this was a good question to ask."
Studying cynicism
Cynicism is a deep mistrust of others. Psychologists consider it a kind of chronic anger that develops over time.
Specifically, the kind of cynicism researchers looked at involved doubting the truth of what people say and believing most people are motivated by self-interest rather than by what is best for the community.
Village only for people with dementia
The study tested 1,449 people with an average age of 71. The study participants took a test for dementia. A separate test measured their level of cynicism. Both tests are considered reliable by researchers.
The cynicism test asks if the person agrees with statements like "Most people will use somewhat unfair reasons to gain profit or an advantage rather than lose it"; "I think most people would lie to get ahead"; and "It is safer to trust nobody."
Those who agreed with the critical statements in the test were considered highly cynical. The people with the highest level of cynical distrust had a 2.54 times greater risk of dementia than those with the lowest cynicism rating.
Researchers also examined the test results to see if the subjects who were labeled highly cynical died sooner than the others. But once compounding factors were screened out, they did not. Previous studies have shown a link between cynicism and an earlier death.
Still, the new study does not prove that having a bad attitude causes bad health outcomes. To prove a causal relationship, a study would need randomized controlled trials to show that a reduction in cynical attitudes through treatment actually lowered the risk of bad health outcomes.
More research is necessary to replicate the conclusions. But the results complement a wide body of research showing how "over time, people with highly cynical hostility do worse health wise," said Dr. Hilary Tindle, assistant professor of medicine at the University of Pittsburgh.
Why cynicism may be bad for you
What might explain an association between cynicism and poor health?
This is a complex issue that needs to be studied more, Tindle said. The relationships between psychological attitudes and health outcomes are very complex.
"I can tell you from my clinical perspective from treating patients, I am absolutely certain that psychological attitudes can lead people down a road to poor health, because I see it every day when I talk to patients," said Tindle, who wrote the book "Up: How Positive Outlook Can Transform Our Health and Aging."
Tindle was the lead author on a study that examined the health outcomes of over 97,000 women and found that cynical women had a higher hazard of cancer-related mortality.
Technology and its effect on the brain Study: Loneliness linked to dementia 'Digital dementia' on the rise
"The bottom line is that a high degree of anger/hostility/cynicism is not good for health," she wrote.
Research shows cynical people also tend to smoke more, exercise less and weigh more. They also have a harder time following even the best medical advice, because their cynical natures won't let them believe what people tell them, Tindle said.
Cat defrauded out of big inheritance when owner suffers dementia
Past studies have also found that people who are cynical have a higher rate of coronary heart disease, cardiovascular problems and cancer-related deaths. Cardiovascular disease can contribute to dementia because it essentially damages small blood vessels everywhere in your body, including in your brain.
Cynical people also tend to have greater stress responses, which means they typically have a higher heart rate, a higher blood pressure peak, and a tendency to have greater inflammation of their immune systems. Chronic inflammation is now known to be harmful to one's overall health and it is linked to everything from Crohn's disease to high cholesterol to even Alzheimer's.
Do what makes you happy
Can you come out of cynicism?
The good news is, being highly cynical is not a permanent state of mind.
"I am also certain that people can learn to change -- they change every day in that they quit smoking, they lose weight, they cut ties in unhealthy friendships," Tindle said. "The ultimate message is people are not 'doomed' if they have cynical tendencies."
So if your assumptions about people are making you angry and irritable, try having a little more trust.
"All of us are capable of adopting healthier attitudes," Tindle said. "As a physician, I see people of all ages making positive change every day."
You don’t have any shares so it is easy for you to stir up people, but those who chose GI plan- are risking big legal and financial consequences… not me.
Here you have it. Digitech could not said better then that.
There are two plans, one -is spearheaded by experienced individual who favors “rational approach to move forward and protect our shareholders rights. It may not be as satisfying as chopping a bunch of heads but it has at least a chance to succeed. “
The other one: can land myself in “unforeseen implications that go well beyond losing 100% of your investment.”
and might make me “ become liable individually or/and as a group.”
Hmm.. no brainer for me.
What about Don Cristobal? He would be very helpful in getting Spain back.
GI, are large Panama shareholders agree to your Plan? What if they don't and start fight against you? where our SP will end up then?
The other rout I was proposing was to elect Digit, (GermanInvestor knows him) Digi is very knowledgeable guy.
Then replace all BOD one by one but leave Fifer on as a nominal figure.
The reason I think Fifer can be useful as to his political connections. Also it would give appearance that Petaquilla is still Panamanian Company. You remember how Panama Court sided with us when we fought Inmet.
Fifer would collect his paycheck but would have little to say about company direction as being outvoted.
Then how do shareholders suppose to find out information about your nominee. Are you going to provide information before the vote?
G.I. can you share with the board:
Who are the people you are trying to nominate for new BOD, their names, their experience.
Where the millions of dollars necessary for this action will come from, or who will finance it.
GI, please state all your transactions in US dollars.
I think he uses different nomination euro or dollar, ..
You saw L/P drill results and you know how rich that ore is. Spain /Portugal has to be PTQ future behind 5 years.
You absolutely correct. Mjk has no personal relationship to Fifer what so ever.
He is highly experienced former executive top fortune companies. A few posters on a board simply dislike him so here comes name calling.
There are board rules to follow up with it, but at this point no one cares. I would recommend you to put RZBF on ignore, he does not have shares but has been dogging this company for many years with same copy/paste posts.
Of cause he is on a BOD. I said we need to keep him for future Iberian development.
What rest of you don’t understand is that PTQ did survived, granted if one had magic mirror and could have look in a future predicting price of gold going from $1600 to $1100 then Inmet deal would be fine. But it is a past now , put it behind and look forward. Fifer did what he could under present circumstances.
The company is free from immediate debt, free from DB loan and will have enough money to restart operation. and that is a good news. Let’s talk about future, where we are going from now.
Approximately 50 K oz. a year maybe not a lot but it will keep Petaquilla head above the water. Ptq will get into green by second quarter.
Long term debt does not have to be paid immediately same way as some of your full house mortgagees are not due next month.
You are allow to make monthly payments so is Petaquilla.
And don’t forget how increasing price of gold can make it even better in a future.
In five years Spain will be next thing, you all remember great results from countless drilling done by different companies thru the years.
So we have to agree that Spain/Portugal is a next step .
Next- we know for sure that one BOD member resign so we need to replace him.
I understand how you all feel about Fifer.
The difference - I feel because of certain political and other benefits he needs to be on BOD but I want to replace go away member with our guy .
Instead of all of us push in different direction we can at least agree to replace going away BOD with Digitech and if you want to pursue "Fifer thing"- you still can, but let not waste this one time opportunity and put our votes together on what we all can agree .
If we don’t- Fifer will appoint his man and we will be talking what would of could of…
It is very hard to do - replace even one BOD - wee need to be all together on this, this is urgent.
That’s maybe a partial true because Petaquilla continue to refer to this.
Granted, I would like information from the company on this issue, maybe “revoke “– can be easily activated under certain new conditions due to Company ability:
"Petaquilla Minerals Ltd. has executed the early payout of the existing gold and silver prepayment agreements, as well as the convertible loan previously negotiated with Deutsche Bank AG, and consequently has obtained the full release of all existing encumbrances on the company's assets. In addition, the company has also reduced a significant portion of its short-term liabilities..."
To restart operation and meet require criteria. Just a guess on my part but something must going on in that manner.
It is obvious that five years in Panama with positive growth and eventually moving into Iberian properties for further development and production.
That’s why we need Don Cristobal Colon de Carvajalon on BOD.