As I read everyone's posts - of cause Inmet’s offer was way low, but let us not become sooo hostile to Inmet.
This offer is just a business, when offer was made originally - we were trading in upper $.30-sh or something like that.
I am sure Inmet will make a second bid as it is always done during negotiations.
Secondly , we need Inmet to become successful in his copper development, I am not giving-up on PDI, it will become very beneficial for all PDI shareholders as Inmet’s project continue. Also there are very lucrative benefits which will developed thru cooperation between both companies, it has to be win-win not only for Petaquilla and Inmet but for Panama also, in order to secure future success of local Mining industry .

Ask your Banker to switch to a paperless delivery, it will come to your e-mail and you can choose to print if you want to or reject it with a simple click of the mouse.

Back from vacationing in Carolinas. A lot of stuff happening behind the closed doors and board is full of all kind of speculations… love it.
Lotsa mail on a table including Inmet’s offer, $48… hmm – Peta promised $2.30 let see… ;o)

That’s right, Inmet apparently forgot - they are the first foreign company allowed to mine national recourses, - something a lot of Panamians have hard time to deal with. Unlike Petaquilla – pride of Panama national mining, Inmet is outsider, as you said mjk- Martinelli has a few lap dogs that can make Jon Tilk very uncomfortable and force him into deal with PTQ he was trying to avoid.
We are the home team, we got the ball, we already in a 3 pt. range, but it is still a first down.

Joverke, Lata area located 4 km NW of Colina (or Botija) . Adrian Resources drilled eight holes in the area in 1995 and intersected decent amount of gold.
Inmet wants to explore that area also. Hmm..

It means we can stop Inmet, check-mate! Inmet lost. If he wants it – it will cost him more.
Ponce, how do you like that fork on rook?!

Yes, it might be Chinese, but let not to forget Koreans, they are “locals” also… I wonder if anyone saw them on a mine site.

Ponce, as a chess player you can appreciate latest Petaquilla's move.
Sedar/move reminds me move by Knight- which can put attacking opponent on a defense , telling him : not so fast pal, next will be “a fork.”

Ponce, take a higher ground. We will be fine and all of us will make money, even ...

It is a chess game, people. Inmet made a move and we did one.
A good one, I should say, that’s how game has been played a front of your eyes.
Just laid back and enjoy the show. There is a reason for every move.
One should understand…

Mjk , then it will be David and Golaith

Peta, How the heck they did not know it.
Someone drop a ball big time.
In any case – I will take my $2.30 then.

Badge, do you think Large holders will sell for $.85-
I am not so sure. Now, if inmet brings some offer north of $1 – all bets are off.
But my question to anyone – Can Inmet proceed without buying Petaquilla? I am sure Fifer knows the answer. If we all knew it – then we could‘ve hold on for much higher pay-off.

Of cause USB will help with evaluation, just in case.
It will not surprise me if their evaluation will be higher than Zack’s something in the neighborhood of $2.30 , that’s what company worth today.
But one more time for those who cannot read:
"UBS has been engaged to assist the Company and its board of directors in their evaluation of Inmet Mining Corporation's previously announced intention to make an offer to acquire all of the outstanding common shares of the Company, as well as their consideration of a full range of strategic alternatives."
Still, it is mind boggling that well known, multinational and experienced corporation as Inmet fail to secure a proper land deal or they missed something we do not aware of.
But deal was looked over and over again by very good, well paid seasoned Inmet’s lawyers. So what happened?!
I really would like to know if Inmets want Petaquilla as a little bonus and simply inconvenience in their plans or they cannot proceed without buying Petaquilla, if they not-
All bets are off, then money will be no object and nothing will stop them, and that is why we need USB.

Yes, another small possibility – maybe Fifer put PP on hold while negotiating with Inmet (that is why PP never started until now), once negotiations broke down – PP continues again.
I anticipate Inmet will have to place some kind of premium on today’s SP. It is no way he will offer .60 – it has to be some percentage higher.

Some people should use brokers for financial advice.
How stupid is his comment?! If I am a banker and PTQ comes to me for the money, would I be worried about Inmet credit ratings?!!! Inmets offer can not stop 210 mil PP, opposite is true -it makes it more secure!!!
For crying loud, it is soo fundamental ! Unbelievable !

Savlo, Fifer does not have to do anything, he already rejected a deal. That is why Inmet going behind with hostile takeover, directly to a shareholders, comprendo?
Paraphrasing AllState commercial: It’s in our hands.

Savlo don't you understand plain English? Company is not for sale.
They are proceding with 210ml PP.
In two weeks you might get e-mail offer from Inmet and company will recomend to reject it. Kapish?

This is bunch of BS. I am sure that a privet offer from Inmet to Petaquilla (much higher then $.60) was already made-
Richard rejected it – and that is why Inmet was using Martinelli to put some pressure, it did not worked either. So here comes hostile takeover…
Fifer is not selling the company and they are proceeding with 210mil.PP.
Every vote will count because a lot of traders bought recently and have no interest in keeping it for growth but a quick double.
I think company is worth much more then even Zacks estimate.
PDI has a huge potential and I want it.
NO !!!

Wish you would drive your point much stronger, I did not realize it was near Inmet’s property, we could've put few folks together and buy that thing… Oh well. ;o))

Different view can be constructive, but when someone asking same question over and over again after somebody gave him intelligent answer – it can be aggravating.
It’s like 300 oz…. 300oz… like a Cacadu. Annual report is an old news, it finished in May!!!
Why can he understand that we have production in June, July, August , September and new machinery is getting install. I don’t care if we produce 500oz then 600 and 700 as long as we improving.
But bringing 300 oz. 15 times a day ( thanks God it is his limit) for crying loud!!!

I agree. One thing to have a different but intelligent opinion and at least try to understand the other view – but call everyone who disagree with his extreme pessimistic view a “Basher”?! Give me a break. With constant whining (similar to PMC) he drives people of the board and it is a shame. Loj did a good job but it is out of his hands now. I am personally looking for other board to share my opinion, even on SH or Inmet. Of cause jal posts as a goldpet on SH but not as often.
If he would cut down his constant bashing here – I would not mind, but reading time after time: Fifer this and that and how bad they are.
Forget it.

Mineral Recoveries

During our fiscal year ended May 31, 2012, we mined 3,217,378 tons of ore (May 31, 2011 – 1,670,354) with a content of 1.34 (May 31, 2011 – 1.60) g/t of gold, totaling 138,152 (May 31, 2011 – 86,161) ounces of gold before recovery. In addition, we mined a total of 2,453,201 (May 31, 2011 – 2,119,067) tons of waste. Total tons of rock mined during the fiscal year ended May 31, 2012 was 5,670,579 (May 31, 2011 – 3,789,421).

At the plant, during our fiscal year ended May 31, 2012, we milled 608,984 (May 31, 2011 - 694,179) tons of ore, with a content of 3.44 (May 31, 2011 – 2.86) g/t of gold. The stated capacity of the plant is 2,500 tons per day resulting in annual capacity of 912,500. Total recovery for the 2012 fiscal year was 90%, the same as in the 2011 fiscal year and total gold produced was 68,002 (May 31, 2011 - 55,566) ounces.

For the year ended May 31, 2012, we produced 68,002 gold ounces (May 31, 2011 – 55,566 gold ounces) and sold a total of 62,870 gold equivalent ounces as compared to 54,617 gold equivalent ounces sold during our 2011 fiscal year. As at May 31, 2012, we also held 95,897 (May 31, 2011 – 25,088) stockpiled gold ounces for our leach pad project.

As at May 31, 2012, our stockpiled ore consisted of:

746,553 tonnes at 1.81 g/t Au, equating 43,390 oz Au; and

2,964,825 tonnes at 0.55 g/t Au, equating 52,507 oz Au

Total: 3,711,378 tonnes @ 0.80 g/t Au = 95,897 oz Au As at May 31, 2011, our stockpiled ore consisted of :

115,186 tonnes at 1.72 g/t Au, equating 6,376 oz Au; and

987,798 tonnes at 0.59 g/t Au, equating 18,712 oz Au

Total : 1,102,984 tonnes @ 0.71 g/t Au = 25,088 oz Au Our planned leach recovery for the low grade ore stockpiles is 81.4%. Estimates of recoverable gold are calculated from the quantities of ore in measured tonnes added to the stockpile, the grade of ore in the stockpile based on assay data, and a recovery percentage based on ore type. Based on our work performed we believe our stockpiled amounts are recoverable based on current and expected market gold prices and costs required to convert the stockpiled ore into marketable gold ounces.

They want it - we got it.

"Cobre Panama project advances on development of quarries required for the construction

The first of the Cobre Panama quarries is being developed in accordance with the project schedule and will produce up to 100,000 cubic meters of aggregate materials, which will be used in the construction of the mining project. This quarry was permitted by the National Environmental Authority and the Ministry of Trade and Industry. The first blast in this quarry took place on August 3rd and the first aggregate was produced that same month.
In addition to this quarry, other quarries are being developed for the project, including Camino Corto Quarry, which is expected to be in production on November 2012, the larger Botija Quarry, scheduled for production in Q2 2013, as well as additional quarries at the port site and the tailings management facility.

DENVER () -

The annual Denver Gold Forum has been over the years perhaps the most significant, and best respected investment related gold mining conference held anywhere in the world - and the organisers, The Denver Gold Group's policy of placing restrictions on the size and quality of the companies presenting, and the quality of the audience, which again is strictly controlled, helps maintain this position.

While the founders of the event, who set it up some 23 years ago, might not recognise the conference as it is today, commercial necessities have meant it has developed from one at which presenting was restricted entirely to senior gold mining companies, and the audience to the institutional investment sector. Gradually some of these restrictions have been relaxed and nowadays it encompasses the major gold miners, who are all present, along with mid tier and junior miners and explorers who have to meet certain market capitalisation criteria to get on the programme, or even to attend as delegates.

There was talk around the conference this year that given the very poor performance of precious metals stocks on the markets there could be as many as 800 junior mining companies unable to survive unless there is a rapid turnaround, which seems unlikely, although the latest U.S. Fed stimulus announcement may provide a little respite given the big upwards kick it gave to the gold price. However the imposed criteria for attending the Denver Gold Forum means that it is unlikely any of those juniors partipating will fall into the extremely vulnerable category - but the poor stock performance of virtually all precious metals companies over the past two years, following the big recoveries from the 2008 crash, did indeed colour the atmosphere and things did seem remarkably subdued despite the sharp rises in the gold and silver prices in the couple of weeks ahead of it.

But nonetheless the conference broke new attendance records according to the organisers, and perhaps more impressive still were the number of one-on-one meetings with more than 5,000 of such requests actioned.

The attendee experience has also improved over the years and this year in particular the organisation was very impressive. This year too there were three special evening receptions where specific groups of junior mining companies got the opportunity to gain some person-to person exposure over and above the opportunities to present in the conference proper.

Keynote conference speakers included Pierre Lassonde and Don Coxe during the main sessions and there were also luncheon presentations by Dr. Thomas Barnett and Matthew Bishop, although the attendance at these luncheons is at extra cost and with numbers thus limited - but at least this year there was a cold lunch available for delegates who did not have tickets to the special lunchtime sessions. However it is a shame that all the delegates do not get access to these interesting presentations.

Another excellent feature was the availability of live webcasts of all the company presentations. Indeed if all one wanted to do at the event was listen to the individual company presentations one could save oneself the travel costs and watch them from home! However the keynote addresses were not available live and anyway the main reason most will have attended the event was for the extensive networking opportunities with key players in the industry from both the mining company corporate and the financial sectors.

Of the main conference keynotes, that from Don Coxe in particular provided a whole batch of very quotable statements - notably: "Richard Nixon should be the patron saint of gold investors","The best climate I have ever seen for increase in the gold price", Bernanke's policies are financial heroin", Prepare for significantly higher increases in the gold price which are inevitable and better performance in gold stocks", "Alan Greenspan the most overrated Fed chairman". He described the Swiss tieing the Franc to the Euro as jumping on to a sinking ship;The setting up of the Euro as an assault on best financial principles and that it wouldn't work as the founders couldn't even agree on a head to have on the currency; and that the U.S. election outcome will see current economic strategies continue regardless of who is elected. He also predicted a new gold rush into gold mining stocks. I think there's little doubt where Coxe stands on gold and the U.S. economy.

Pierre Lassonde, in his keynote on the first full day of the event also pointed to the poor performance of gold stocks vs gold bullion with the latter rising twice as much as the former over the past ten years, and pointed to some of the factors leading to investor disillusionment in gold equities. However he saw the demand side for gold as never being more robust - in particular as wealth grows in India and China where there is a tradition of gold holding, the rise of the gold ETF and of Central Banks coming back into the market to increase their holdings. He ended with the point that on past peaks gold has been at a level of one-to-one with the Dow, with an implication that gold should perhaps rise to $13,000 should the Dow index remain unchanged - or as could be interpreted from this perhaps the Dow could fall to $1750 if the gold price remains unchanged! Whichever, it would mean that he feels that gold should substantially outperform the Dow.

Bur a gold forum of this type will naturally be populated by gold believers - the miners out of necessity and the investors out of commitment. A gold bear would be uncommon amongst this group of people, although there wilol probably have been some analysts present with a fairly balanced viewpoint.

Overall the Denver Gold Forum 2012 was an excellent meeting - largely as noted at the start of this article because of the selective choice of all the participants by the organisers. If you want to attend future events you can apply to www.Denvergold.org and if you meet the criteria you will be offered the opportunity. You may also go to the website to view all the company presentations in webcasts. The next event in the Denver Gold Group's main meetings calendar will be next year's European Gold Forum which runs from April 16th to 18th in Zurich and the Denver Gold Forum from September 22nd to 25th in Denver.

Chen you don't understand his humor. His true predictions actually coming true.

Inmet put out this article:
"Minera Panama progressing well shortcut your way to the Cobre Panama project - With an investment of B /. 9.15 million, Minera Panama builds a direct path to your project called "Diversion Molejón", 3.9 kms. - This shortcut is totally ignores the current route that passes through the mine Petaquilla Gold Molejón
(Panama, September 11, 2012) Minera Panama improving road access routes to the Cobre Panama project. With these improvements in infrastructure, you create a shortcut to the mine site. Direct access to the project area is known as Forward Molejón and dispenses entirely of the current route that passes through the gold mine operated by the company Molejón Petaquilla Gold.

Forward Molejón, with 3.9 km at a cost of B /. 9.15 Millions of Dollars, is progressing well, meeting the expected times. Forward Molejón have permission of the National Environmental Authority (Category 2) and the Ministry of Public Works. Its construction began in November 2011 and is expected to be fully operational in the next four months. Currently, Molejón Forward is enabled to transport specialized equipment and four-wheel drive car, operated by Minera Panama drivers trained in safety.

I am a bit puzzled with this statement, if it’s true:
“ Mr. Fifer said he reached out to the company to try to open negotiations. “
My understanding that Inmet’s hostile takeover is not welcome by Petaquilla BOD.
Petaquilla is Fifer’s baby, why would he wanted to sell it?

Now is a good exit point for those
who don’t trust “these people”. I am intended to do very well with them.

From Denver:

DENVER (MINEWEB) - Global commodities strategist Don Coxe declares now "is the best climate I have ever seen for an increase in gold prices." During an address to Denver Gold Forum conference, Coxe urged fund managers, mining analysts, and mining executives to prepare for significantly higher gold prices and higher gold mining stock valuations. He believes a "lustrous" rally in gold mining stocks will happen before a year passes. "The opportunities ahead are the best I've seen," Coxe declared. Although Coxe admitted the stock market could be better for junior mining and exploration companies, he feels a new gold rush is ahead for investment in gold mining stocks. While capital cost over-runs and project financing concerns are, at times, making things difficult for mining companies in their relationships with investors, Coxe suggested the mining industry is regrouping and rebuilding and will be prepared to capitalize on higher gold prices.

Chen, show some respect to fellow posters, no personal attacks here. TX.

•During 2008, the Guadalquivir River Basin (Inmet) failed to detect an alleged unauthorized decrease of 75 thousand cubic meters of water from the aquifer Fog Posadas and practice of 20 polls unauthorized dumping material arsenic and other pollutants to the water channel .
Inmet Mining, which owns the concession of Donoso copper mine and has proposed a hostile takeover bid by Petaquilla Gold, faced a setback in its biggest mining project in operation now.

The Guadalquivir River Basin (CHG), in Spain, opened a new proceeding against its subsidiary "Cobre las Cruces" for an alleged breach of the authorization for its drainage and reinjection system (RDS), thanks to which this mine exploits the Niebla-Posadas aquifer, reported the Spanish newspaper El Mundo.

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Thanks, mjk. Inmet forgot they are guests in Panama. Petaquilla reminded them very fast who owns this turf.
Good work by Richard.

So it is now ball in the Inmet’s corner, the market spoke-out.
I would anticipate official offer with 30% premium of today SP.
Something in the neighborhood of $.80-sh a share.

They can easily take the offer of the table and watch how traders jump-of, driving the stock to low $.40 – then comeback with another slightly better offer in $.50-sh … it is a game , people. Inmet is no more hostile then any other company , just a business.

OT. Look-out, more money printing in Europe, here goes gold again:

Merkel looks for deal to keep Greece in euro zone – magazine
Sat Sep 8, 2012 9:57pm BST

(Reuters) – German Chancellor Angela Merkel had reached the view that Greece must not be allowed to leave the euro zone in the autumn and is prepared to grant Athens more flexibility over its bailout payments, der Spiegel magazine wrote on Saturday.

Greece has made scant progress on the economic reforms it has promised its international lenders in return for more cash.

But Merkel sees the necessity of avoiding a third aid programme for Athens given the difficulty of getting it passed in the German parliament amid growing bailout fatigue, der Spiegel said, without naming its sources.

It cited the chancellor as telling her inner circle: "We must find a solution".

That would involve re-organising the current aid package, for example by increasing upcoming tranches in return for reducing later ones, it said.

Greece’s ‘troika’ of international lenders will probably not take a decision on the country’s future until early November as their report will take longer than expected to deliver, the magazine cited diplomatic sources as saying.

I think it is pointless to argue to sell or not. There are two sides to each coin.

On one side someone who just bought PTQ during the summer and was lucky to get in with such a low SP as between $.30 and .40- selling for $1.20 represents nice quick triple or even quadruple profit. But for “ Longs” as most of us on this board , who managed to average down to upper $.50 and .60- $1.20-sh would represent a double, not bad but if you look in to amount of Time we invested in the company,

all that research and effort, most of Longs here at least two years and even longer- so suddenly 100% profit divide by two years represent 50% per year on your original investment. What if you were invested with company three or 4 years – then you making 25% on your money. I am not complaining, but if someone waited 4 years – for him another 4 years would give him 10-bagger. Especially if PDI spin-off goes thru and $ 210 mil. PP completed .

At the end of the day – it is not we who are going to make a decision, but Sprott, Libra, Richard Fifer, PP holders and etc.

Regardless, Inmet did us a huge favor- put us on a map big time, for whole world to see. It was hard for longs to hang there and not to sell. Most of us believed in Petaquilla , some just got stuck ;o) Personally unless I roll my shares into Inmet stock- I am facing big taxes and no loses to ofset,so I am with german and mjk and the rest,but no hard feeling towards traders either.

Congrats and let’s make a lot of money!

German Investor, "guten-Tag".
I agree with your estimates , the only difference would be evaluation . You are giving x10 , I would stay conservative with x5 = $5 a share still is a good deal.

Is there any chance/scenario that we can keep PDI?

German Investor absolutely correct. Inmett can not build the road to the port without going thru Petaquilla property.
We hold the cards, if people would understand that, I hope PP holders do.