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WOW that was the fasted reply I have ever received from a Company...let alone PTQ.
Dear Jeff,
The Iberian Resources referred in the PR is Iberian Resources Unipessoal,
Lda. a Portuguese subsidiary of Australian Iron Ore Plc. since January 2009.
Before that, it belonged to an Australian company called Iberian Resources
Ltd, merged in 2007 with Tamaya Resources Plc
Regards,
Natalia Sokolova
VP, Investor Relations
Colt Resources, Inc
TSX-V: GTP, OTCQX: COLTF, FWB: P01
+1-917-574-2312 Main
+7-985-180-4888 Russian mobile
+44-792-448-6403 UK mobile
+1-646-219-3341 Fax
nsokolova@coltresources.com
skype: sggworld
http://www.coltresources.com
http://www.linkedin.com/in/nsokolova
MJK just remember if one person has a question about something, then there are a lot more out there that also share the same sentiment.
Is PTQ relying on COLTs PR to advise our own investors about a great business transaction ????? Why wouldn't we (PTQ) put something out to TOOT our own horn ?
Hey JAL I just emailed COLT and specifically asked whether it was Iberian Resources Ltd or Iberian Resources Corp (PTQ). I'll let yah know !.
I won't be going as work gets in the way of the conference but it's safe to say that you are going and/or you are already there.
Enjoy the conference and I truly hope that PTQ "wows" the visitors.
LOJ...great work on the 2012 valuation...I am with you on all fronts, but of course cautiously optimistic. If we are able to obtain these numbers let alone what PTQ has predicted for the Company and the SP fails to fly, then Im said to say NOTHING else will help.
I keep reading articles about how gold is the be all to end all in these unknown economic days accompanied with the fact that the majority of the miners are waaaaaaaay undervalued at this point and will soon catch up. I hope this recipe will assist our little company in the months to come.
As for gold we are standing strong and I personally don't think we will go below $1600.00 as a bottom.
P.S. Good find on the LP deal as well.
The debate on the "new and improved" mining law has finally commenced. Putting aside a few attempts to quash it (which will prove fruitless), this will set the footings for who, where and what can be done in Panama as it pertains to mining.
Even though everyone knows that this law had "nothing to do with us", hopefully it will ease other investors who were concerned when it comes to investing in Panama.
Will the SP rise when this is concluded...doubt it.
Transparency..
transparency |tran'spar?nse|
noun ( pl. -cies)
1 the condition of being transparent : the transparency of ice.
2 an image, text, or positive transparent photograph printed on transparent plastic or glass, able to be viewed using a projector.
ORIGIN late 16th cent. (as a general term denoting a transparent object): from medieval Latin transparentia, from transparent- ‘shining through’ (see transparent ).
Has anyone looked at other company's PR's (I'm being sarcastic of course)...for example INMET. INMET is consistent. Their latest is as follows...
Toronto, Canada – TSX: IMN Inmet Mining Corporation (Inmet) will be releasing its third quarter results on Thursday, October 27, 2011 after the close of trading and will conduct a live audio webcast and conference call discussing the results on Friday, October 28, 2011 at 8:30 a.m. Eastern Time. The call will be hosted by Jochen Tilk, President and Chief Executive Officer.
THEY offer specific TIME FRAMES and then they FOLLOW UP on the info that is given out to it's shareholders. That is what we need. We need to be consistent with the flow of information, or at the least better updates. Not getting valuable info is like administering "water torture".
So I ask...WHERE THE HELL ARE ALL OF OUR UPDATES ???????
JOV.....everyone always states the obvious......wait....wait...wait. I realize that generally all the PM miners are down because of world events and no one can do anything about that. But solely based on what we have accomplished such as our books, our production numbers, our most recent acquisitions, heap leaching on board to boost our numbers, self promotion, environ studies, EPS,etc etc etc.....Even though we seem to be doing very well the SP is drowning right now.
In regards to the "buyback", why wouldn't they be buying the max at these prices each day to bolster the SP. I'll answer that ......they never had any intention in doing that....it is quite obvious now and we all seem to be in agreement about that.
What will it take to get more of the big boys interested in our Company? A lot of people state that we are "under the radar" and that no one knows about us........I would have to disagree. We have been around a while and we are well known.
If something isn't carved in stone by the end on this current year in regards to the PDI spinoff....then let's just say I really wouldn't be that surprised all things considered.
Will they WOW the pants off of the investors in New Orleans...who knows.
Have you gentlemen read the corp presentation on PTQ's website lately. ????????
Just curious because I don't remember seeing this one (if it;s old I must be a mushroom !)
Later
VB with all due respect are you kidding me? I think anyone and EVERYONE who has a dime invested in this company cares what happened. The only reality that exists is that the SP is constantly going south both on small volume and on large volume as was witnessed yesterday.
Speculations, conspiracy theories......I know that these boards are for discussion but I try not to fall into that trap. I would rather see it printed on a PR or in the news so I know for sure what the hell is going on.
Lately it seems that we have been thrown off of a cliff and yes it is the time to buy (funds permitting) if you think that this is the bottom.....but is it the bottom??????
I have been told many times to remain patient, but I am starting to run short of it...patience that is.
Two things are for certain....the mine is still producing gold which is our bread and butter and results are coming out in a handful of days.
WTF is going on with the amount of shares that have been traded thus far ? We are over 3 mil already on the TSX ALONE and its not even 11 am.
Don't get me going about these damn bail out packages and the rest of the world imploding because it just makes me sick. Like they never saw ANY of this coming.....unreal.
I don't know anymore what will raise our SP....will it happen after the world gets its head out of its ass????? Do we need to have more consecutive improved quarters???? Do we need to be more transparent????? Do we need to produce a lot more gold???? Do we need to get rid of the management team?????? Do we need the mining law wrapped up??????? DO we need to be eaten up by a reputable company????? Who the hell knows.
Putting world events aside, we should be a lot higher !
The share buyback makes me go hmmmmmm. I know that we have discussed this topic in the past but what I can't comprehend is that the Company purchased shares up to the .90 level. Wouldn't it make sense to gobble up these cheap shares considering recent events at hand (the world imploding).
Just a thought.
And in regards to the new mining law...thank you for your input. I just wish they would deal with this damn issue already and get it off the table.
This is what I don't understand about the old, new, revoked soon to be "new mining law". Back in the day there was a PR if not TWO advising people that this law has absolutely NOTHING to do with us as a whole. Even when the New law was passed it DID NOT affect the SP so why would it now ? Will it settle the "nervous Nelly" ???
Are we to "assume" that until this new law passes interest in PTQ is all but gone due to the fact that investors are paranoid until they see a written law and in turn they will be set at ease ??????
Like I said.....when the original law passed, IMHO nobody really cared (or it seemed to me to be that way). I think this is just another piece of the puzzle.
Did you guys read this from CRDY (AKA MJK) on SH
"1 h 0 min ago At noon today, Wednesday,September 28, the members of the Panamanian Party, Jose Maria "Junior"Lay Milanes Luis Herrera and enrolled in the ruling party DemocraticChange (CD). It was not "hype or fanfare "but did not call the press and without much noise........Thus, the CD is a caucus of 35 deputies and Panamemismo is reduced to 18. CDSeries 35, 19 adding to MOLIRENA Panameñista Jorge Alberto Rosas, 16PRD and Irene Gallegos, the only member of the Popular Party (PP)."
This is very important for New Mining Code and PDI contracts for the next four years!! The National Assembly is a one chamber legislative branch where the absolute majority rules. There are just 70 Diputados. This change of party removes two from the Panamistas of Varela and gives Martinelli's and Fifer's Cambio Democatico, (CD), slam dunk de facto control of the NA. Nothing can be done without concurrence of someone from CD now that they have 35 votes within the caucus. You can bet the bank that at least one more Diputado will change and join CD within the next thirty days. Then that will cement total control of the Legislature and all contracts, laws, and agendas. PRD the opposition party in the last election that had move strongly to the left is now in 4th place and has no effective power.
With the appointment next month of three more judges to the Supreme Court, raising the total from nine to twelve, Martinelli will have personally appointed seven of the sitting judges and has another one who is his supporter in any case. That gives him and 8 to 4 conservative majority on the court, seven of which are his personal appointments.
Any political interference with Petaquilla, if there ever was any sort of a serious threat which I doubt, is definitely off the table. On the contrary whatever Inmet or Petaquilla needs will be forthcoming along with a lot of infrastructure contracts for PDI directly from the government. Remember the five year plan is to grow our part of the country before anything else.
Love it when a plan comes together...now the founders of our new Cambio Democratico Party that includes Richard Fifer and President Martinelli have total control of the all three branches of government.
Don't forget that Global Bank where Martinelli is Director is the prime lender to PDI!
Affect our share price short term?? Probably not, since the retail market has no clue about Panama and is completely ignorant about the long term significance of current events. Just remember you heard it here first and you have the opportunity to inquire for yourself and make a prudent judgment.
Crdy
This article is from STOCKHOUSE dated Sept 24 and the author is Peter KENNEDY. Sorry for not having having the link...I just got a MAC and Im trying to figure this thing out.
Analyst says the selloff in global stock markets will inevitably shake up the junior exploration sector, a move that is expected to favour cash-rich companies run by experienced managers.
Mining industry veterans eyeing Thursday’s market selloff are forecasting a shakeout at the speculative end of the market as financing for mineral exploration dries up.
“If you are a junior mining company in the exploration world, you will probably have a very difficult time raising money, especially in a volatile market,’’ said Joe Mazumdar, a senior market analyst with Haywood Securities in Vancouver.
Mazumdar said it means investors with an appetite for risk will soon be looking around for cashed-up companies, with projects in low-risk jurisdictions that are already financed and headed by management teams with a proven track record for exploration and development success.
“There is a lot of aversion to risk out there,’’ he said.
One industry veteran agreed with that view. Having experienced all of the exploration game's highs and lows, Silver Quest Resources Ltd. (TSX: V.SQI, Stock Forum) chief executive officer Randy Turner understands how important it is to have money in the bank when markets are in selloff mode.
Fourteen years ago, Turner was working to raise $10 million for a Northwest Territories diamond project that was owned by Winspear Resources Ltd. He managed to close the deal just three days before it was discovered that the Bre-X Minerals gold discovery was really a scam.
It was a move that proved pivotal for Winspear. As financing in the junior end of the market temporarily died up, Winspear was able to use that money to develop its Snap Lake diamond project. Winspear was acquired by De Beers Consolidated Mines in September 2000 in a $305 million deal.
Over a decade later, Turner is running Silver Quest Resources, a Vancouver junior with gold exploration projects in the Canadian Yukon and north central British Columbia.
On September 19, Silver Quest’s joint venture partner New Gold Inc. (TSX: T.NGD, Stock Forum) unveiled an updated NI 43-101 compliant resource estimate for the Davidson property near Vanderhoof, which is thought to host 2.2 million ounces of gold in the drill indicated category.
Since the start of July, Silver Quest has seen its stock price tumble from a high of $1.28 to 85 cents, leaving the junior with a market cap of $92 million, based on 109 million shares outstanding.
But in an interview with Stockhouse, Turner said it is business as usual for Silver Quest, which has about $15 million in cash.
The company already has sufficient cash to fund exploration on the flagship Davidson property through to the middle of next year. And since field programs on the junior's other properties are winding down with the approach of winter, Turner said the company will be largely unaffected by this week’s market gyrations.
Meanwhile, as investors opt for the safety of bonds and dividend paying equities, Haywood’s Mazumdar said he has been taking calls from people who believe that the price of gold will recover from Friday’s record freefall – in which spot bullion fell US$101.70 an ounce to US$1637.70 – and are looking for so- called value plays or companies with good stories to tell.
“You get questions from investors who have a long term view of a certain commodity and are looking basically to bottom pick and get those stocks that are highly valued in an environment where [they think] the gold price is going up,’’ he said.
It is why this week’s selloff can deliver benefits to investors and companies, analyts say.
Investors benefit by having the opportunity to pick up value plays at lower prices. The richer companies have the chance to stake and acquire properties that are made available by companies needing cash to meet their commitments.
Meanwhile, even if precious metal prices recover quickly, Turner thinks it may be a while before investors regain their appetite for excessive risk. “The volatility that is persisting in the market place right now is putting a lot of people on edge,’’ he said.
ABOUT THE AUTHOR
Peter Kennedy
Peter Kennedy is a Stockhouse reporter and web content editor.
NEWS>>>
Petaquilla Minerals Ltd PTQ
9/22/2011 9:15:00 AM
VANCOUVER, BRITISH COLUMBIA, Sep 22, 2011 (Marketwire via COMTEX News Network) --
Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z)(the "Company") is pleased to announce that its wholly-owned subsidiary, Petaquilla Gold, S.A., a signatory of the International Cyanide Management Code (the "Code"), has been audited by a lead auditor and a technical expert as part of the final process to become certified by the International Cyanide Management Institute ("ICMI").
Companies that are signatories to the Code must have their operations audited by an independent third party to demonstrate their compliance with the Code. In this regard, Petaquilla Gold, S.A., once certified by the ICMI, will join only 14 other gold mining companies worldwide possessing this certification.
Within the next two months the technical expert will conclude a final review of the Company's Molejon Gold Project to confirm compliance with minor recommendations prior to submitting the final report to ICMI for issuance of the official certification.
The ICMI was established to administer the Code, to promote the Code's adoption and implementation, to evaluate its implementation, to manage the certification process and to make information on safe cyanide management practices widely available.
The Code is a voluntary industry program covering the manufacture, transport and use of cyanide in the gold mining industry. The Company supports the promotion of responsible management of cyanide used in gold mining for the purpose of enhancing the protection of human health and reducing the potential of environmental impacts.
About Petaquilla Minerals Ltd. Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of its 100% owned 842 square kilometre concession lands in Panama - a region known historically for gold content. In addition, the Company has acquired 100% of the Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.
Thanxs ANSKI
Does anyone have recent numbers for the share buyback ????? Since the announcement we have had approx. 56 trading days that the Company has had the opportunity to repurchase said shares (start date of July 4th, 2011). My math may be way off but I'll give it a try anyhow......
56 trading days X 170 958 (maximum allowable per day) = 9 573 648 shares if the MAX was purchased each and every day which we know has not transpired nor did we expect.
We are slowly creeping up to the $1.00 mark so wouldn't it be prudent to gobble up these "cheap shares" now while they are allowed too considering we have been allotted 17 000 000 to repurchase up until July 3, 2012 ?????
I too am "content" with daily operations and the fact that HL is now on line but PTQ really has to show their cards when they sit down at the table. That has been their downfall over the years.
IMO I think the buyback is smoke and mirrors.
Tomorrow should be very interesting as PTQ seems to be turning the corner. First of all I for one am pleasantly surprised that they are sticking to their guns in regards to updating the retail investor about what has and or will be occurring in the near distant future. I realize that this is only the 2nd CC but it's TWO more than we have EVER had. They NEED to keep them coming.
It will be hard to tell what FIFER will discuss at the fore front as there really is A LOT of news to come down the pipe and ONLY 30 minutes allotted. As JAL stated in a previous post there is not enough time to discuss questions and obtain a thorough update on all events.
I am not even going to venture a guess at this point. I will just listen tomorrow and hope that the presentation fills in some voids.
When the CC occurs on Monday be rest assured that a lot of the questions we hope would get answered, will not be touched. However, going forward accompanied with the most recent PR, I predict RICHIE RICH will finally let the cat out of the bag about the spin off and perhaps throw us some other little nuggets to chomp on.
At the end of the day all I care about is that their numbers are up with that which they forecasted so investors aren't let down and the oz's keep on going up and up for each quarter.......oh yeah, and that we keep seeing GREEN on the ticker !!
Im bored.....so I am looking for the boards opinion on these warrants that are coming up in October 2011. Does PTQ leave the money on the table and "forget about it" or do they try to pump the stock up to $2.00 for the 30 days that are required to do so to exercise these babies ???????
If they walk away from all that money on the table they must be in a lot better position then we are aware of. Time will tell...tick tock...tick tock.
Good morning JAL....I think your feelings are shared across the board when you, I (and others) state that the SP will be knocked down when these shares enter the float. Once again I have never been apart of such a deal with such a large number of shares.
I realize in the long run that if this acquisition proves to be beneficial to the company the SP will reflect that and in turn move up but in the short term it will retract...SO to combat this I believe they need to let loose with GREAT PR's to counter this action OR they should be scooping up all those cheap shares as they stated.
PS..the more I read CRDY on SH, the more he does sound like...you know !
I agree with you in regards to only believing "official news" and not a single poster and that is why you have to take any and all info from ANYONE with a grain of salt.
What I find hilarious is that CRDY is calling the guy a liar and now the poster is defending himself. You can't pay for entertainment like this.
I think I'll just watch the SP because that is the ONLY thing that truly matters at the end of any given day.
This is from FOCUSED on the SH site...
Glad I was able to attend todays meeting re the Iberian acquisition.
Here's the quick and dirty...
Joao Manuel impressively handled some very tough questions from a significant investor that felt the deal was between 'freinds' and proper dd wasn't completed. I felt reassured after the discussion that we are acquiring a legit property after a thorough dd process which involved 3 major law firms to ensure no claims were outstanding -- this property is expected to have 3 million inferred oz's.Our cost is essentially for 10-12$ per ounce, substantial discount! Drilling/exploration has already commenced and the expectation is to have feasibility and work plan in place within 12-18 months.
Short term risk -- approx 2/3 of the 50million shares issued to Iberian shareholders are immediately free trading. These shares are at a cost of approx .35 to Iberian Shareholders, certainly incentive enough to sell and move on. 1/3 of the shares are held by insiders and who have signed a pool agreement which prohibits them from selling shares for 12 months.
Personally I am hoping to see the share price back in the low 60's so I can double my position.
PDI will soon be awarded the Inmet contract for the construction of roads and various buildings required for their project. The government should be issuing an approval of the environmental impact study in September. With respect to the PDI spin-out, due to the recent dilution the share distribution structure will likely be revised , still on track for 2012.
Moving forward expect Joao Manuel to be the face of PTQ - it seems like the board fully understands that Fifers past has been a dark cloud hanging over us and has deterred serious analyst coverage. A large-scale promotional campaign will be taking place over the next 2-3 months; road show, advertisements, engaging brokerage houses etc.
Based on our production profile we should be trading in the 2.00-3.00 range!
After todays meeting and observing the boards commitment, there's not doubt in my mind that we will be trading multiples higher over the next 2-3 years - exciting times ahead!
I have tried to obtain responses to my questions from Janet but it's the same old story...NO RESPONSE. Maybe it's my tone !
Well, something is going on today because we are up a nickel on the TSX as I type.
I have to try and be as optimistic as CRDY on SH !!!!! That dued is out of control...but good for him I guess....what ever gets him thru the day. I am just a realist not a dreamer.
Thanks ANSKI
Are we not coming up for the quarterly updates/call in session...I can't remember when we had the last one. I wonder how that will go. Are you guys still sending in questions ????
Well that was disappointing yesterday in regards to the SP. What makes me laugh is I distinctly remember people on this board and SH say..."wait till PTQ's books are audited by ERNST AND YOUNG"...that will make ALL the difference and then watch us take off ! Sorry to tell you boys we didn't even get "lift off"
Oh I know what I have to do.......WAIT for the next big event to occur.
I am more than certain that PTQ will be putting out a PR not only about the the vote, but a follow up to the report released yesterday and something about the PDI spinout. We shall see how people accept it.
LOJ...I cant remember whether I have said this or not in prior posts but the information that you , JAL and others offer on this board are welcomed, extremely informative and appreciated. BUT, at the end of the day all of that intelligent well researched info doesn't help the SP rise, for if it did the SP would be through the roof !!!!!
Thank you
Thanxs for the reply...I just couldn't figure out why a PR was put out about it either. More specifically not only did I receive the phone calls but the PR itself is prompting people to vote "YES". Talk about "high pressure sales".
Petaquilla Minerals Ltd.: Proxy Voting Firms Recommend that Shareholders Vote FOR the Issuance of Shares in Connection with the Acquisition of Iberian Resources Corp.
Food for thought...with these penny stocks, the SP is generally controlled by "anticipation". So, based on that I can't figure out WHY we don't go up based on all of the GREAT anticipated things that are yet to come.
Such as the audited books; no debt ; this quarters results; the vote at the end of the month; the forth mill about to come on line in the near future; updated 43-101 results; the new "new" law that was revoked that had NOTHING to do with us in the first place, etc etc etc.
And JAL, don't take any offence to this but what I have noticed about your posts is that you were once somewhat negative unless they (PTQ) proved themselves with FACTS instead of fluff. What has made you change your line of thinking to somewhat positive posts now ????? Is it the above mentioned paragraph ??????
One would think that based on the fact that someone gave them THIRTY MILLION DOLLARS to invest in the company, you would hope that those people would like to see a tidy return on it eventually. It doesn't take a genius to figure out that they are still down SUBSTANTIALLY.
I just returned back from holidays and I had received 4 messages from the proxy firm asking me to vote in favour of the vote. Did anyone else receive this type of message/request. PMC on SH states that it should be reported to the TSE.....any thoughts as I have never come across this before.
JAL/LOJ.....what in you opinion will happen to PTQ if this deal just dies off and goes away ? How will that affect us and of course our SP ? At this point after they released that PR I cant see them (Cambridge) backing down anytime soon...they would look like fools to their shareholders, but then so would we.
Let's talk about reality....here is the reality....we have TWO companies in dispute over the SAME piece of turf. Who is right and who is wrong....we shall see through the facts but IMO this is "probabaly" going to be tied up in the courts for some time to allow an impartial person to over-see this mess. Someone is blowing smoke up someones ass and I hope it comes out before the vote in question.
FYI
Cambridge Mineral Resources plc: Lomero Poyatos
Print ArticleEmail ArticlePosted on 07/26/11 at 8:26am by Benzinga Staff
I couldnt get the link to go on here .......
LONDON, UNITED KINGDOM--(Marketwire - July 26, 2011) - Cambridge Mineral Resources Plc (AIM:CMR) and Iberian Gold Plc (formally Harrogate Group Plc), have been receiving a number of emails and phone calls from potential investors of another Company and authorities both in the UK and Canada with reference to the rights to mine Lomero Poyatos.
We would like to make it absolutely clear that Recursos Metalicos SL is the only Company or entity that has the rights to mine and extract minerals from the property under a sixty year lease which expires in 2033 with an agreed thirty year extension from that date should Recursos Metallicos require it. The landlord is not entitled to exploit the minerals or mine the land which is the subject of the mining lease. The ground rent for the mining lease vested in Recursos Metallicos has been paid into the Spanish Court.
Recursos Metalicos SL is 100% owned by Iberian Gold Plc and Cambridge Mineral Resources Plc has an economic interest of about 80% in Iberian Gold Plc
Read more: [url]www.benzinga.com/pressreleases/11/07/m1802329/cambridge-mineral-resources-plc-lomero-poyatos
PTQMF - Friday close
PTQMF 0.715 7.04%
0.715 +0.047 (7.04%)
Avg. 119,041.00/98,610.00
Mkt cap 126.08M
P/E -
Div/yield -
EPS -0.14
Shares 176.34M
Beta 2.06
VB are you for real. If I "stick around" long enough in the near distant future to collect my FREE shares I will. And what the hell are you talking about them giving me some shares for the time that I have been on this board????? Do I get extra shares for riding this roller coaster as well over the time that I have??? Are you on glue !
You have no idea how long I have been with PTQ so with all due respect go put your head back in the sand.
I asked a reasonable question and you answer with crap. GFY
I have never actually been apart of a spinoff before so can someone tell me do I have to hold my shares until that specific day arrives late in 2012 or will they be grandfathered back a few months ??????
Just curious as I don't see myself sticking around that long anymore
Further, I was just looking over the PR's for 2011 when I came across the one dated March 8 which is in regards to the NI 43-101. This PR is now ALMOST FOUR months old...where the heck are the new results for phase two !?
Thanxs
NEWS !!!!!!!!
Petaquilla Minerals Ltd. Provides Update on the Acquisition of Iberian Resources Corp.
Petaquilla Minerals Ltd PTQ
6/27/2011 9:03:21 AM
VANCOUVER, BRITISH COLUMBIA, Jun 27, 2011 (MARKETWIRE via COMTEX News Network) --
Further to its news release of April 6, 2011, related to the proposed acquisition of Iberian Resources Corp. ("Iberian"), Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX: PTQ)(OTCBB: PTQMF)(FRANKFURT: P7Z) is pleased to announce that a definitive agreement (the "Amalgamation Agreement") has been entered into relating to the three-cornered amalgamation between the Company, Iberian and Petaquilla's wholly-owned subsidiary Petaquilla Holdings Ltd. ("PTQ Newco"). Pursuant to the Amalgamation Agreement, Iberian and PTQ Newco will amalgamate and continue as a wholly-owned subsidiary of the Company.
The Amalgamation Agreement was approved by the boards of each of the Company, Iberian and PTQ Newco. Further, the Company has been advised that the shareholders of Iberian have unanimously approved the amalgamation by way of a consent resolution.
The Company has recently become aware of certain claims made by third parties which suggest that the rights over the Lomero Poyatos property are in dispute. The Company has conducted thorough due diligence on the title of the Lomero Poyatos property, including obtaining an opinion of Spanish counsel which confirms that Iberian's wholly-owned Spanish affiliate, Corporacion de Recursos Ibericos S.L., has sole and exclusive ownership of the Lomero Poyatos concessions and the exclusive right to exploit the mineral rights in connection therewith. Assertions made by any third party claiming rights in connection with these same Lomero Poyatos concessions are, in the view of the Company, unfounded and wholly without merit.
Behre Dolbear has advised the Company that a National Instrument 43-101 compliant technical report on Iberian's material property, Lomero Poyatos, previously commissioned by Iberian, will soon be completed. Upon completion, the Company will promptly file the report on SEDAR. The Company is also in the process of finalizing its management proxy circular in connection with the meeting of the shareholders of Petaquilla to be held to consider the issuance of Petaquilla shares as consideration under the Iberian transaction. The Company's circular will be mailed to shareholders shortly thereafter.
About Petaquilla Minerals Ltd. Petaquilla Minerals Ltd. is a gold producer operating its gold processing plant at its 100% owned Molejon Gold Project in Panama. The Molejon mine site is located in the south central area of the Company's 100% owned 842 square kilometre concession lands, a region known historically for gold content.
Disclaimer. Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian and United States securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the proposed acquisition of Iberian. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.
On behalf of the Board of Directors of
PETAQUILLA MINERALS LTD.
Joao C. Manuel, Chief Executive Officer
No stock exchange has approved or disapproved the information contained herein.
Contacts: Petaquilla Minerals Ltd. Joao C. Manuel Chief Executive Officer (604) 694-0021 or Toll free: 1-877-694-0021 (604) 694-0063 (FAX) www.petaquilla.com
SOURCE: Petaquilla Minerals Ltd.
http://www.petaquilla.com
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