Don't look for short term Gappy Thingy.

As noted, January 15th is when things are scheduled to close. That coincides with the filing of Q2 Financial Statements and MD&A. Loji, it looks like this gives a little bump to your perfect storm diorama for April 15th.

Is the "island reversal" deal on, or is it safe to buy shares? Received e-mail confirmation this morning that shares bought now before the new record date is filed will still earn PDI shares.

Has the "gap" closed or are we still to wait for $0.35 to reinvest? This whole TA deal has me completely confused???? Do I sell short now until we reach $0.35 or buy based on fundamentals??? OH!! The horror of it all ...sell ...buy ...buy ...sell???? HELP ME "TA" GURU!!!

Anyone want to actually analyze what the bottom line financial impact of this deal will do to this quarter's EPS???

PDI is doing fine!!

Not worth less because of Inmet if they even survive their HT. Much more aggregate needed there and in other projects than is available. Our product is cheaper than anything else on the market.

When looking at costs you need to compare also what the PM facilities were costing us. At least $550,000 lost each month now on the gold price difference!! 90% of the junior mining industry cannot even borrow money at any terms right now. Also this will allow LP on site production much quicker!!

Effect on our share price probably negative...too much good news!!!

LOL!!!!!

1. You do not borrow more money than you need. Production increases, price of gold, lower costs made it unnecessary to borrow more!!! No warrants, no prepayment penalties, excellent terms allowing retirement of much more expensive debt. Pretend you don't really understand!!!!

2. Land deal will be done when Quantum and Inmet decide who we will be dealing with. Is that to hard to comprehend???

3. Richard will be at celebratory New Year's Dinner tonight. Sorry your invitation must have been lost in the mail!!!!

NO DILUTION!!! NO WARRANTS!!!!

OMG!!! WHERE'S MY GAP??? I CAN'T HEAR IT!!! HAS IT QUIT CALLING??? MAJOR ISLAND REVERSAL!!! SELL QUICK!!!!

Will anyone here actually congratulate Richard Fifer, Dr. Ramcharan, and our BOD?? Probably not...start whining ankle biters!!! Q3 Looks like a sure $0.08 EPS!!!

WE GOT THE MONEY!!!!!


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec 31, 2012) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (PTQ.TO)(PTQMF)(P7Z.F) announces that it has received and accepted an indicative term sheet for a loan facility from Red Kite Mine Finance Trust I (the "Lender") whereby the Lender has offered to provide the Company with a loan facility for an aggregate US$140,0000,000 (the "Loan") for the development, construction and working capital requirements of Petaquilla''s projects in Panama and Iberia.

Closing of the Loan facility, which is expected to occur on or about January 15, 2013, is subject to customary due diligence, regulatory approvals and final legal documentation reflecting the terms of the term sheet.

An initial tranche of US$90,000,000 will be available to the Company upon closing, with the subsequent US$50,000,000 to be released based on technical milestones, namely updated National Instrument 43-101 resource estimates on either of the Company''s two projects, Panama or Spain.

With the initial US$90,000,000, the Company will be able to, among other items, proceed with the payout of its existing gold and silver prepayment contracts and convertible loan with Deutsche Bank AG ("DB"), London Branch, effectively freeing an average of 1,500 gold ounces monthly, or approximately US$30,000,000 annual cash flow currently committed to such contracts. The DB payout will also free Petaquilla''s infrastructure division, Panama Desarrollo de Infraestructuras, S.A. ("PDI"), for spin-out to the shareholders during the first quarter of calendar 2013.

The net proceeds from the Loan, in addition to the additional annual cash flows resulting from the payout of the gold and silver prepayment contracts, will allow the Company to bring the Lomero-Poyatos project to its initial on-site production by mid-2014.

The Loan will mature five years from closing with the option to extend for a further one year, subject to the Company meeting certain milestones, and will permit early repayment without penalty. The Loan will bear interest at a base interest rate of the 3 month US$ LIBOR rate ("L"), subject to a minimum of 1%, plus an interest rate margin of L+750 basis points on the first US$90,000,000 of principal and L+850 basis points on the last US$50,000,000 of principal. Interest and principal shall be payable on a semi-annual basis with the first principal repayment due 18 months after closing of the Loan.

The Loan will be a secured obligation and its security will rank first to all existing indebtedness of the Company. The loan facility will be fully and unconditionally guaranteed, on a joint and several basis, by the Company''s existing and future subsidiaries and secured by all current and future assets of Petaquilla and its subsidiaries. PDI will be included as a guarantor until it is spun-off by Petaquilla.

Pursuant to the terms of the indicative term sheet, the Loan will be complemented by a gold off-take agreement and a copper, zinc and lead off-take agreement, each valid for seven years, covering the production of the Company''s projects in Panama and Spain and based on a discount of US$5.00 applicable to each troy ounce of gold sold by the Company.

The transaction is subject to originating fees which, combined with the implicit cost of the off-take terms, represent an all-in cost of the facility of 10.3%. No warrants are to be issued in connection with the transaction.

I was wondering where you were getting first class tickets to Europe from Panama for $3,000 each. I was hoping you'd introduce me to your travel agent.

Was thinking about PTY/HOU at that moment, I guess. Point was of course that PTQ is just to small a fish to trade, so $3,000.00 was enough to make the point. We generally fly in our own plane or a friends, and to tell the truth, I had not realized how much the dollar has deteriorated over the years.

People criticize how the country is run, yet it seems to be working much better than most. The future really looks good, with mining, the canal expansion, banking expanding, and of course tourism. Now if we can just develop some of these oil reserves!!

I think December will prove to be our best month of production ever. The long wait is almost over...2013 may be a vintage year!

As a further point. If you don't plan...

Go to Madrid tomorrow and stay a few days the best price on Orbitz right now is: $14,072.79 per ticket. That is exactly $56,291.16 for just your four tickets for the family!! Cost of trip to celebrate New Year with family including Hotels, Meals, etc. approximately $116,000.00. I can say with certainty, people in Panama with wealth are not obsessed with the share price of Petaquilla this week!!! Those with their own planes like President Martinelli will drop $500,000.00 on such a trip. JUST THE FACTS AND THE TRUTH...


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No point to obsess over wealth in Panama.

Petaquilla is much too small to have real wealth deeply involved in trading its shares. Putting aside the high volume of the HT that did attract some interest because of the quick easy money, caused by those who ignorantly thought the company would be sold, and provided a quick little profit, the original NCIB data showed that only about $50,000 dollars of stock is traded daily, world wide.

Four first class tickets Panama to Europe = $12,000.00
Hotels for a week with meals = $10,000.00
Four good overcoats for family (Burberry London)= $11,000.00
One new outfit for each in Paris = $16,000.00

That is more than Petaquilla's average daily trading worldwide just for Christmas shopping for wife and two kids!! When you add gifts for the extended family's children you have quickly spent another $20,000.00-$30,000.00.

The point I am making is that the wealthy class in Panama can easily spend on each family for Christmas more that Petaquilla trades world wide on a daily basis with many, many, individual trades.No one is seriously going to trade the penny stock!!

On the other hand, having one of your people slowly accumulate a large number of shares in the millions over time and hold it for the future is a reasonable goal and I know for certain that some are doing just that. Twenty families putting away two or three million shares would make a lot of sense. Particularly if they are in the loop and understand what the real future plans are for the company and believe it is a reasonable outcome.

Those who actually like to trade stock and commodities do so on the NYSE or in Chicago, London, Hong Kong, and Singapore. There also is/was trading in the Muslim markets, which are open on the western weekend, until the world there caught fire this past year. It is common for those trades to be middle six figures for some individuals on a daily basis.

So we can all look back to the steady progress of our little company that just keeps exploring, digging, processing, and selling, as it grows from a small acorn into a nice oak over a long time. In spite of criticism, we are fundamentally quite sound and have now reached another plateau in our climb to success. Will that be reflected in the share price? Probably not until the macro events in the world sort themselves out. In the meantime...life is good...beer is cold...steaks and langostas are on the "barbie" as Aussies say...and the surf is up!!!


FELIZ ANO NUEVO!!!

Salud...Amor...Pesetas...y tiempo para usarlos!!

Not familiar with tax liabilities.

"but I don't know why a Panamanian citizen or corporation would want to expose itself to additional tax liability."

However, I believe that if the purpose was long term accumulation and not trading the account, there would be only some sort of capital gain tax far down the road, if and when there was a sale. Security and secrecy would be the offset. If one were trading that is a whole different matter.

Until the HT volumes raised the daily trading number, the company traded less than 100,000 shares a day world wide. When you consider the number of stockholders, that is just pocket change for any serious investors individually. I don't think many Panamanians were involved in churning/trading for such small profits on a regular basis. Too many other fish to fry to waste time on this thinly traded company. I could be wrong, but that is how I see it.

carlosc, I do not know the number exactly...

and I am a little confused by "ownership directly" in the context. Certainly there is no necessity to run anything through Panamanian brokerages, and I really can't see any advantages.

During the hostile takeover attempt some of us did some informal inquiries and thought that about sixty or seventy million shares were under specific control of the group in Panama. That is significant, but not really very much money when you think about it. Basically, you had the "official" insiders, a group of institutional large holders, a Panamanian group, and a German/European group. We felt we could account for about 75-80% of the outstanding shares. The majority of the rest were in Canada, and a relatively small little group in the USA. It was obvious that there was sufficient control in the company, Panama, Germany,and institutions to hold onto the company without any problem. I think about 95% of the public chatter comes from within the smaller retail shareholder group that holds the 5-15% of the stock.

Another way to look at it, is that probably 100 people along with the "official" insiders and institutions control a solid majority of the vote. The most interesting thing to me is that Panamanian large shareholders come from all three of the main political parties. Money attracts money, and that is the way it has always been in this part of the world. Most of the Panamanians and Germans, I believe are here for the long haul, feeling that it is a ground floor opportunity to be part of something that will ultimately be a much larger mining sector.

As I am sure you know the political winds have blown back and forth each election since "Just Cause". However, with the money at stake nothing is going to stop development, and wealthy Panamanians of all stripes will have a piece of the pie. I am sure it irks most Panamanians to constantly hear their country run down by those whose own governments are a total disaster and whose growth is less that one fourth that of Panama. There is a lot of talk about stopping the exportation of gold from Panama, and instead having the government by 100% of production for the sovereign fund as a hedge against the failing dollar. If this is done at world spot prices it would actually be beneficial to our company. The Chinese would be in favor of such a move I am sure.

You're right I'm done, GDP up 10% again!!

USA is here this week asking to borrow money!!!!

Better to invest in some mines in Africa!!! LOL!!!

Or maybe Argentina!!! CNBC is talking about a 10,000 Dow!!

Whee!!! Whee!! Over the cliff of responsibility you go!!!

Gotta Luv that USA Government!!!! Come here and start over if you
have anything left. No taxes, no duties, immediate residency if you have any money. It you are broke...stay home!!! No nanny state here.

Record Production in December!!!! Petaquilla specific fundamentals great and improving rapidly!!! Budget Draft for calendar 2013 just completed. Looks great doesn't it. Whoops!! Mushrooms haven't seen it yet!! LOL!!! Aren't confidentiality agreements great???

Janet of IR in 2010 posted:

'It is impossible to know who owns shares of Petaquilla because of the existence of foundations, bearer shares, and corporations on and off shore in Panama.'

"(and there are plenty of legitimate, completely legal reasons to do so)"

Another non-issue from a non-existent problem whose impact on anything including the company is also non-existent.

Inmet, Quantum, PDI, PP, HT, production, reserves, LP, warrants, royalties, profits, quarterly reports, MD&A, new acquisitions, new contracts, etc. are far more interesting and impact the company.

Little dogs barking in the darkness as the caravan slowly moves by the camp. Maybe they just like to hear their sound and are trying to tell the world, "I exist!", even if I don't count or matter to the world.

TORONTO, CANADA--(Marketwire - Dec 28, 2012) - Inmet Mining Corporation ("Inmet") (IMN.TO) is pleased to announce that its subsidiary, Minera Panama S.A. (MPSA) has awarded the Cobre Panama mine pre-stripping contract to a joint venture of Salini S.p.A. and Impregilo S.p.A. The scope of work includes the pre-stripping of the Botija pit including the development of a rock quarry within the pit, development and maintenance of waste dumps, sediment control structures, haul routes and pads and platforms for ancillary facilities. With this award, commitments for the development of Cobre Panama now amount to US $4.1 billion of the total estimated capital cost of US $6.2 billion, consistent with our project execution plan.

Jff you keep trying...more DD needed.

Check out the internet "paper" you are quoting. Not even in Panama.

I believe it is one guy with a web site that cherry picks the news and then tries to write left leaning comments. He only publishes occasionally in most sections. Not to say he cannot be right or should be shut down, etc.. But C'mon Man!! At least use a credible source, even if it is the bias of Eisemann in La Prensa. Everyone in Panama knows the pro-con bias of all the papers. Newsroompanama does not exist.

"...No one is paying much attention to the possible harm incurred by the firm´s clients. Instead they´re focusing on a possible political angle coming from this woman Pellegrini, presently arrested for embezzlement of the assets of Financial´s clients, who during her interrogation said nothing about the funds she´s accused of appropriating but mentioned that there is a “secret” account that belongs to Ricardo Martinelli, a fact that is “public knowledge”. The first thing that stands out is how is it that a secret account be public? Anyway, the officers of the firm say that no such account exists so this alleged -secret but public account- embroilment looks like another fabricated scandal by B Eisenmann´s associates."

You must be short Petaquilla. News is coming in ten trading days so you need to cover. Under the Constitution of Panama The President appoints the Attorney General and I believe it is the same in the USA. I guess it makes better headline to say "Matinelli appointee" rejects the claim.

Again, thanks for posting "anything" on this dying board. Most just put up driveling inane phrases and do no analysis or DD. So your comments and posts are always welcomed, by this poster at least, whether they be right, left, or middle, of the political spectrum. There is also an anti-mining rag out there that is a twin to newsroompanama, but spouts the environmental angle. I believe they were the ones who brought the dead fish from the ocean up to Petaquilla, dumped them in the river and reported a cyanide caused fish kill by the company two years ago.

Bottom Line: No scandal, no traction, no story, no effect on Petaquilla or the share price. Lady will be lucky if she just goes to prison, bad as it is, since she stole a lot of money from some clients with deep pockets and bad tempers. Eisemann's troubles are just beginning and he too will eventually follow unless Panamistas win the next election, and there is zero chance of that. He is on the wrong side of CD and PRD and has been caught red handed stealing millions from the public for many years.

Carefully read the original article post.

It is full of factual errors itself. You must have noticed them. Then, as to accusations, there is not a wisp of smoke. Finally, if you correlate the dates, trading volumes, and historical share price with the Martinelli Global Bank loans to Petaquilla the absurdities stand out even further. I am really surprised that you bought into this and believe the tales told. If someone is actually manipulating the stock price for several years to achieve maximum returns since 2007 & 2008 they are not doing real well. ATH was $3.33 and we are now at about $0.48.

Those who bought large blocks back in 2002-2004 at $0.03-$0.04 are still doing pretty good even at $0.48. I think those are still up 1,600% even now. Sort of an irrelevant number since no one is planning to sell anyway. It did not take a trading genius to make 300%-500% over the last couple of years, if short term trading, and not investing is your goal. Only the guys on the lowest rung of the ladder actually sold at the lows and lost money. Everyone else has done fine...especially those who bought heavily at the summer lows the last couple of years.

We have now jumped to the next plateau in production and the resulting profits will reflect that, although we never know about the share price. Anyone who traded the stock and did not put in appropriate sale points to protect their short term investments deserve exactly the result they obtained.

It always fascinates me that there are actually fools who will buy a stock at $1.25 and then sit on it and let it run down to $0.30 and still hold it. If they expect in their judgement that it will return to $1.25, then of course they should average down in multiples. If they don't think it will return, then why do they continue to hold it and just whine??? If they bought it at $0.30 and rode it up to $1.25 and then back down to $0.30 then they are really stupid and should not even be investing.

Those who are here for the long haul, like at least three to five years as are most of the Germans, could really care less about the fluctuating interim share price, that is simply following the sector path. They only see a continuing opportunity to continue to accumulate future wealth very inexpensively and tax free. The important thing for us is the fundamental growth and potential of the company. The interim stuff, all the moaning and groaning, is just background chatter like in a schoolyard. I thought we would be at least at $3.00/share last September. (So much for my forecasts!!) But actually, my family will be much better off since it never climbed out of that three year hole; we have
accumulated many more shares than we would have otherwise.

2013 should be fun as the big boys tussle over Cobre Panama's copper. I received an e-mail this morning saying that Quantum will mail their offer to Inmet stockholders next week. I guess it will stay open for thirty days or so. (I do not know what the TSX rule is on that point.) Nine more trading days until our Q2 filing and FY 2013 is 60% behind us now. The SH guys say we won't hit $0.65 this FY. Wonder if they have it right??? I would like to see four shares for a buck just one more time this spring, but I doubt that will happen.

Pellegrini recants...

and admits she can not prove her accusations against Martinelli
27 | 12 | 2012 By Editor / Web
PANAMA AMERICA

"The prosecutor in charge of the investigation told me that the lady cannot certify any of her claims, because it had been reported only that she heard a rumor," said Jose Ayu Prado.

Pellegrini recants and admits she can not prove her accusations against Martinelli Jose Ayu Prado, Attorney General's Office.

"I am committed to the law": Ayu Prado

The Attorney General's Office, Jose Ayu Prado, reported that the expansion of the investigation to Mayte Pellegrini, main person accused in the embezzlement of the Pacific Financial brokerage, said she could not provide proof or evidence of her claims on the use insider, by the president, Ricardo Martinelli, to manipulate the shares of Petaquilla Minerals. "Thirteenth Attorney Specializing in Financial Crime, charged with the investigation told me that the lady not certify any of her claims because it was reported that she heard a rumor. Further stated that she worked on a floor and the situation happened in another office and never heard a particular name, "he told local media. Pellegrini had also ensured that the house Financial Pacific values had plans to create a bank called FP Bank, and partners listed as the President of the Republic, Ricardo Martinelli, and his son of the same name. Both, along with the rest of the directors were presented to employees in the Financial officiate. Meanwhile, Ayu Prado said that the prosecution can not and should not investigate the judges of the Supreme Court, the Members of the Assembly National President and the Vice President because it would be an abuse of authority.

AS I TOLD YOU...JUST A STORY WITHOUT ANY SUBSTANCE...POLITICARIA...NOW TURN TO THE CRISIS OF BARRO COLORADO FLOW OF RIVER DAMN THAT WILL BRING ELECTRICITY TO 10,000 INDIANS, BUT WILL REQUIRE RELOCATION OF SIX HOUSES! PRD AND UNIONS ORGANIZING TO SHUT DOWN ROADS AND START PROTEST. MORE NEWS THIS WEEKEND!!! IN THE MEANTIME METRO-BUS STRIKE!!! THIS WILL BE A THREE RING CIRCUS FOR THE NEXT YEAR AND ONE-HALF. NO EFFECT WHATSOEVER ON PETAQUILLA OR COBRE PANAMA. GOOD TABLOID MATERIAL!!

Politicaria as they say here.

Blandon is about to be indicted and go to jail. M. Pellegrini is going to jail before Blandon. Varela from PRD was caught in scandal and had to resign. Eisemann founder of La Prensa was hit with millions of dollars in fines for tax evasion and receiving benefits to which he was not entitled. 35 of his properties were confiscated by the Martinelli government.

Bottom line: National Assembly is investigating nothing. No laws have been broken by Martinelli or Administration. CD controls the NA, the Supreme Court, and now the Electoral College. Biggest rumor/story/open secret for years is that perhaps Petaquilla was denied a permit to operate for over 18 months, back in 2008-2009, because they would not provide a bribe/kickback to PRD's Torrijos
government. As soon as CD won the election the permit was granted.

Maybe this will sell some newspapers for a few days, but as a practical, "sound and fury signifying nothing" as related to Petaquilla. You can expect much more of this type of stuff over the next 18 months as we move to elections. There will be a steady flow of scandal accusations and crisis 'de jour' every week.

Thanks for the post...fun to read and watch the show, but no effect on our company or its future. Should, by some stroke or act of God, PRD wins the next election, they will suddenly be more pro-mining and pro-Cobre Panama and Petaquilla than anyone else. They just bitch and throw rocks now to try to stop progress and keep CD from getting all the credit and the money the state collects in royalties.

Now...don't throw rocks at the governing of Panama without looking in the mirror in the States, and the mess in DC as you run out of money December 31st. In Panama, there is so much extra money flowing to the government that they constantly squabble over it!! No 100 Trillion in unfunded pensions and mandates either! Panama expects to be a creditor nation for the USA and lend it money in 2013. That would make Venezuela, Mexico, and Panama all creditors of the states along with China and Japan.
So play nice with us or you won't get a cookie!!

FELIZ ANO NUEVO!!!

PS: HERE IS TOMORROW'S SCANDAL!! GOOD OLD UNITED NATIONS SIDES WITH INDIANS REPORTING THE NEW BARRO BLANCO DAM WILL IMPACT SIX HOUSES AND THEREFORE SHOULD NOT BE BUILT ALTHOUGH IT WOULD BENEFIT 10,000 PEOPLE BY BRINGING THEM ELECTRICITY!! YEA FOR THE UN!!!

26.12.2012 - 12:00:00 AM - PANAMA. A report by the United Nations (UN) on the field verification Tabasará River, determined that there will be impacts on Ngäbe Buglé after construction of the Barro Blanco hydroelectric project. affectations The paper notes the few productive land , from which the region depends for its livelihood. According to the mission that prepared the work, there are at least six houses that will be affected by the dam.

Is North America still there???

I am afraid to come out of the cave and check around. Remember the Mayas are just up the road from us!! Rumor is that they are going to rise up and kill our BOD and Management Team since it is their fault if the prediction failed!!! Just what we need, more pissed off Indians!!!

Bored to death Loji.

So just for the heck of it, I went back and reviewed someone's posts over the last many, many, months. Nowhere, not in one single place, did I find any sort of analysis or postulation thread backed by considered thought or cognitive reasoning. They are sort of PMC "lite", irrational, and usually wrong comments, insults, slander, and rantings, but nowhere any sign of due diligence or competent explanation of the thought process.

I could find only one reasonable statement that was repeated many, many, times. PTQ shares will not return to their true value until macro events cause investment funds to return to the sector in an up business cycle, yet to unfold. This was indeed a mountain of ore to sift through to obtain that single one ounce nugget of truth. The common thread was that there was a great conspiracy of everyone from the doorman and the dog catcher in all major companies interfacing with Petaquilla, from UBS, Zack's, Ernst& Young, Behre Dolbear, Deutsche Bank, Global Bank, Panamanian Government, et al to hold down the company and deceive shareholders. How can you fight such a cartel???

Talked to a couple of guys from the mine today, and production is all that we have been waiting for this year. I suggested that they include December's production in the January 15th MD&A Subsequent Events. That would be a nice little tidbit for shareholders. Let's see if they pick up on the idea.

It is about 79 degrees in Panama City and a beautiful night out on the Amador Causeway. Understand you guys in middle of the States are probably not going for a nice walk this evening.

LIFE IS GOOD!! LOL!!!


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Positive is always better.

I remember you sold about March 20th for about $0.50. Too bad, you could have gotten $0.65 in September or October. Not great, but at least 30% more. Some say we won't make $0.65 in 2013. I don't believe that based on the production advances that I see. Some are obsessed with heap leaching that will eventually contribute some additional ounces. However, they ignore the 30% multimillion dollar expansion that dramatically increases production. To each his own I guess. Some are obsessed about the ore ever coming from Spain. Yet the newspapers are full of the news that now with the OK to mine, we will have ore coming in in five months. Already hired several hundred people. Those who risk may be rewarded...or maybe not...but you have to play to win the game.

If you believe what you post....

why don't you sell??? If you don't believe what you post, why don't you buy and average down? Why do you just sit there and complain?
You influence no one, and you accomplish nothing. Lead, follow, or step aside as they say...hate to see you sit there all bitter and suffering. You are not going to be told anything more by anyone, until the company is ready to say more. Either accept it, or do something to relieve your anguish!! Macro vs. Micro, even you have said it yourself. "No progress until sector improves!!" If you are not selling during the down cycle, you are not losing a dime, and just missing out on opportunity to average down, and improve your future opportunity. If you think things will never improve, then why do you sit on the porch with the rest of us? Loji can cut an paste answers he has give you over, and over, and over!!! Sort of foolish, don't you think???

Southern Gal, thanks for the post.

Steve is one of the most respect analysts out there with a very good track record. I am confident that long term his target will be met. We just need some interest in the sector that GDXJ tracks. Those who would demean his background and resume just show their ignorance and slander him. He is readily available and will talk with anyone who has the courtesy to call him, and the ability to carry on an intelligent conversation.

The "so called" heap leaching "problem" is just a fictitious non-event from ignorant minds. It takes a while to build the pads and load them. Then there is the three month cycle extended to get more silver. 750,000 tons of ore is loaded and on cycle. Each month more concentrate is produced. Proof of success is seen in the capitalization of the stockpile allowed by Ernst&Young in their audited reports. If it wan not working you could not do that as any educated person knows.

Hi gabbs, I'm still buying, still happy.

MERRY CHRISTMAS!!!!

Think you could have bought over the summer and doubled your money in November. Maybe you could have averaged down and actually made a little and said good bye to you Zombie Shares!!

Good Luck wherever you have gone. At least if you are still "in" you haven't actually "lost" anything. Maybe 2013 will have some more opportunities for you.

Good Luck!

First Quantum Minerals, Ltd. Presentation re: Inmet.

Lays out completely details of Inmet pursuit including timelines, methods, benefits, etc. If you want to understand what is going on today and what the plans are, then you need to read it. TWENTY-FIVE pages of facts.

Exactly, a NBLOI (Non-binding letter of intent).

Cannot be used in court to show interest, however it demonstrates to each party interest and lays out the parameters that are the initial steps along the road to final agreement. It is prepared only if discussions have reached the point where both sides counsels and principals agree there is interest in formalization of a more binding agreement and relationship. If there is no interest after due diligence on the part of one or both parties, this initial step is not undertaken. Such documents serve to shed light on potential scope and shape of a future agreement that may be dependent upon other events yet transpired. Point being there must be mutual interest to spend the money preparing such documents. There are/were term sheets as stated by Petaquilla.

Terms Sheets...UBS...

First ever reserve filing on a Petaquilla concession.

Remember, all our other reserves that have been filed as well as all of our production to date has come from Inmet's concessions on Cobre Panama and not from anything on Petaquilla's concession. We have yet to produce one ounce of gold from our own properties that are extensive.

Remember when the ankle biters were questioning if we even owned the gold on Inmet's concession. What a joke that was when Molejon itself was located right in the middle of one of Inmet's concessions and all of our reported reserves and production was from Inmet's property!! DUH!!!! Stupid is as stupid does!!...you think?? There was laughter around the water cooler for about three months...

Remember the uprising, pot boiling again...

Founder of La Prensa admits giving $29,000.00 to the Indian Chief
to cause problems for CD and Petaquilla. Front page news today.

Repudiate Ngäbes cacica perks
19 | 12 | 2012

A group of the region yesterday reported that its leaders are manipulated by politicians and businessmen. Qualify for Silvia Carrera unfortunate that accept a donation in his name, when the people are hungry.
Repudiate Ngäbes cacica perks Pugna. In the latest protests, ngäbes groups rejected the stance of its leaders. (Archive)

The agreement was reached between the Government and Indigenous Coordinator within a dialogue that occurred for several weeks and took the document to the National Assembly. The Coordinator was represented by the chieftain, while the Government was the government minister, Jorge Ricardo Fabrega, and the then Minister of the Presidency, Jimmy Papadimitriu, and mediation of the church.

The Association for Law and Social Development Ngäbe, which represents about five thousand Indians in the region, expressed his sorrow and shame for the donation "suspicious" of a vehicle that did the employer Ithiel Roberto Eisenmann cacica to Silvia Carrera.

"Unfortunately our leaders once again and following the pattern of conduct since the creation of the Ngäbe-Buglé are purchased, processed and used for the convenience of trade and political forces, in exchange for a monthly salary, allowances and grants to 4x4 truck, "said a press release yesterday that the association issued and signed by its president, Adriana Sandoya.

Since Eisenmann, who is on trial for alleged tax evasion and falsification of public documents, he admitted that he turned $ 29,000 to the son of the chieftain to buy a car, the indigenous leader has remained silent.

Hector Lopez, a spokesman for the group, was highly critical of the position taken by the chieftain to accept this type of donation. "I regret to have leaders who receive perks while its people live in abject poverty, a poverty that our thinking is unacceptable, considering the economy and reality of Panama," he said.

Indigenous leader charged that traditional authorities are still lining their pockets on behalf of a people marginalized and ignored, with a population of 160,000 inhabitants.

The case of the donation of Eisenmann and was denounced in the prosecution, by the possible crime against state security.

The Association for Law and Social Development yesterday Ngäbe also referred to past events conducted by the Coalition for the Defense of the Rights and Resources Ngäbe-Buglé, against projects and Minera Petaquilla Panama.

He charged that the whole movement was a chieftain of particular interest to "gain political prominence", using some of the people who believed in Carrera.

The group is waiting for the Supreme Court of Justice to settle an action for annulment of Law 11, which bans mining and protecting natural water resources in this region.

Lopez founded request that the agreement between the overall cacica Ngäbe and the Government on the Law 11, does not represent the majority of the population was not consulted with local governments. It further found that the agreement is unconstitutional "because it only prohibits the exploitation of water resources within the region.

HERE IS DON'S TAKE ON COBRE PANAMA.

Why First Quantum’s bid for Inmet likely won’t be its last
Tuesday, December 18 2012 @ 12:40 PM EST
Contributed by: Don Winner

Gold & Mining: The cheapest copper mining deal in five years has traders convinced that First Quantum Minerals Ltd.’s latest bid for Inmet Mining Corp. won’t be its last.

The C$5.1 billion ($5.2 billion) offer values Inmet, owner of the second-biggest copper mine under construction, at the lowest multiple of earnings before interest, taxes, depreciation and amortization for a deal of its size in the industry since 2007, according to data compiled by Bloomberg. Inmet shares climbed yesterday 1.2 percent above the C$72-a-share proposal — First Quantum’s third offer for the Toronto-based company since October — indicating arbitrageurs who bet on acquisitions expect another boost, the data show.

After Inmet last week raised estimates for the amount of copper contained at its Cobre Panama mine, Canaccord Financial Inc. said it would take a bid of at least C$80 a share to win over investors, particularly with the top shareholders controlling a majority of the stock. While Inmet could draw other suitors, Vancouver-based First Quantum’s desire for a friendly deal suggests it may be willing to pay more whether or not there are rival bidders, according to Bank of Montreal.

“The market is clearly saying that we are going to need a higher price to push this through,” Barry Schwartz, a Toronto-based fund manager at Baskin Financial Services Inc., which oversees about C$450 million including Inmet shares, said in a telephone interview. Cobre Panama “is going to be one of the greatest mines that’s going to come on stream in the second half of the decade. We’re running out of quality finds of copper, and Inmet has one of them.” (Bloomberg)

(Please click on this link to see the rest of this article.)

Editor's Comment: No matter who ends up being the company responsible for digging the copper out of the ground, the development of this massive mining project will be a good deal economically for Panama. It will generate more than $6 billion in new Foreign Direct Investment just to build the mine. The mining operation, once built, will employ hundreds if not thousands of people both directly and indirectly. And, the government of Panama will receive a percentage of every dollar earned for copper and gold sales. The downside is environmental concerns, which can be managed and mitigated. If the company violates standards then the government of Panama can apply fines to force them to come into compliance. Strip mines are never "pretty" but neither are copper wires. Like modern technology? If so, then don't bitch about a new copper mine. Also, the development company will be required to plant ten new trees for every one it cuts down. To do this thousands of acres of land that was clear cut decades ago for cattle ranching will be reforested with a natural mix of jungle species. Anyway - in the meantime the two sides will be negotiating a price acceptable to both. Or not. And as long as it gets built, who cares...

acanuck, that is without a doubt.

Even without Inmet's purchases there will be massive development of the entire sector and PDI is dependent on the development of Cobre Panama certainly in the near term. This influx of money will lift many boats and Panama itself is growing to the west not towards Chepo and Darien. Quantum would I believe be a more friendly neighbor, so we shall see. An important point is that PDI can be very competitive in the local area. We are there, we have a trained work force, we have raw materials right on site and developed.

MJK, Are you sure FQ can wrap it up by end of the year?

No, not if Inmet refuses to come around to agreement. That would be the best for all concerned. However, I do expect it to become very nasty after the first of the year. If a deal with Petaquilla is not done before the middle of March, it will become very expensive for them to deal with us, and almost impossible by August, 2013. Therefore, I expect some sort of resolution sooner rather than later. Inmet would be wise to use this new money, as they say, "for Cobre Panama expansion", and work out a friendly deal with Petaquilla for access and land use. If not, Quantum may just make such a move to really put Inmet in a box. Inmet did not have the funds before...now they do. Whether they have the common sense to do it is another question.

Probably the same statement...

could be made about the increase in reserves booked by Petaquilla. Anytime you announce a large increase in reserves that fundamentally makes you more valuable. Petquilla's share price does not seem to follow that common trend however.

Most analysts place Inmet's value at $80-$90 if they can get cash.

The problem is that creates a nightmare tax situation. But, if they are going to do it, it must be done before December 31, 2012 with the new tax structure kicks into place. The coming changes in the tax structure is putting pressure on everyone to complete deal quickly.

Quantum may succeed. New owners soon.

The cheapest copper mining deal in five years has traders convinced that First Quantum Minerals Ltd. (FM)’s latest bid for Inmet Mining Corp. (IMN) won’t be its last.

The C$5.1 billion ($5.2 billion) offer values Inmet, owner of the second-biggest copper mine under construction, at the lowest multiple of earnings before interest, taxes, depreciation and amortization for a deal of its size in the industry since 2007, according to data compiled by Bloomberg. Inmet shares climbed yesterday 1.2 percent above the C$72-a-share proposal -- First Quantum’s third offer for the Toronto-based company since October -- indicating arbitrageurs who bet on acquisitions expect another boost, the data show.

After Inmet last week raised estimates for the amount of copper contained at its Cobre Panama mine, Canaccord Financial Inc. said it would take a bid of at least C$80 a share to win over investors, particularly with the top shareholders controlling a majority of the stock. While Inmet could draw other suitors, Vancouver-based First Quantum’s desire for a friendly deal suggests it may be willing to pay more whether or not there are rival bidders, according to Bank of Montreal.

“The market is clearly saying that we are going to need a higher price to push this through,” Barry Schwartz, a Toronto- based fund manager at Baskin Financial Services Inc., which oversees about C$450 million including Inmet shares, said in a telephone interview. Cobre Panama “is going to be one of the greatest mines that’s going to come on stream in the second half of the decade. We’re running out of quality finds of copper, and Inmet has one of them.”
Twice Spurned

Flora Wood, a spokeswoman for Inmet, declined to comment on the potential for an increased bid. The company yesterday said it hadn’t yet received the latest offer and that it will evaluate any formal proposal.

Sharon Loung, a spokeswoman for First Quantum, didn’t respond to a phone call or e-mail seeking comment yesterday.

First Quantum, a producer of copper in Africa and nickel in Australia and Finland, said on Dec. 16 that it offered C$72 in stock and cash for each Inmet share, raising its bid for the company after Inmet spurned two earlier unsolicited proposals of C$62.50 and C$70. The latest price is 36 percent more than Inmet’s closing level on Nov. 27, the day before the company disclosed the two prior offers and adopted a poison pill to thwart a hostile takeover.

Including net debt, the proposal values Inmet at 7.6 times its Ebitda during the past 12 months, according to data compiled by Bloomberg. That’s the lowest Ebitda multiple among deals of $500 million or more in the copper-mining industry since Teck Resources Ltd. (TCK/B) bought Aur Resources Inc. in 2007, the data show.
‘More Value’

Inmet gained 4.3 percent yesterday to C$72.85 on news of First Quantum’s increased offer, signaling traders expect an even higher bid, said Sachin Shah, a Jersey City, New Jersey- based special situations and merger arbitrage strategist at Tullett Prebon Plc.

“I don’t think this is the final number,” Shah said in a phone interview. “This mine obviously has more value.”

Inmet’s Cobre Panama deposit contains an estimated 51 billion pounds of copper, according to the company, the second- highest of any undeveloped copper project. It’s expected to cost $6.2 billion and produce an average of 266,000 tons a year of the metal when construction is complete.

“The Cobre Panama project is the catalyst, if you like, for our interest in Inmet,” Clive Newall, First Quantum’s president, said in a Dec. 16 phone interview. “Our desire in all this is always to engage with Inmet to have the opportunity to look at the project and see what benefits we can bring to it.”
Higher Offer

Given the value of the Cobre Panama project, First Quantum may need to increase its offer to C$80 to C$90 a share to convince investors to sell, according Orest Wowkodaw, a Toronto- based analyst for Canaccord. That’s at least a 52 percent premium to Inmet’s Nov. 27 closing price.

“With an attractive suite of low-cost operating assets, and significant projected future growth from the Cobre Panama project, we believe there is a strong likelihood that Inmet will attract an improved offer from First Quantum” or another suitor, Wowkodaw wrote in a note to clients yesterday.

Teck Resources, the owner of Canada’s largest copper mine, would be the most likely competing bidder because it operated the Cobre Panama project until 2008 when “it got into severe balance sheet stress,” Wowkodaw said. The company is better positioned to buy Inmet now that it has C$3.9 billion in cash and “no material near-term debt maturities,” he said.

Chris Stannell, a spokesman for Vancouver-based Teck, said the company doesn’t comment on speculation about mergers and acquisitions, when asked whether it’s considering a bid for Inmet.

Friendly Deal?

The Dec. 16 statement from First Quantum suggests it’s interested in negotiating a friendly deal with Inmet, which implies that it may be willing to boost its offer even if other buyers don’t step in, Stephen Bonnyman, an analyst at Bank of Montreal, wrote in a note that day.

First Quantum may be able to find “further savings” should Inmet provide it with more detailed information on Cobre Panama, and it would be open to discussing with Inmet’s board “how the benefits of such additional savings might best be shared between the shareholders of the enlarged group,” the company said in its statement.

“We advise clients to hold for a higher bid,” Bonnyman, who’s based in Toronto, wrote in his note. “This is likely the first step in a bidding process, with likelihood of other bidders.”
All Cash

An all-cash offer for more than C$80 a share would probably seal the deal, especially given that merger arbitrageurs and hedge funds may have taken positions and would prefer cash to shares in another company, said Schwartz of Baskin Financial Services. Still, he’s so bullish on the Cobre Panama project and Inmet’s prospects that he said he’d be “perfectly happy” if the company remained independent.

On the other hand, before First Quantum’s interest was disclosed, Inmet traded for 28 percent less than yesterday’s price and there’s risk that the stock could return to that level should First Quantum walk away and other buyers not emerge.

Still, 13 out of 15 analysts recommend purchasing Inmet shares, data compiled by Bloomberg show. They estimate on average that the stock will climb above C$78 in the next year, higher than First Quantum’s latest offer, the data show.

Salman Partners Inc.’s Raymond Goldie has the highest share-price target at C$121 and says an offer below C$79 is likely unacceptable, based on premiums paid in historical deals and the long-term price of copper.

“Anything below C$79 won’t work,” Goldie said in a phone interview from Toronto. “Either another bidder or some other catalyst is going to get the price up.”

May I suggest..go to Panama City offices.

They are in the yellow pages and are down on Centenario I believe. You just turn left off Calle 50, instead of going to right toward Jimmy's and the convention center. They are on the right side of the road with the Petaquilla "escudo" etched in the windows and door. The phone number is also in the yellow pages and you can call ahead. They are very cordial to shareholders and I am sure will answer questions about anything that is on the record.

If you have trouble reading and understanding the notes on the financial statements they will help you with that, and you probably can arrange a trip to La Pintada where PDI offices are located. For that matter, if you go that far, you may want to also go to Molejon. Once you are vetted as authentic, I am sure they can arrange to get you through the Minera Panama guards and into Molejon. I think they need a couple of days notice to arrange things according to their schedules and requirements.

You are correct Loji.

In addition, many of the contracts that PDI will be receiving will be Direct Government Contracts. By law Panamanian companies get first crack at them; they are generally very well funded and in many instances cost+ contracts. Infrastructure and road building are one of the most profitable business in Panama. I have a friend who brought in six large dump trucks several years ago and he nets six figures to the bank every year.

The Executive Branch spends the money not the National Assembly. Global Bank, of which Martinelli is a Director, will lend PDI the capital it needs. Many elites on both side of the isle have an interest in the company. Martinelli, of course, has stated that he personally holds no Petaquilla shares.

However, families are large in Panama and there are many foundations. Just connect the dots. Money run through PDI can heal many wounds and make many friends. Just connect the dots...

Eventually the PM facilities will either be paid in advance or run their course. Then they will be gone. There is just a whole lot of things going on right now behind the curtain. They have not even had time to update the web site, although I have written confirmation from several sources that they are aware of the problem and working on it.

Impact on the share price???? Only when GDXJ gets popular again.

Inmet is breaking a sweat!

TORONTO, CANADA--(Marketwire - Dec. 17, 2012) - Inmet Mining Corporation (Inmet) (TSX:IMN) responds to a news release issued yesterday by First Quantum Minerals Ltd. announcing its intention to make an unsolicited takeover offer for Inmet. The offer has not yet been received by Inmet and Inmet shareholders are advised to take no action at this time. The Board of Directors of Inmet, in accordance with its fiduciary duties and with counsel from its financial and legal advisers, will fulfill its legal responsibility and will evaluate any formal offer and will recommend a course of action that is in the best interests of Inmet and its stakeholders. Until such time as we make a public announcement, we will refrain from providing any statements or interviews to media outlets.

J. Tilk was seen running to post office with three boxes of resumes to send out. Rumor has it he has applied for server's job in Petaquilla break room in Penonome, Panama. He is being vetted currently!!!

REVENUE TARGET Q3 $35,000,000.00 AS BUDGETED.

Based on "Good News" correlation to Share Price using latest algorithms that should give us a Share Price of $0.426 for Petaquilla Minerals, Ltd. in USD. Gap is calling, and I have been studying the charts all morning. Got an online Certified Financial Planner Degree overnight with a specialty in TA and gap calling. Sooooooo....don't mess with me or Texas! Now I know what I am talking about!!!!

I think you are right Loji.

However, don't forget we will soon be capitalizing a huge amount of exploration expenses that will greatly increase our stockholders equity. Q2 I believe was the last quarter before we take the big step to the next plateau. If we produce 30% more, capitalize some expenses that are already reported, and the POG holds up, Q3 should be very good on the bottom line. Notice how our silver goes up as heap leaching comes into play. We have moved to the area where there is more silver content that can be leached.

Enough posts for today. I hope we are helping you with your quest, so that you don't feel like Don Quixote de la Mancha
by Miguel de Cervantes Saavedra. LOL!!

"PS. WONDER HOW MANY WOULD SELL NOW PTQ IF WAS OFFERED A $1-1.50 A SHARE???????????"

Probably about 80% of the posters on this and SH boards. Percent of outstanding shares, maybe 6-8%. At least 70% of those who count would hold tight and maybe there are 22-24% that would vacillate. About 65% of serious shareholders have already been canvassed for their input, and a few smaller retail investors have also been called.

Absolutely no risk to the company at the levels you are talking about. However, you may get you chance to sell at that level over the next year or so because of macro events in the industry and maybe some PTQ specific news. Generally PTQ goes down on good news or that "gap thingy".

IMO if FQ buys or HT's PTQ they want Spain.

Inmet is also in Spain very near all of Petaquilla's holding that are extensive and will not be moved to another entity. There are legal prohibitions that will require the existence of the Petaquilla company. Fortunately the majority of Petaquilla stock is held by a few stockholders and more than enough stop a HT from going through at most of the prices people keep talking about. More likely there will be some sort of a friendly accommodation between between Petaquilla and Quantum. If you know anything about the history of both companies and the relationship involved with both governments, (Panama & Spain), Petaquilla is on very sound footing and will do well for its stockholders. Hopefully, over the next six months or so the share-price will return to a buck or so and all the little guy will sell out on the open market and take their little bag of gold down the road. Just of return to the normal value of the GDXJ will accomplish that for them.

the universe is unfolding as it should, and so is our company progressing as it should.

Revenue

FYQ2 2011 $17.4MM, FYQ2 2012 $25.3MM, FYQ2 2013 $27.6MM

THIS WAS ACCOMPLISHED DURING A VERY SEVERE RAINY SEASON WHILE MAKING THE TIE-IN OF THE MULTI-MILLION DOLLAR EXPANSION AND THE INTERRUPTIONS THAT ENTAILED, ALONG WITH THE ADDITIONAL EXPENSES AND EFFORT REQUIRE, WHILE AT THE SAME TIME DEALING WITH THE INMET HT CRAP. VERY NICE JOB DONE BY MANAGEMENT!

Dry season has arrived and production is way up so far in December!! Did you notice that the stockpiled gold gained very little although we are mining at the same rate as the last two quarters when it climbed exponentially. Why??? Because we are loading the BIG LEACH PADS!. Cycle will be over in less than 90 days.