Loji, strong rumor this morning.

Inmet is close to agreement with Petaquilla and actually working out all of the side agreements now. (i.e. Electricity, Aggregate, copper slurry shipments, PDI contracts, etc.) Casimir has already moved 400,000 shares this morning and we are slowly moving up. I suspect the gap up in Inmet due to the rumor rather than the CC position.

Shareholders will determine if company is lost.

Panama will determine if Inmet is allowed to continue. They forget who holds the 49.9% of shares that would not have been tendered.
Again, they just do not understand the cultural ramifications of their position.

Interesting Inmet conference call???

There is no day to be saved. Inmet is not going to be successful and HT offer will just expire. As of 12:00AM Wednesday all is moot.
Not White Knight is needed since there is no day to be saved. Legal battles are normal. Did the ones going on over the last three years impact either company? Did you even know about them? Inmet will not be back to try to take the company with another assault. Their stockholders would not stand for it, Morgan & Morgan will advise them to settle with Petaquilla. The Panama rulings are cast in stone.

Inmet needs to pay attention to all the new permits that ANATI is now demanding before they can continue working. They have multiple problems. Don't forget their working the land at the port site contravening the court ordering them to do nothing. ANAM is standing buy ready to give them a cease-and-desist that could shut them down. Petaquilla is Not-For-Sale to Inmet.

Next up...Petaquilla will claim Lata deposit, and demand full disclosure of explorations throughout Inmet's concessions. If Inmet is found to be in violation of Ley Petaquilla No.9, they are out of business. There are others ready to step into any vacuum. Cobre Panama will be developed to benefit Petaquilla and Panama, no doubt about that.

Thanks Anski100, Perhaps they don't read Spanish.

I would re-post the very clear rulings from DRM and ANATI issued earlier in the month in Panama. I was informed that I cannot do that because of IH rules, unless accompanied by an English translation. The problem is with legalize you lose meaning in a translation; that every decent international attorney will attest.

So we are stuck with Inmet's paraphrasing what they deem Ley Petaquilla No. 9 allows, and their choice to ignore the recent rulings in Panama. This will probably work with the ignorant, experienced, or uneducated shareholders. It definitely will not fly in Panama. The proof that Inmet knows the trouble that it is in, can be seen in their filings before DRM and ANATI wherein they swear that they cannot develop their project within the spirit and rules of Ley Petaquilla, without a favorable ruling, that they did not receive. It is amusing to see them try to re-argue their case in public, after Morgan&Morgan lost in court.

They must either make peace and an agreement with Petaquilla or arbitrate under Ley Petaquilla guidelines. They can issue a million PR's, and say whatever they want to with regards to their interpretations, but nothing changes the facts. In Panama, they are just digging a deeper hole, if they try to go back to court. The DRM rulings cannot be appealed. Their PR is obviously intended for the ignorant "gringos". I doubt that it will sway many to tender their shares @$0.60.

The obvious question for Inmet from a shareholder, "Why, if there was no problem, did you spend hundreds of thousands of dollars over three years, to argue a case that you say never had an issue to litigate? Hmmm...???"

sabfour20, This is HT no voting on anything.

You are correct about Zacks last revision. I had forgotten there was another one. My point, that you reinforce, is that Steve is very thorough, monitors the company closely, talks to large stockholders, talks to the company regularly, and presents a well thought out analysis using metrics that are detailed in the full report on the company. When we publish another N.I. 43-101 or there is some pertinent news he will issue another report using the published metrics and his analytical abilities.

Many here pleaded for years for analyst coverage. I for one am happy to see Zacks carrying us.

Inmet cannot change/modify their offer without extending the time frame as that window has closed. IMO they will not undergo the costs associated, and they are considerable, to modify the offer. It is more likely that they will come to agreement with Petaquilla on access and use of the land. Both sides are still negotiating.

After Tuesday we can more forward again with whatever has been planned for the PP since the offer, and associated restrictions, will be moot.

Within a few days Inmet will have to file the Material Change Report with the SEC and we will know how many shares they have acquired. A little later they will file similar report in Canada, but he time allowed is longer.

This dust up is now over and Inmet fell far short of 50.1%. A squeeze out second step requires many more shares than that, so it will not happen either.

Shares purchased today cannot be tendered to Inmet before the offer expires Tuesday. It will be interesting to see how our volume holds up now that we have had all this publicity. We are certainly a known commodity now.

All the constraints on Petaquilla that were placed October 31, 2012 expire November 6, 2012, so as Peta said none of this matters anymore.

We still have interested parties exploring ways to participate in the development of our company. To my knowledge none are contemplating a buyout, but rather joining in an alternative transaction relative to Inmet.

SPEED BUMP HAS BEEN CROSSED AND IS IN THE REAR VIEW MIRROR. NEWS ON PP, PDI, BALL MILL, AND N.I. 43-101's ON ODN AND LP COMING BEFORE CHRISTMAS. TIME TO RELAX AGAIN...CARAVAN HAS PULLED OUT AND MOVING STEADILY IN THE RIGHT DIRECTION. ANKLE BITING DOGS WILL CONTINUE TO BARK FOR A WHILE YET, UNTIL THEY REALIZE THEY ARE AGAIN ALONE.

Really, I have talked to him several times.

I find him very serious and knowledgeable. He had one error in his original December 2011 report on page #14 that he subsequently corrected. His thirty-two page analysis was detailed and he explained all the metrics used. His interim report lowering the target to $1.45 because of the legal requirement in the retraction of the open pit at LP was also explained fully. He makes his living, and a very good one, analyzing stock for this top line consulting firm.

Most people might find your comment not as well informed or pertinent as you might think. Are you going to post your analysis?
LOL!!!!

If you read Steve's reports at all you would understand the metrics behind raising the target to $1.75. His summary of current events is also compelling. Anski100 was trying to be helpful.

NO JAL, LAST ZACKS TARGET WAS $1.45.

If you pull up the full report and read it, not just the posted summary, you will find it very interesting. Thanks Anski100.

Thanks Redflame. You posted it before...

I was too lazy to dig it up again. You are one of the reasons I still come to this board in spite of the clueless trolls in the bushes. I have contacted directly Inmet and Petaquilla to see If I can get an answer about their intentions extending or modifying the current offer. I think that the shares purchased after today cannot be tendered before the 5th since they will not settle in time.
Look like we will trade 10 million shares today. I know there are discussions still between the parties.

Jal, no need for speculation.

We already have term sheets and DD is finished.

China and Slim both interested.

I still don't have a clue who, other than Inmet, would want to make an offer for PTQ.

Both have the money and could make something of the company. I am hoping for JV.

Watch out if SP drops below $0.60!!! May be time to sell Jal.

WHOOPS!!! THERE GOES ANOTHER 2,000,000 MORE!

THIS IS GETTING FUN!!! ANYONE FOR 10,000,000 SHARES TRADED TODAY? ANYONE KNOW WHO IS NOW IN THE MARKET PLACE SCOOPING THEM UP WITH A FRONT-END LOADER??

Someone just traded 2,250,000 shares.

Is that a big guy bailing or buying???? "Only the Shadow knows!",
and he is not going to tell you!! HaHaHaHahahaha......!!

PTQ PRESS RELEASE JUST OUT.

I agree, but there is a lot of greedy ignorance.

Go back and read the last thousand posts or so that have not been deleted. 90% of those on the board would sell for $1.40. Fortunately most have very few shares. The institutions and large stockholders are holding firm. I do not think they would sell the company unless the offer was close to the discounted present value of earnings projected by Behre Dolbear, UBS, DB, and others who have spent serious money evaluating the company.

It would be interesting to know how long they can extend the offer? Time is always on the side of Petaquilla as production ramps up and more N.I. 43-101's are published. Most who keep complaining about how long it is taking have no concept about what is involved and just speak showing their ignorance.

I also do not know what happens to the shares tendered to Inmet if they are not successful. Someone would have the last laugh if in fact Inmet kept the shares, paid the $0.48 or $0.60 per share and then the sellers could watch the PTQ share price rise to its potential as a deal is done with Inmet.

Someone in Canada should have the answer to these questions.

Without pill protection dropping like a rock.

Do you understand the risk? Minority shareholders will be wiped out if Inmet now succeeds. Read their PR's and Offer again. They will stop development of PTQ except as is needed to support MPSA. You may see shares drop to five cents on the open market. But, if you believe in our BOD and Management then of course it may be a great buying opportunity by Monday or Tuesday before results are announced.

New Inmet Press Release out.

Received it in Spanish.

I STILL WANT $7.50/SHARE.

340,000oz. GOLD/YR. IN THREE YEARS. READ THE SEDAR FILING.
200,000oz./LP & 140,000oz./Panama per year, plus something from MPSA if HT fails. That is $340,000,000.00 per year Gross Profit and well over $1.25 EPS every year. Just do the math. Yet some want to sell for pennies. That is foolish.

Hostile Takeover. Many with over one-million shares...

are not tendering any either. So you are in good company.

There are specific rules under Canadian law.

This decision only affects additional securities that would be associated with the shareholder rights plan or in some way attached to the bond offering. Trading existing outstanding shares continues as always. Do not be misled by erroneous information. I imagine Inmet will increase its offer and extend it, but the fellows in Canada should be able to tell you how long they can continue. It is definitely not open ended. IMO Inmet will not come close to succeeding with this HT and those who have tendered shares will ultimately be the big losers, having lost control of their money. Remember all the caveats. If the HT fails it could take a very long time to unravel things.

IT DOES NOT SAY THAT.

"No debt financing for PTQ till the HT fails or is successful or is dropped."

There is nothing in the decision that prohibits Petaquilla from moving forward with the bond issue. This decision only dealt with securities. Securities cannot be tied to the the bonds. PDI can still be spun-out. Expect Inmet to modify and extend their offer tomorrow.

BCSC RULES AGAINST PTQ.

SORRY ONLY HAVE IT IN SPANISH AND AT DINNER WITH MGMT.

Latest of Lomero-Poyatos!!!

Sell...Sell...they are coming after us again!!!!

October 3, 2012 CMR web site!!
* Spain: a majority interest in the gold-focused Lomero-Poyatos project near Seville.
Shareholders will know of the situation in Andalucía from the Chairman’s statement included in the recently circulated 2011 report and accounts. (It should here be noted that CMR is now in full control of Recursos Metallicos SL (“RM”) and Iberian Gold Plc.) Subsequent to the legal action taken against the Spanish authorities over the loss of RM’s mining permit at Lomero Potayos, the board has met with the Director of Mining in Andalucía to request that the compensation that we are claiming be satisfied by the issue of further, unqualified mining permits elsewhere in Andalucía. This discussion process is continuing, and the board is currently optimistic that such permits should be forthcoming. CMR is using expert advisors in Andalucía to progress the necessary applications. I should point out to shareholders at this stage that CMR has no cash resources available to meet the expenses of this work, and all costs are being met by the directors personally.

First N.I.43-101 actually from Petaquilla concession.

Did you notice that this Pamilla deposit is on the Belencillo concession that Inmet tried to take away from us. You can bet that they knew about the gold, silver, and copper there. The October 22, 2012 DRM non-appeal-able ruling confirmed our rights. This is the first N.I. 43-101 actually on a deposit that we own from our concessions, and not one of Inmet's where all our other reserves and actually our processing Molejon Plant is located.

Remember all the controversy two years ago when people kept saying we did not own the gold on Inmet's property? All the time Molejon itself and all of our reserves were right in the middle of Inmet's concession. Anyone who actually had ever gone to the mine knew that you had to pass over Minera-Panama placard bridges and through MPSA armed guarded check points. "Never confuse the board experts with the facts" was the big joke around the break room in Penonome for months!! Every ounce of gold and silver we have processed since the beginning has been from Inmet's concession!! Lata is another that is coming up pretty soon!! High grade ore and nice deposit...thank you MPSA for the exploration, we will take it now...

Then there was the CMR controversy....we did not own LP, they did. After all their BOD said so and even sold some bonds for development cap/ex. Wonder how that is going??? Never mind that everyone in Spain from the King to Christopher Columbus said it was our property. The clueless knew better.

Be advised, that unless it is someone on the ground and involved the information you get is generally clueless. Not talking about analysis of the facts, but the facts themselves. Even in Panama there is a lot of disinformation purposely disseminated by bias press. You have to know the players and be able to read the cards to play the game.

Hearing is over, but neither side seems to be talking??? Had hoped we would hear something after the market closed. Any day you can release data on 500,000oz. of AuEq. is a good day. Even if we lose one-half moving up to P&P that is still a lot of money!!

Did you notice in SEDAR filings??

Open pit N.I.43-101 coming once again for LP. 50,000oz./quarter potential from open pit in LP. Add that to 130,000-140,000oz./yr.in Panama. That should put us at a rate of 340,000oz./yr. in just about twenty four months. That is around $600,000,000.00/yr. top line. Don't criticize me...I'm just reading the filing of SEDAR that is Certified. Basically Inmet is offering about one quarter's revenue two years down the road for the whole company. And with all the caveats you may not even see that much after all the deductions, etc.

I would not assume a sale!

A Term Sheet does not imply a sale and it should not be inferred.
You will be pleasantly surprised. Nowhere has anyone said this has
anything directly to do with Inmet or that it will resolve any issues that we have or may have with them. Think of it as more of a reloading of our quiver. Hearing starts pretty soon.

Goodbye,

Anyone here understand the Whittle Shell Design?

Have a link, but it is of course in French, and will not translate.
So I cannot post it according to the rules.

Optimal design for Pamilla. You can expect some higher grade intercepts as drilling continues just like Molejon. All part of the same gelogical formation around Cobre Panama. Ore will be stockpiled someday just like it is done at Molejon. Two more N.I. 43-101s in the pipeline.

Did you see the associated production costs?

"but as was with the last resource increase it still appears to be low-grade ore they're finding."

What difference does the grade make if it is very cheap to recover at a very high yield???? Did you do the math???? This is great news!!!

• Recoveries Au 85%, Ag and Cu 75%
• Costs: $2.10/t mined, Processing and G&A $14.00/t
• Royalties Au 4% and Cu 5%

New filing Dir. Cir. SEDAR. Pgs.#7&8!

Filed in French and English.

Could go either way.

I would love to see a ruling right from the bench, but they have the power to drag things out. If they would drag it out for several months, that might not be too bad since it is actually ancillary to the main battle that is defeat of the HT. Time is always on Petaquilla's side. Wouldn't it be nice to see a PR about December 1st like the one they put out in 2010 when we ran at 8,000oz. for a short time. Something like, "The expansion is now on line and we produced 9,000oz. of AuEq. in November." That would have to help the SP and put Inmet at an even bigger disadvantage.

Jal, that was an excellent post!!

I am shocked!! SHOCKED I TELL YOU!!!

The only addition I would make is to note that we have plenty of high grade ore already stockpiled at Molejon to insure that our expanded mill can operate indefinitely at full capacity. Of course if we can get some higher grade ore from Huelva that would increase efficiency. However, in any scenario contemplated, we will not run short of ore. The next three N.I. 43-101 that will be filed in the coming quarter will greatly expand Panamanian reserves.

Savlo, I think you are pretty accurate.

"Our valuation is much more higher than what Inmet is offering and that is put on paper by our management for them to open their eye and concentrate on the true needs "LAND FOR THEIR PROJECT" which they continue to deny but that is the true reality and It will cost them $1 for LAND ONLY"

It is my belief that is about what we are asking for the extra land only and not the whole concessions under discussion, plus access for their infrastructure, slurry system, road, and grid. As an alternative we would consider a little piece of the ongoing pie over the next thirty years. I would like to see us get the cash so we could use it for development. One should remember that the geological study of the UN shows great potential for more reserves throughout the three concessions under discussion. The chip samples have identified several targets.

Tomorrow is the big day! If Inmet loses at the BCSC they are dead in the water as the rights plan will block their efforts. They then have nowhere else to go since the rulings in Panama cannot be appealed. If they do not make peace with us the government will make life a living hell for them.

Saludos,

I agree...

why don't we post shares like was suggested back in 2010 by Mantiquilla. Then we know who really "counts" and has skin in the game. If I remember Mante had 796,000 back then, but he has always been buying steadily. No education, no experience, no knowledge on the ground, no contacts, no nada de nada as they say, doesn't give one much credibility or clout. It is all just a fantasy...I actually don't invest at all!!!
Ha Ha Ha Ha...!!!!!

When was the last time Richard contacted you for advice??? Hmmm???

I am confused....

Bod would never approve a vote on Inmet's off since it represents only about 9% of the 'potential' value of PTQ two or three years down the road. Most investors in the retail market have no real grasp of the situation. China has invested a lot in Panama and of course they are awfully difficult. But...money talks and BS walks.

Perhaps some improved performance of PTQ would soften the slide. The real drop would be if Inmet succeeded in getting 50.1%. They would not want or need the rest and there would be no market. I could easily see a nickle per share. Then the question would be whether or not Inmet is kicked out of Panama, and what ultimately happens to PTQ.

You confuse sworn testimony with PR's.

1. Inmet's only position is that the lands of Petaquilla are critical and that they cannot comply with Ley Petaquilla without them. (Paraphrased). See applicable court filings in Panama. Their Canadian application is at odds with those documents and they are relevant in Canada.

2.Under Securities Laws, Rules, and Protocols in Canada, it is Inmet's obligation to make a non-coercive offer fairly reporting the facts as on the record from both Petaquilla Gold, S.A. and MPSA.

3. That is a false statement on its face. There is no such over-riding principle. This is not s subjective case law hearing, but rather a review of the facts and record of this case. History plays no part is such a hearing even if it were relevant, which it is not.

4. You are right about hardball and Inmet's stockholders being eventually brought into the fray if it is not resolved in a "friendly" manner. Arguing about time would have given more validation to Inmet's position that this matter should be given consideration. Petaquilla strikes at the jugular...violation of protocol and securities laws.

5. Just because Inmet said it does not make it so. Actually Inmet would not be hurt at all by the PP. They would get the money and quickly return it paying a small penalty. This was just flack to try to get stockholders to focus on something not really germane to the decision. With or without it Petaquilla is profitable, thank you.

6. True the ANATI ruling throws a huge wrench into Inmet's plans and can delay MPSA for years if Panama chooses to do so. However, Panama wants to see Cobre Panama developed. In Panama you can change things in twenty-four hours. MPSA will either make peace with Petaquilla and move forward with the way cleared, or they will be thrown out of Panama very quickly and someone else will move in just as quickly, probably China.

PETAQUILLA CAN TAKE A NEGATIVE RESULT TUESDAY AND STILL HOLD THE FORT AND FIGHT ON...INMET CANNOT. THAT IS THE BOTTOM LINE. TIME IS ON PETAQUILLA'S SIDE AND INMET IS IN FULL PANIC.

Didn't you read the application response?

Your comment does not address any of the major points made in our application. Inmet has violated the Securities Laws. It is pretty much cut and dried. The Stockholder Rights put in place was precisely to defend this type of action and overwhelmingly approved by stockholders. There is absolutely no requirement or need legally for Petaquilla to disclose the details of any proposed agreement that is in due diligence stage and brokered by UBS, including the name of the parties, or any other detail for that matter. Who in the world is telling you this is necessary at this point?? Source please!!

Apps.,Rights Plan, Oct.PR.s, DRMs&ANATI rulings!!!

Assertions that these documents are smoke, or untrue, patently ridiculous. No posturing just facts. That is how business is conducted in the real world. It is all right there in black and white. You just have to read it.

No question but that Inmet is very coercive.

If our share price holds well above the latest Inmet offer that proves, on the face of it, that they are not offering value. Item (e) page #8 of our 10/25/12 response also highlights the mess Inmet has created for themselves in Panama. They may well be stopped in total, because of the time required to now meet the additional rulings of ANATI. This is a huge concern for them and for any shareholder of Petaquilla that might chose to tender their shares to Inmet, at any price. There is no guarantee they will ever see the money and could well lose everything as Inmet is ousted from Panama and China or another steps into the vacuum. So even if they offer you $2.00/share my lawyer here tells me that you may never get any of the money. Go back and read the caveats of the offer.

Finally, my attorney commented, "I do not know how their [Inmet's] attorney will be able to state that their offer is not coercive with a straight face!" A ruling against Inmet would make it logistically impossible for them to reach all Petaquilla shareholders before November 5, 2012 and the whole matter could be extended for sometime by the court. Time is not on Inmet's side and the longer this might drag out, the stronger will be Petaquilla's fundamentals, and therefore more absurd the valuation Inmet has put on our company. Because of the very short time intervals involved, we would expect an immediate ruling from the bench.

The large volumes recently combined with the upward movement of our share price above Inmet's amended offer tells you that the
legal teams of our significant shareholders feel the Petaquilla will prevail. If our share price goes up Monday, after everyone has had the ability to read our responsive application filed October 25, 2012, that will signal a great vote of confidence that the court will probably take into consideration.

Sorry for my rant Savlo...

I get so damn frustrated by inane comments from those who try to sound like they know something when they are clueless. It is worse than "The Simpsons"! The October 30, 2012 hearing before the BCSC in Canada! The public record will show it is really for all the marbles if you have any sort of legal background.

Time for football...be back at end of hearing on Tuesday.

Ya'all focused on the wrong thing!!!

It all comes down on Tuesday at 10:00AM!!!
If we win here the share price will go up, not down!!
The Hostile Takeover will be dead in the water and
Inmet's project will be completely stopped until all
matters are resolved via arbitration or the "friendly" deal.
The order of the court will tell all!!!

Inmet may already be "dead man walking" if you read the ANATI ruling.
It will take them years to get permits to do a damn thing now that they have pissed off Panama.
Hasn't anyone actually read the ruling???

Only a few here seem to have any concept of what is transpiring
right in front of your eyes!!! Do your DD and read the damn record.
Much more efficient than emotional sniveling about whether the share price will go up or down,
or if Inmet will succeed or not, or whether there is a bidder for something or other, at some other price, or JV, or whatever!
Give it a rest and find out actually what is happening. It is all there if you just look!!!!! Good Grief!!!

Hmmmmmmmmm?????? Synergism?

Definition: Interaction of discrete agencies (as industrial firms), or conditions such that the total effect is greater than the sum of the individual effects.

Heavy investments in Panama.
Friend of Richard Fifer.
Has 25+ hydro concessions.
Just spun out (Not 0ff) major Gold/Silver subsidiary.
Needs major infrastructure support for hydro and electrical grid.
Can kick Inmet to the curb with petty cash box.
Friend of Martinelli & CD.
Friend of Navarro & PRD.
Friend of Panama and believes in building a better life for the more humble among us.
In May 2011, Slim was mentioned in Forbes' World's Biggest Givers after donating $4 billion to his foundation in that year alone!

Hmmmmmmmmmmmmmm...........??????????