Petaquilla Minerals Ltd. Update on Lomero-Poyatos Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/10/12 -- Petaquilla
Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) ("Petaquilla" or
the "Company") is pleased to announce that representatives of the
Company recently met with members of the Andalusian Autonomous
Government, the regional government body of Andalusia, Spain, to
settle the final details regarding the initiation of commercial
mining operations at the Company's Lomero-Poyatos concession.
The Company was granted a Unified Environmental Authorization in
December 2011 and all instructions and recommendations from the
Andalusian Autonomous Government have since been approved and
sanctioned. All requisite environmental, technical and economic
permits have also since been approved by the Andalusian Autonomous
Government and the Company is presently awaiting administrative
authorization to commence operations. The Company anticipates it will
be able to start Lomero-Poyatos operations within the next 6-8 weeks
with the dewatering of galleries, construction of a water treatment
plant, and the initiation of development drilling.
Video footage (English version with subtitles as required) featuring
interviews with Jose Juan Diaz Trillo, Minister of the Environment of
the Andalusian Autonomous Government, Pascual Montanes from the
Company's operations in Iberia, Maria Jose Asensio, delegate of the
Economy, Innovation and Science in Huelva, and Pedro Romero, Mayor of
Cerro del Andevalo, can be located at the following link:
Additional video footage (Spanish version with subtitled interviews)
is available at:
To view a photo associated with this release, please visit the
following link:
http://media3.ma rketwire.com/docs/ptq410i.pdf.
Both the Minister of the Environment, Jose Juan Diaz Trillo, and
Vice-President, Spanish Parliament and member of the PSOE Federal
Committee, Javier Barrero, stressed the Andalusian Autonomous
Government's firm commitment to support mining in the province of
Huelva.
Lomero-Poyatos Mine
Behre Dolbear International Limited ("Behre Dolbear") prepared a
National Instrument 43-101 compliant Technical Report on the
Lomero-Poyatos mine project in 2011 ("NI 43-101 Technical Report").
The Lomero-Poyatos mine previously produced about 2.6 metric tonnes
of pyrite ore, mostly by underground mining methods. The
Lomero-Poyatos deposit is at the exploration stage and the mineral
resource estimate is based on historical data and relatively
wide-spaced drilling. Therefore, the mineral resource is categorized
as an Inferred Mineral Resource.
Mineral Resource Estimate
The approximate size of the Lomero Poyatos deposit, based mainly on
historical drill-hole data, has been estimated by three independent
consultants in the past nine years. The results are summarized below
as two separate scenarios, namely open-pit and underground.
*T
Open-pit Scenario:
--------------------------
SRK (2002) Inferred at a EUR50 value cut-off = 20.6 Mt at 3.1 g/t
Mineral Resource: Au, 69.9 g/t Ag, 3.3% Zn, 1.2% Cu, 1.2% Pb.
Containing 2.1 Moz Au.
Gemcon (2010) Inferred at 1 g/t Au cut-off grade = 20.9 Mt at 3.08 g/t
Mineral Resource: Au, 62.38 g/t Ag, 2.5% Zn, 0.7% Cu, 0.7% Pb.
Containing 2.07 Moz Au.
Underground Scenario:
--------------------------
SRK (2002) Indicated at a EUR70 value cut-off = 1.85 Mt at 3.4 g/t
Mineral Resource: Au, 52 g/t Ag, 0.8% Cu, 1.4% Pb, 2.3% Zn.
Containing 0.203 Moz Au.
WAI (2006) Indicated at 1.5g/t Au cut-off = 3.71Mt at 3.26 g/t Au,
Mineral Resource: 27.9 g/t Ag, 0.87% Cu, 1.16% Pb, 1.57% Zn.
Containing 0.39 Moz Au.
Gemcon (2011) Inferred at 1 g/t Au cut-off grade = 6.07 Mt at 4.25 g/t
Mineral Resource: Au, 88.74 g/t Ag. Containing 0.83 Moz Au.
Recommendations
As a consequence of the mineral diversity, the geological and
mineralogical domains need to be defined so as to provide separate
tonnage and grade estimates for each of the ore types. Representative
metallurgical samples need to be extracted from each of these ore
type domains for metallurgical testing. In addition, further
validation of the nature and distribution of the gold, silver,
copper, lead and zinc mineralization is required, in order that the
Inferred Mineral Resources can be upgraded.
The NI 43-101 Technical Report recommends that additional drilling
(totaling 40,000 metres) be carried out, including some duplicate
drill-holes, twinning selected surveyed historical holes, in order to
cross-correlate the historical data with confirmatory data and some
additional drill-holes to better define the physical extent of the
solid at depth and along strike.
It is proposed to achieve this in two stages: as a stage 1 drilling
programme and scoping study and a stage 2 pre-feasibility study with
further drilling and test-work.
Qualified Person
Richard James Fletcher, of Behre Dolbear, is a "qualified person" as
defined in NI 43-101 and accepts responsibility for all sections of
the technical report. Behre Dolbear affirms that Mr. Fletcher:
*T
-- is a Fellow of the Australasian Institute of Mining and Metallurgy; and
-- has more than 40 years experience in the estimation, assessment and
evaluation of mineral resources and ore reserves that is relevant to the
styles of mineralization and the types of deposits under consideration.
*T
About Petaquilla Minerals Ltd.
Petaquilla is a growing, diversified gold producer committed to
maxim
izing 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.
Disclaimer
This press release includes forward-looking statements. All
statements, other than statements of historical fact, contained in
this news release, including, but not limited to, statements
regarding future financial results, market assumptions, the
estimation of mineral resources and the realization of mineral
resource estimates, constitute forward-looking statements. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond Petaquilla's control
that would cause the actual results, performance or achievements of
Petaquilla to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are based
on numerous assumptions, Petaquilla's present and future business
strategies and the environment in which Petaquilla will operate in
the future. Any forward-looking statements speak only as at the date
of this document. Petaquilla expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Petaquilla's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements are
based, except to the extent required by applicable law. As a result
of these factors, the events described in the forward-looking
statements in this press release may not occur either partially or at
all.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.
Richard Fifer, Executive Chairman
No stock exchange has approved or disapproved the information
contained herein.
Contacts:
Petaquilla Minerals Ltd.
Richard Fifer
Executive Chairman
(604) 694-0021 or Toll Free: 1-877-694-0021
(604) 694-0063 (FAX)
www.petaquilla.com
-0- Apr/10/2012 13:00 GMT
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