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Hey, do you know what day it is.......,it is July 6th. Did we get our money yet? Didn't think so.
I love this....FQ shuts down operations and their SP goes up. We have a bunch of incompetent managers that the mining community has acknowledged, and we go down.......and down.....and down.
Milestone payment in less then three days......yeah right.
I have a feeling that the transition in regards to the concessions won't go as smoothly as expected....did I say as expected, my bad.....that NEVER happens. We wouldn't be PTQ if we were on schedule and kept the shareholders in the loop now would we !
Oh and by the way we are below a dime now.......keep up the great work DICK !
Don't be surprised if PTQ packs it in like all the other juniors that couldn't survive......we are no different.
That was a great investment in the 4th ball mill
I have attached the PR dated May 11, 2014. We are supposed to receive the majority of the funds in less than five days ONLY IF PTQ holds up their end of the bargain. Wanna make a bet it wont be completed on time !!!!!!
So what happens when we do receive it....what are we doing with it ?????? Does it go into Dicks right pocket ????
In all seriousness, we are sitting in the area of .10 with no production. One would think that the only place to go is up from here IF they get their heads out of the ass and start the HL up within the 90 days as promised. And what about the other projects and promises ??
When you think about it realistically, we are starting from ground zero. It is like all the production in the past meant nothing as we do not have the shareholders trust in this company. Once again they have to prove themselves to the mining community, HOWEVER we have a very large black cloud over us this time !
Vancouver, BC - May 8, 2014: Minera Panama, S.A. (“MPSA”) a subsidiary of First Quantum Minerals Ltd. (“First Quantum”, TSX Symbol “FM”, LSE Symbol “FQM) and Petaquilla Minerals Ltd. (“PTQ”, TSX Symbol “PTQ”, OTCBB Symbol “PTQMF”, FWB Symbol “P7Z”) today announced the execution of an amendment to the Commercial Agreement Term Sheet dated May 23, 2013 (“Second Amendment”). MPSA is to pay PTQ up to $60 million for a transfer of a range of assets and property rights. The transaction ensures there will be a complete separation of the current operations of PTQ’s Molejon Gold mine and the Cobre Panama copper project currently being developed by First Quantum.
$3.3 million is being paid on execution of the Second Amendment with an additional $46.7 million conditional on PTQ meeting specific deliverables before July 6, 2014. An additional $5 million is payable after one year conditional on certain approvals being granted with a final $5 million payable 30 days after the first ore shipment from the Cobre Panama project, provided PTQ has fulfilled all of the obligations and achieved all milestones as set out in the Second Amendment.
Key aspects of the Second Amendment include:
PTQ to transfer 99,735 hectares of exploration concession applications in the region to MPSA;
PTQ to transfer to MPSA 551.5 hectares at the north end of its Molejon mining concession area to support current planning of the Cobre Panama mine development;
Termination of the Aggregates and Screened Rock Purchase Subcontract dated May 23, 2013, without liability to either party; effective June 30, 2014;
PTQ to transfer to MPSA sole ownership of the Llano Grande Road which is the main access road to the Cobre Panama project area, and ownership of other access roads as well as rights of way along MPSA´s electrical distribution corridor;
PTQ to transfer to MPSA 833.3 hectares of land (both title and possessory rights) which comprises all PTQ land holdings within a 30 kilometre radius of the Cobre Panama project (excluding the Molejon concession);
PTQ to waive any rights to the Botija Abajo, Brazo, Balboa, Colina, Botija, and Valle Grande copper deposits or to any mineral deposits outside PTQ´s residual portion of the Molejon mining concession area; and
PTQ to provide future collaboration, assistance and support in connection with MPSA´s current surface rights applications, Law 9 amendments and any possible future expansions of the Cobre Panama project.
Execution of the Second Amendment ensures complete development and operational flexibility for the Cobre Panama project by providing MPSA with ownership of all concession application areas surrounding the Molejon mining concession and control of surface and access rights outside of the defined Molejon Gold mine area.
PTQ will continue its operations of the Molejon Gold production facility and Panama Desarrollo de Infraestructuras, S.A., PTQ’s infrastructure division, will continue to operate its infrastructure within the Molejon Gold Project concession.
On behalf of the Board of Directors of
PETAQUILLA MINERALS LTD.
Richard Fifer
Executive Chairman
FOR FURTHER INFORMATION PLEASE CONTACT:
Petaquilla Minerals Ltd.
Mr. Nicolas Ricciardi, VP, Investor Relations
Phone: (604) 694-0021 Fax: (604) 694-0063
Toll free: 1-877-694-0021
www.petaquilla.com
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED
THE INFORMATION CONTAINED HEREIN.
I just read the PR on FQ website. That is one of many differences between our little shit company and the big boys....keeping the shareholders aware of events. Remember our shutdowns....how many PRs were released about that. Hey PTQ take some lessons !!!!!!
We don't have to worry about that because we have no operations !!!!!!!!
Closure of mining project will at least 500 unemployed
PRIETO-BARREIRO EREIDA
NEWSPAPERS
eprieto@prensa.com Inglés version SUBJECTS:
Minera Panama Mining Panama
COURTESY
Workers have announced they will not budge from their positions until the managers explain to them what the reasons of 'risk' to abandon.
Minera Panama - Press
Related Notes:
Workers paralyze work in Minera Panama
06.26.2014 - After three days of gridlock in the Cobre Panama project, Minera Panama, which develops, decided to ask its 500 workers to evacuate work areas and camps.
One worker, who requested anonymity for fear, said English press were placed in camps, announcing the measure and have until today, Thursday, at 3:00 pm to leave the premises. Subsequently, the announcement was made one of the company lawyers workers.
Minera Panama is a subsidiary of First Quantum Mineral Ltd. (FQM), which in May reached an agreement with Petaquilla Minerals for $ 60 million for the transfer of 483 thousand hectares and other proprietary rights. The transaction ensures that there is a complete separation of the current operations of the mine PTQ Molejón Gold and Copper Panama project, currently being developed by FQM.
For now, workers have announced they will not budge from their positions until the managers explain to them what the reasons of "risks" to abandon.
The stoppage of the work of Minera Panama began after the company announced schedule changes, working 21 days followed by seven days off.
The company sustained through a statement that the purpose of the job changes was to meet the times established in the construction of this mega project. "While we have made every effort to take into account the needs of workers and their families," notes a press Minera Panama.
Meanwhile, residents of Indian community Chicheme this afternoon blocked the path to prevent managers from leaving the project.
COMPANY PRESS
Translation statement posted by the company in the camps. The original was in English.
Notice of Closure Site
Due to the recent industrial action, which remains unresolved, the administration has decided to close the site to preserve security.
This site will be closed beginning Thursday, June 26, 2014.
All work will stop at 6 am, Thursday June 26, 2014.
Cooperation in the management of personnel for the safe and orderly shutdown of the site is requested.
The following fields will close at designated times during Thursday. Please remove all personal items:
1 Valle Grande: 9:00 a.m.
2 Kiwara - 11 am
3 Dorado - 1:00 pm
4 General Holiday Hill -. 3:00 pm
Breakfast will be served on June 26 during regular hours, however no additional meals are given in the aforementioned fields.
Transport to leave the site will be available for the guests of any of the aforementioned fields people, immediately the various camps are closed. Guests staying in other fields must await further instructions.
Thank you G.I. To all the disbelievers that constantly stated all is grand in the magic kingdom.....I hope you are eating crow right about now . What a F'n mess !!!!!!!!! I would love to say we are at the bottom right now, however in reality the bottom is ZERO.
I truly hope that these so called leaders can be changed out.
Great job PTQ....for giving FQ such a great deal on all of the assets that were valued at a much higher price tag.......dummies. Pure incompetence at its finest.
I have no idea how to run/manage a company but something tells me I would do a better job then these retards.
POLLUTION. Workers said that since late 2013, the tailings basins have not been treated to prevent spills. PRESS / Ricardo Iturriaga.
20/06/2014 - The fall of 98% in the extraction of gold in the first quarter in Molejón mine in the district of Donoso, Colon province, remains restless shareholders of the Canadian company Petaquilla Minerals.
A group of partners created an online forum in which have expressed their dissatisfaction with the direction the company takes in the hands of the current management, led by Richard Fifer.
The forum members complain that the directive does not report in time to the current negotiations, as was the case of the sale of land to First Quantum Minerals, which operates in a neighboring area.
A widespread view is that the assets sold by Petaquilla $ 60 million, actually had a market value of $ 150 million.
In the month of May, and First Quantum Petaquilla agreed the sale of 483 thousand hectares, and other assets. Petaquilla also waive all rights to copper deposits in Botija Down Arm, Balboa, Colina, and Valle Grande Botija or any other field that is in the residual area of ??the concession area Molejón mine.
After completion of the transaction, Petaquilla sent a statement to the Toronto Stock Exchange in which said funds will allow cancel debts incurred and buy equipment needed to revive production at the mine Molejón.
Shareholders reveal that the company has refused to provide updated information on their operations, so they announce a kind of rebellion. They call to collect enough signatures to call a vote and allow them to renew the board.
They also ensure that there are investors who are interested in capitalizing on the company, but with the only condition that the Fifer to step aside and allow a new policy lead mining.
Between January and March this year, the company reported production of 400 ounces of gold, far from the 17 000 882 ounces in the first quarter of 2013.
This slump in production was reflected in the revenue from the sale of gold, which fell from $ 22.7 million to $ 900,000.
The concern of investors Petaquilla adds to the desperation of 800 workers who have not received the full amount of the payment past two fortnights.
Eric Leon, secretary of the Trade Union of Workers of Panama Mining Companies said that production continues Molejón arrested, as have been reported since last December.
"We have asked for explanations from the directors of the company, but have never received a response," he said. Workers say they have gone to the Ministry of Labor and Workforce Development, but regional in Cocle has also failed to locate the company spokespeople.
The union says that workers who were laid off in April, and to date have not received your payment. We attempted to contact spokespeople for the company, but at press time no response is obtained.
NEGATIVE RESULTS
400
Petaquilla gold ounces produced in the first quarter, down 98% compared to 2013.
76%
It has dropped the price of the shares of Petaquilla in the last year.
$ 11
Million loss was reported that the Canadian mining between January and March 2014, compared to the $ 15 million he made last year in the same period.
In all honesty, I can't believe we are north of .10 with zero production for x amount of quarters. That always makes me laugh, the fact that we are a gold producer with NO production in the works. It's funny, but very sad. It's hard to say what will happen to the SP when the next quarter is released because it should already be baked in the cake, but you never know with this bag of hammers. That forth ball was a great investment for the company. All the cob webs will have to be taken out of the equipment just sitting there rusting away.
Lets be honest shall we, there is nothing more to discuss as this company is dead right now. Until the money comes on board and HL begins, there is nothing else. Hence no conversation on this board.
As usual, we have no idea what the hell is going on behind closed doors. Things take forever to happen with this company and when they do occur it's always disappointing.
Another 1/4 goes by with no production because we have no money. Same old same old. Maybe when we receive the payment things will start to happen.....maybe not.
Have you looked at their Web page lately. .....what a farce. It's dated Feb with all the old info. Nothing has been updated.
What the heck is going on with PDI and where are my shares.....I'm still waiting.
First of all, hang em high wax a great movie. Secondly, mob rule....,seriously ? If you were truly invested in PTQ you would be pissed off beyond belief. We have thieves running the company with no real plan in sight to get this company back on line. Another quarter approaching with next to zero production. WTF are they doing ????. Are you happy that you are invested in a mining company that hasn't mined gold in quite some time ?
It is difficult to have a rational discussion when the company itself does nothing to envoke confidence with its shareholders. Nothing is up to date nor EvER has been when it comes to the Corp presentation, projections, or anything else they say.
How does that instill confidence. Do you have confidence in a team that has basically ripped you off ?
It is just a bad situation all around so if you cant understand the high level of frustration, then you cant see the forest through the trees dude.
We could attempt to talk about all the great DD that guys have researched, however, there isnt any. We sit idle and do nothing.
So basically what you are VB is that we better not look into our past and our current BOD as someone may actually catch something that they did wrong. Sounds like a scandal to me !!!!!!!!! If you don't talk about it, it will just go away.
"Very pleased with how the BOD is leading us out of this difficult time"
Are you kidding me, these guys are the ones that put us in this position in the first place. In one breath you are saying we are in difficult times, and in the other breath you are saying they will get us out of it. I, along with every other board member dont get you. It is as if you are on an island all by yourself and everything is groovy.
You also state that it is not your fault that no one has any idea what the future holds in regards to their plans........well MJ, thats because this incompetent crew doesnt share it publically. Let me ask you this, if a new investor were to jump in, how are they supposed to do DD when the plans are not released ???? Secrecy has ALWAYS been a problem.
Nothing about how this situation is good....NOTHING !
100 percent agreed. But where are we going to get the funds to in fact survive ??? We are already behind the eight ball with no real plan in sight. From day one when I jumped into this POS with two feet there has never been realistic goals that have EVER been met. As JAL says, it has all been "fluff".
So they come out with plan for HL because there is nothing else. Great, how are we going to pay for operations. None of the workers are going to work for PTQ as they were stung in the past.
Think about this...we have a gold mine in Panama that has sat idle for months. What a a mess !!!!!!!
Management needs to explain to its shareholders how this mess happened in the first place. We know that we were profitable for a bit, then boom we are dead. How the hell did this happen and why is no one responsible for their actions. Between DB and the private placement, that was a shit load of money....well, what happened to it ?????
We haven't spent on operations lately because we aren't doing anything. We are a non producing gold mine who owes a lot of money and what do we have to show for it.....zip.
The latest PR is complete B'S. They should be compelled to come up with a detailed strategy to get this thing going if that is even possible.
Truly they ate in this for themselves. Is this another EXXON ??????
And how do you think his political connections have worked thus far ?? In all honesty it doesnt matter who he knows or doesnt know because he put this company in a hole. How much money have his connections made you ?
Oh and last time I checked PTQ in in BC...CANADA !!!!
,
Jal, of course I want this too work as I have a lot of $$$$$ invested in Fifers right pocket. You missed my point. At some point his thought pattern as to how this company is being run into the ground has to change. Its like being on a runawy freight train knowing its going to run off the bridge while all along saying to others....its all good, everything will get better !
I just have a sinking feeling in my gut that Fifer will string all of us along until its time to close the doors. Where are we going to get all the capital from to survive ???
Panama is short lived and who knows about our other ventures. I cant believe that the major shareholders (if there are any left ) havent demanded his head on a stick. I dont understand that part.
That's a lot of great questions, however let me ask you this......
If we don't oust FIFER or at the least change the majority of the BOD, are you content losing all of your money on this sinking ship ?
It has not been shown what the company is doing to get out of this debacle. They are sitting on their hands doing SFA.
That in itself, is a huge problem.
Absolutely brutal ! Why would anyone invest in this company now with next to no future. Anyway you spin it...it just Sucks.
Petaquilla es Panama...not for much longer.
I have been trying to catch up on all the posts over the last few days. Lots of good chatter about ousting Fifer, but unless he removes himself from the table, only a coup d'etat will suffice !!!!!!
By the way, where is the forecast for the company? Did I miss it ?
How do you know they are not selling ? Maybe they arent selling in large bricks.
Come on dude...you have averaged down to .39 so you say and you are not pissed at where we sit. I realize that if you don't sell, you don't lose but seriously!!!!
I cant grasp why you are not angry, bitter, upset or just pissed off at how things are transpiring. I truly don't get you.
How about the info that was going to be posted ten days after the PR...where is it ?
How about how this company was run into the ground ?
How about how we sold a lot of assets at a fraction of the price?
Why did we take 60 mil now but threw the offer back to Inmet ?
What is going on with PDI ?
What is the next course of action ?
What are we going to do about the remaining 60 mil ?
ETC, ETC, ETC.
Anyway you slice it, it is a bad situation all around.
We will need more money to start operations and get fired back up so where is that coming from ?
THREE years ago March we we above a dollar and now look at us shine.
Im sorry to say that if someone is feeding me a shit sandwich, it doesnt taste very good. Im not going to smile when I eat it.
You are pobably right about it being tomorrow as that is the 10th day. Im just going to take a guess here and say whatever they project, guess, hope to happen, image , etc etc etc, it wont happen based on past history. Until they turn this company around say good bye to your (our) money.
Cut the head off of the snake and rebuild with new blood.
" it is the first Panamanian gold producing mine"
Seriously.......I don't know if you have checked lately but we aren't producing !!!! It's a joke dude.
So I wonder what this other shoe is that apparently is going to drop. Is someone getting the axe....did they hit the mother load somewhere.....did we happen to find a source of money......?????
Cant wait to see the projections this week so I can chuckle.
Something has to give as we are at the end of the rope.
Page 7 has to do with the red kite loan that failed and I give credit to MJ for explaining it in prior posts. However, my question is considering Inmet is no longer around, why cant we fall back on it to obtain the funds once again considering there are no more barriers in place.?
Inmet’s attempted takeover bid of September 5, 2012, impacted the Company’s ability to execute a high-yield debt transaction. The Company had been in the final stages of closing a potential $210 million senior secured notes offering which would have strengthened the balance sheet to secure the long-term development of the Company, including the acquisition of additional mining equipment required to increase the feed rate of the new 4-ball mill plant setup and to prepay Deutsche Bank as a condition for the then planned spin-out of PDI. At a hearing with the British Columbia Securities Commission (“BCSC”), held on October 13th at the request of Inmet, the Company was formally instructed by the BCSC not to pursue its debt raising effort until a final outcome of Inmet’s takeover bid was declared. In the opinion of the BCSC the Company’s shareholders were entitled to decide on Inmet’s offer as it was presented before them and the Company was, therefore, deemed bound to respect such terms. As a result the Company was forced to delay the acquisition of critical mining and process equipment needed to complete the expansion of the Molejon gold mine, effectively preventing the Company from increasing the mining rate required by the newly installed additional milling capacity which was intended to compensate for a planned reduction in the average processed ore grades. As a consequence of not having closed financing and despite a significant ramp-up of throughput to the Mill Plant since the commissioning of the fourth ball mill and the other auxiliary equipments associated with the expansion of the production capacity (an increase of 30% in processed ore has been achieved during the last quarter of fiscal 2013 as it was planned), gold mined during the nine months ended March 31, 2014 decreased 62% compared to the nine months ended February 28, 2013, mainly due to said shortage of mining equipment. This effect was further compounded by the recent requirement to share mining and crushing equipment between gold and aggregates production. As a result, gold produced has decreased 77% during the nine months ended March 31, 2014 compared to the nine months ended February 28, 2013. These events contributed to the Company’s inability to fulfill its delivery obligations to Deutsche Bank during the six months ended March 31, 2014. The agreement signed with FQM (see Note 26 to the condensed interim consolidated financial statements for the three and nine months ended March 31, 2014) will allow the Company to completely address its senior credit facility with Deutsche Bank in order to solve the default situation and strengthens the Company’s balance sheet by reducing short term liabilities (see Notes 1 and 14 to the condensed interim consolidated financial statements for the nine months ended March 31, 2014).
Great job PTQ on another banner quater. I told you before we are no longer in the mining business. We have to be the laughing stock of the remaining junior miners. Most of the juniors that couldnt survive had the intelligence to close up shop....but not us....we enjoy a long drawn out death. Ever heard of being water boarded ? I cant wait for the made up projections to be released.
I know one thing that is guaranteed......we will continue to reach new time lows daily if they dont get their f'n act together. If this company cant survive then just close the doors because everything else is just window dressing and prologing the inevitable.
Down another twenty percent today....has this company ever heard of damage control?
I would like the promoters to tell the board.......what has Richard Fifer and his group done to date to make this company succeed ?? I dont want to hear how they how helped the community either. Sure they put a mining company in the middle of the jungle but who cares, because currently they are failing horribly, and have for quite some time. I also dont want to hear about the Adrian days either. I want specifics in regards to PTQ as it pertains to value in the company, and in turn shareholder value.
One last thing then Im done for the day......when Digi referred to the other shoe dropping, was he referring to potential future financing or did it have to do with todays so called plans ????
Bottom line is, where are we going to get all of the extra money to fund this new adventure.......thats right, adventure as opposed to venture.
I'm on my phone and I can't cut and paste properly. Look where it talks about the 43-101. It's after that.
So they put this PR out prior to the quarterly results. The results will be non existant followed by the other PR that is set to come out in ten days. Are you telling me they need another ten days to come up with a plan. I don't think so...it's to soften yet another kick in the balls.
How much money did we sink into the panama operation to get these great results? Seriously, what were they thinking????? I have no idea how they estimate 4 k a month from here on in.....what happened to the projections in the Corp pres....you know, the numbers that were picked out of a hat and flogged around as being true. Didn't see this in the DD that I did !!!!!!!
Digi..from what you are seeing, is there a plan in place for PTQ at this point or are they flying by the seat of their pants? The quarter will be released very shortly and I can only imagine how it will be received, because we already know how awful it is going to be. The consensus obviously is that the 60 mil was a bread crumb.....so now what ? It would be great if the company would share their plans with stock holders once the dust settles because the whole thing appears to be one big mess. How did this company fall off the rails so fast in such a short amount of time ?
What the hell happened to this company. It just goes to prove that it doesnt matter how much DD one does, or how much BS a company feeds you. This is a prime example of incompetence at its best.
I solely blame management because ultimately, someone has to be responsible when things go bad. Yes, the POG has tumbled but grow up, you cant solely blame that one issue. There are other surrounding issues that caused our downfall that people fail to recognize and or accept.
This company is such a debacle now I cant but wonder what all those PP people are thinking. Sure they may have averaged down, but who gives a shit......anyone who has been here for a bit is drowning, even them. If you think differently, you are just lying to yourself.
I hope and trust what DIGI says is true to get us out of this slump. People, we are a producing gold mine THAT IS NOT PRODUCING !!!!!!!!!!!! Dont we think that is a problem ???
I can just see the Corp Presentation now...."come to PTQ to invest your hard earned money even though we will never be a mid tier producer.....or a producer at all. We will just squander your money away giving the illusion we are actually doing something even though we have no money to mine "
Wait till this quarter is released...It will be a buying opportunity yet again.
Have you ever noticed in the larger companies that when things go bad, they fire the person responsible and inject new blood to a) set the investors at ease and b) hopefully make change for the better. Not around here !!! It must be a Panamanian thing even though this company is CANADIAN !!!!!!!!!!!!
Petaquilla es Panama......BS. !!!!!!
Here is what I would like to see, as I am sure all of you would as well.....I would like PTQ to come out with a plan of what happens next. Obviously we will take care of DB first, but then what ?????? Seeing that we don't have enough money, Where do we start ?????
And for god sakes, don't tell me it's in the public record because it's ain't.
Ok, so we get 60 million for a portion of our assets. Does that mean I get my PDI now .......I didn't think so.
Rough math here.....don't we have approx 120 million outstanding on the books less the 60 million we will be receiving....that equals 60 milion in the hole still. Did I miss something ?
And what happened to all that potential money from PDI securing all of the contracts ????
If the SP bumps at all, it will most likely recede when that great quarter comes out in less than a week. This news was to soften the blow so to speak.
So, one thing is for sure, the election is over so we can cross that off of PTQ's "to do list". Can we now please move on because this is a f'n joke. The former President didnt help us out, so why in Gods name would anyone else.
This apparently has got to be the longest set of negotiations in the entire world....and for what, some land rights and monies if in fact that is what is has to do with. We were first advised of the negotiations in FEB re a PR. That was three months ago, not to mention when they actually commenced. Some people say it began last year.......Seriously ?!
Some say it is a done deal all wrapped up in a nice bow. I say facts speak louder then message boards so come on PTQ, pull your boot straps up and either piss or get off the pot.