Interesting idea...cost for law firm...
will be about $40-$60 thousand dollars. Who will pay this? Who has suggestion for new BOD? Who will conduct the takeover attempt? Who will pay for the required filings and proxy requirements? Total effort seem to be around $150,000 to $200,000 with no guarantee of success. Be fun to watch though...
Perhaps some intelligent, reasonable feedback and dialogue would be better use of time?? Exactly how do you "control" 20,000,000 shares? That seems material to me and requires some filing I believe. I can't seem to find it??
What do you think, should we file Q3 on Thursday, or get an extension that will carry us beyond the current silent period of nine more days allowing more disclosure?? Pros and cons???? Do you even know what I am talking about??
In answer to questions about heap leaching opportunities...here is information that was posted after the set of tests and before the large heap leach pads were constructed. Of course it is in the records, but it is easier to complain about lack of disclosure than actually bother to read the disclosed facts. LOL!!! Actually, I took the trouble to visit the METCON lab in Tucson and personally discussed the results there with both their and our management team. Did any of you even look at phase one or phase two, or even know they existed? Of course not...just complained that there was on 300 ounces obtained from the little 40,000 ton test pad. Of course that was excellent!! Never let the facts obscure the ignorance and agenda!!!
Petaquilla Minerals Ltd. (TSX: PTQ)(OTCBB: PTQMF)(FRANKFURT: P7Z) ("Petaquilla" or the "Company") today announced that it has completed Phase 2 of its Column Leach Test Program on the 'Oxide Gold Resource' at its 100% owned Molejon gold mine.
Results show gold recoveries range between 72.43% and 97.02% from the on-site column tests completed on the Oxide Gold Resource samples.
As announced January 4, 2010, the Company has been working with METCON Research, an affiliate of KD Engineering, on the metallurgical evaluation of its Oxide Gold Resource. Working in conjunction with the Company's mine site personnel, METCON Research has been supervising this metallurgical test program.
Highlights of the results from the Oxide Samples:
1. Crush size of 80% passing 3 inch achieved a gold extraction of 96.81
percent for the QZBX (Quartz Breccia) composite sample. Corresponding
Sodium Cyanide (NaCN) and Calcium Oxide (CaO) consumption was 0.21 kg/t
and 0.93 kg/t respectively.
2. Crush size of 80% passing 3/4 inch achieved a gold extraction of 97.02
percent for the 50% QZBX/50% Andesite composite sample. Corresponding
Sodium Cyanide (NaCN) and Calcium Oxide (CaO) consumption was 0.44 kg/t
and 1.57 kg/t respectively.
3. Crush size of 80% passing 3 inch achieved a gold extraction of 92.40
percent for the 50% QZBX/50% FQPO (Feldspar Quartz Porphyry) composite
sample. Corresponding Sodium Cyanide (NaCN) and Calcium Oxide (CaO)
consumption was 0.14 kg/t and 5.07 kg/t respectively.
4. Crush size of 100% passing 2 inch achieved a gold extraction of 94.97
percent for the Andesite composite sample. Corresponding Sodium Cyanide
(NaCN) and Calcium Oxide (CaO) consumption was 0.34 kg/t and 1.89 kg/t
respectively.
5. Crush size of 100% passing 2 inch achieved a gold extraction of 86.20
percent for the Saprolite composite sample. Corresponding Sodium Cyanide
(NaCN) and Calcium Oxide (CaO) consumption was 0.23 kg/t and 2.44 kg/t
respectively.
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Summary of Metallurgical Highlights
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Indicated Gold Recovery
Composite Identification (%)
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Quartz Breccia 96.81
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Quartz Breccia (50%) & Andesite (50%) 97.02
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Quartz Breccia (50%) & FQPO (50%) 92.40
------------------------------------------------------------
Andesite 94.97
------------------------------------------------------------
Saprolite 86.20
------------------------------------------------------------
The results summarized above have validated the initial metallurgical tests completed by METCON Research in their Tucson laboratory earlier this year and now confirm that the Oxide Gold Resources at the Molejon Gold Deposit are amenable to commercial extraction utilizing the heap leach process.
Richard Fifer, the Company's Executive Chairman, remarked that, "These results confirm our internal evaluation of both the importance and the added value that these oxide resources bring to Petaquilla and our shareholders. We have been working diligently on this project internally and with METCON Research for the past 24 months and these results will now move us into the final engineering, design and construction of the Heap Leach Project, which is designed to complement our mill production."
Phase 3 of the Heap Leach Project comprising final engineering and design has already commenced and is planned to be completed by February 2011. Construction of the associated infrastructure is planned to commence February 2011 and continue to June 2011 to take advantage of the traditional dry season in Panama.
These positive results now make available for further evaluation additional National Instrument 43-101 compliant resources of 96.7Mt at 0.21 g/t Au for a total of 641,976 gold ounces (Measured and Indicated categories at 0.1 g/t cut-off) and additionally 95.7Mt at 0.16 g/t Au for a total of 495,885 gold ounces (Inferred category at a 0.1 g/t cut-off) at the Company's Molejon and nearby satellite projects. These resources are in addition to the National Instrument 43-101 compliant resources of 28.3Mt at 1.0 g/t Au for a total of 911,023 gold ounces (Measured and Indicated category at 0.3 g/t cut-off) within the Molejon Gold Deposit.
In conjunction with moving the Heap Leach Project forward into the final engineering and design stage, the Company is continuing its program of updating its global resources estimate. As announced October 25, 2010, this updated estimate is planned to be released in the first calendar quarter of 2011.
Mr. Rodrigo R. Carneiro, P. Eng., Director of METCON Research & Process Engineering of KD Engineering & METCON Research of Tucson, Arizona, is an independent Qualified Person as defined by National Instrument 43-101. Mr. Carneiro supervised the metallurgical testing and verified the relevant data and technical information contained in this news release.
About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is a gold producer operating its gold processing plant at its 100% owned Molejon Gold Project in Panama. Anticipated throughput for the project during the first year of commercial production is estimated to be 2,200 tonnes per day. Commercial production commenced January 8, 2010. The Molejon mine site is located in the south central area of the Company's 100% owned 842 square kilometre concession lands, a region known historically for gold content.
On behalf of the Board of Directors of
PETAQUILLA MINERALS LTD.
Richard Fifer, Executive Chairman of the Board
No stock exchange has approved or disapproved the information contained herein.
Contacts:
Petaquilla Minerals Ltd.
Richard Fifer
Executive Chairman of the Board
(604) 694-0021 or Toll Free: 1-877-694-0021
(604) 694-0063 (FAX)
www.petaquilla.com
