(PTQMF .46) +100% Gold news - Petaquilla Minerals to Begin Commercial Production at Panama’s First Modern Gold Mine
Petaquilla Minerals Ltd (TSX: PTQ, OTCBB: PTQMF, FRANKFURT: P7Z) announced that it has received approval from the Government of the Republic of Panama to advance towards the commercial production stage of operations at its Molejon Gold Mine.
The Molejon Gold Project is the company’s principle asset; the South and Central American focused gold company has been concentrating on the development of the project with commercial production targeted to begin in 2010.
The Molejon mine will be the Panama’s first modern mining operation. The gold mine is currently in its final stages of full commissioning. Petaquilla first poured gold in April this year, since then the mine has produced a total of 25,699 ounces of gold.
During the first year of commercial production, Petaquilla estimates a production rate of 2,200 tonnes per day. The Molejon plant utilizes three ball mills and a carbon-in-pulp processing facility.
In addition to the Molejon property, Petaquilla also holds the rights to 659km2 of virtually unexplored land surrounding its known deposits. The Company holds various interests in other land concession areas adjacent to the Ley Petaquilla property, including the Rio Belencillo and Rio Petaquilla concessions.
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