Petaquilla Minerals Ltd. (fka PTQMF)

[mjkiii]

I took numbers from Panama newspaper articles, corporate presentation, last quarterly report from company,corporate web site on projects, discussions in Panama during month long DD trip 6/09. (Not just for this project.)

To me a 16% return from this point in time looks pretty sound, but I wonder if I am missing something. My average cost is $0.39/share, but, 16% looks very good to me after this past year and gold is gold. If it ever goes above $2.00/share, I'll be very nervous.

The best of all worlds would be more proven recoverable discoveries, that would extend life for assets in place, and/or an economically feasible way to leach out the low content ore. The company is exploring that but they say economies are not there yet.