Petaquilla Minerals Ltd. (fka PTQMF)

[mjkiii]

Perhaps my choice of words was poor. You could also say no reason to sell until Q3 reports are in. However, I believe things are right on track and normal for start-ups. I believe that my fundamental analysis based on proven reserves put the value of PTQ at about $1.89/share. That is still a very good number, but if you recall I said that perhaps the real value of this whole deal might be in PTQI.

Remember, Panama is first world in Panama City, but 70% of the country is uninhabited. Once you are away from the city and canal, from the mountains with trout streams in the west to the unconquered jungle in the east, it is more like the Louisiana Purchase back in 1803. Panama has tons of money and Martinelli wants to build infrastructure. They are very happy with PTQI work.

Ten years from now PTQ may just be a fond memory and PTQI a major infrastructure player. They are specifically involved in things Panama has had to outsource before. You think they are proactive in all the local development because they are altruistic? Just looking ahead to future roads, hydro-projects, transmission grids, hotels, ports etc. etc.