Petaquilla Minerals Ltd. (fka PTQMF)

[mjkiii]

My horizon was going into 2012 only before the warrants. I ignored the silver revenue. I kept the cost of production quite high @ 50% which at $1,500.00/oz. gold is $750.00/oz. when it will probably be closer to $400.00/oz to produce. That is why perhaps I was a little lazy with the 96,000,000 shares outstanding. I still think $20.00/share in 2012 is on the money. What if I am only 75% right($15.00/share)...does it matter whether you pay $0.50 or $0.75 a share now! If you look at the old analysis, Oro del Norte is a lot richer than the one they are developing now. It has been known for many years that there is a lot of gold in the area. The problem was always laws & government instability. That is past.