Petaquilla Minerals Ltd. (fka PTQMF)

[mjkiii]

Plant was engineered and constructed so that all future gold ore can be easily trucked to the facility. Capacity will be 5,500 T/D and even that could be easily expanded, if warranted. Statements to that affect were in some of the old press releases. Project was well planned and well engineered.

The immediate result of all the exploration is to extend mine life at a production level of about 200,000 oz./yr., when heap leaching and full operations are completed. This was all in the public venue four or five years ago. The "rumored" hold up had always been the political situation and the POG. That is all off the table now and another eighteen months will bring the project to full fruition.

Ultimately this project will have a twenty year mine life @200,000 oz./yr. as originally planned. The unknowns are the political climate nine years from now and the POG over the next few years.

You are right that they would not throw one million dollars a month into exploration if the gold was not there in large quantities. They also have a lot of other PMs that are not spot lighted now.