Petaquilla Minerals Ltd. (fka PTQMF)

[poncewaves]

http://www.cambmin.co.uk/investor/regulatory_announcements/files/2011/Update%20on%20Lomero%20Poyatos%2020%20April%202011.pdf

20 April 2011
UPDATE ON LOMERO-POYATOS, SPAIN
Cambridge Mineral Resources plc (“CMR”), the mining exploration and development
company, holds its mineral interests in Spain via by its subsidiaries Iberian Gold plc and
Recursos Metalicos SL. Its principal project is the poly-metallic Lomero-Poyatos mine in
southern Spain, which hosts the highest reported gold grades in the Iberian Pyrite Belt.
Following several years of investigation and independent studies, including a 43-101 report by
Wardell Armstrong International and a recent Competent Persons Report also by Wardell,
Lomero-Poyatos is now at an advanced stage. Recursos Metalicos, in association with Golder
Associates in Madrid, has prepared and submitted a mining plan to the mining authorities and
is currently preparing an Environmental Impact Assessment and other associated reports also
required by the authorities.
As a result of these activities, Lomero-Poyatos has attracted attention and interest from
various parties.
However, it has come to CMR’s attention that on 6 April 2011 Petaquilla Minerals Limited
announced that it has entered into a binding letter of intent to acquire the shares of Iberian
Resources Corp, which it stated owns 100% of the Lomero-Poyatos mine through its whollyowned
Spanish affiliate Corporacion de Recursos Iberia S.L. The announcement also referred
to future works that Petaquilla Minerals will be undertaking at Lomero-Poyatos.
For the avoidance of doubt, CMR wishes to make it categorically clear that neither
Corporacion de Recursos Iberia S.L., Iberian Resources Corp., Petaquilla Minerals or any
other company other than Recursos Metalicos has any rights to investigate, develop or exploit
the mineral reserves and resources of Lomero-Poyatos.
The Lomero-Poyatos project area consists of a block of 13 Exploitation Permits covering
approximately 250 hectares that represent the highest level of mineral concession under
Spanish Law. The mining permits are valid for a period of 60 years from 1973 and in 2033
can be renewed for a further 30 years.
Under the terms of a contract dated 1 December 1999, Recursos Metalicos has a lease
agreement for 100% of the mining rights for the period of the validity of the Exploitation
Permits. Therefore, it is CMR’s subsidiary Recursos Metalicos that holds a 100% interest in
the mining rights to Lomero-Poyatos.
CMR is also pleased to note that Recursos Metalicos has recently received from the Spanish
authorities a certificate confirming title to its mining permits.
ENDS