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May 25, 2012 /CNW/ - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") reports that a revised technical report relating to its Lomero-Poyatos project (the "New Lomero-Poyatos Report"), prepared by Behre Dolbear International Limited ("Behre Dolbear"), was filed on SEDAR yesterday. The New Lomero-Poyatos Report had been submitted to the British Columbia Securities Commission and addresses the deficiencies noted in the Company's May 3, 2012 , press release. In particular, the New Lomero-Poyatos Report no longer includes the Inferred Mineral Resource Estimate for an open-pit mining scenario that was included in previous disclosures by the Company (at a €50 value cut-off = 20. 6 Mt at 3.1 g/t Au, 69.9 g/t Ag, 3.3% Zn, 1.2% Cu, 1.2% Pb. Containing 2.1 Moz Au) as a result of (1) Behre Dolbear concluding that the previously disclosed open pit resources do not have reasonable prospects for economic extraction at the present time; and (2) not meeting the definition of "mineral resources" under NI 43-101. Accordingly, previously disclosed open-pit resources have been removed from the New Lomero-Poyatos Report. (They will meet the definition after stage #1 drilling twinning the holes and bringing data current.)
In addition, the economic valuation for the Lomero-Poyatos property that had been included in previous disclosures by the Company has been removed from the New Lomero-Poyatos Report on the basis that there is no current economic analysis for the property. (It will be comming after stage #1 drilling!)
The information contained in the New Lomero-Poyatos Report supersedes and replaces all information previously provided by the Company with respect to the Lomero-Poyatos property. However, the Company notes that the Inferred Mineral Resource Estimates in the New Lomero-Poyatos report confirms the Inferred Mineral Resource Estimates previously disclosed by the Company for an underground mining scenario.
Inferred Mineral Resource Estimate
The Lomero-Poyatos deposit is a poly-metallic massive sulphide deposit which, with the application of potential underground mining constraints, is estimated to have an Inferred Mineral Resource Estimate of 6. 07 Mt averaging 4.25 g/t of gold, 88.74 g/t of silver, containing 0.83 Moz Au. (830,000oz. of AU with the combined value of the other metals equivalent to another 830,000oz. equivalency of AU still stands in revised report!) The Inferred Mineral Resource Estimate contains only mineralization within the >25% S mineral envelope using a 1 g/t Au cut-off for an underground mining scenario. The deposit also contains some minor copper, lead and zinc values but, due to increased precious metal prices, the Lomero-Poyatos deposit is considered primarily as a gold project with base-metal by-products.
This Inferred Mineral Resource Estimate was produced by Behre Dolbear working with Gemcom Software Europe Ltd. and is based mainly on the 2001 to 2007 CMR drill-hole data. The mineral resource at the property was estimated by creating a 3-dimensional geological block model of the sulphide deposit based on a >25% S cut-off mineral envelope and then creating a mineral resource block model of the gold-silver-copper-lead-zinc mineralization. The Inferred Mineral Resource Estimate in the New Lomero-Poyatos report is based on a 1 g/t Au cut-off, assuming that the most likely means of production will be by rehabilitation of the existing underground mine workings.
Behre Dolbear believes that the Company should continue to examine the economic viability of open-pit operations of the lower-grade near-surface mineralization in addition to the current underground scenario as the previous studies of the deposit were completed at much lower metal pricing than is currently achievable. (It was marginal at $330.00/oz., it will be very, very good at $1,250.00/oz. and excellent at current POG!)This could potentially expand the defined Mineral Resources at the property if these studies should show that this portion of the in-situ mineralization, which is currently excluded from the estimated mineral resource, could possibly become economically extractable.
There are no known environmental, legal, tax, marketing, political or other factors that might materially affect the Resource Estimate. (Good news!)
The Qualified Person, who has prepared the technical information in the New Lomero-Poyatos Report is Richard Fletcher , from Behre Dolbear, and he is independent of the Company. Mr. Fletcher has approved the technical information, supported by the New Lomero-Poyatos Report, contained in this news release.
About Petaquilla Minerals Ltd. Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select
