Petaquilla Minerals Ltd. (fka PTQMF)

[DigiTech]

Here is a report of the progress/activity in Spain. This is only for Lomero Poyato. The open pit mine at San Telmo is a different subject.

The most visible activity is the drilling. It is done by a sub contractor (pictures of the drilling and of the core will be on IH when I get around to it)

The first phase of 11 twin holes was completed in February after 1,977 meters of drilling. Results to be added to the 43-101
Second phase started in April. Plan is for 59 holes with 16,000 meters total. 5 drills will be used 24/7. The drilling should be completed in September.

Head frame dismantling.

The head frame is not usable and needs to be dismantled. Mine access will be via a ramp.
Approval from mining authority is imminent. It is a small job done by Ditesca a sub.

Water pumping.

That's a big deal. Both Lomero Poyato and San Telmo mines are full of water. 1 M cubic meter to be exact. The Water discharge approval should be given in May. Timing for completion is 7 months after approval. The contractor will be a company named MD

Ramp construction

The ramp is another major project. Technical work is sub-contracted and the construction work is in tender. Approval from the mining authority is in process. Completion is about 7 months after the start of construction cost around 5M Euro (I believe)

Other activities

Metallurgical study in process during drilling campaign.

Feasibility study. Full multi year study expected this summer.

Processing plan. Plan being prepared. Capacity 800 to 1200 tons per year. It will take another year to get ready and 2 more years to complete. That is why the shipment of ore to Panama. Cost around 50M Euro.