Petaquilla Minerals Ltd. (fka PTQMF)

[Progafa]

The "reasons" for the lower production are amongst others:

1) FQM aggregate contract. Given lower gold prices, it may be more profitable to dedicate resources to that, instead of taking the gold out of the ground.... You get my point? (this creates problems for the DB financng).

2) Lack of focus due to management pursuing too many things at once. I mean Spain and Portgugal. PTQ does not have the necessary resources, management or fianancial wise, so it is a total waste of those little that they do have.

Those are to me the main points. This has not been explained throughly by management by the way.

This all makes things too risky for MP's 6B investment in the Copper project. This is s very serious problem for MP.... Hence,everything that is going on and which should produce a new future before the year end. That's all anyone can or should say.