Petaquilla Minerals Ltd. Announces Preliminary Second Quarter
Petaquilla Minerals Ltd. Announces Preliminary Second Quarter Results
of Fiscal 2013
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/17/12 -- Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announces its preliminary
operating and financial results for the second quarter of Fiscal
2013. Currency is reported in United States dollars unless otherwise indicated.
Preliminary Operating and Financial Highlights for the Second Quarter
of Fiscal 2013
*T
-- Gold ounces produced: 20,025 - increased by 12% compared to previous quarter
-- Gold equivalent production: 20,518 ounces - increased by 11% compared to previous quarter
-- Gold ounces stockpiled as at November 30, 2012: 115,544 - increased by 3% compared to the end of previous quarter
-- Gold production inventoried: 6,270 ounces - increased by 34% compared to previous quarter
-- Gold revenue: $27.6 million - increased by 8% compared to previous quarter
-- Cash cost per ounce of gold sold: $550 - $600
-- Cash position as at November 30, 2012: $16.5 million - increased by 29% compared to the end of previous quarter
*T
During the second quarter of Fiscal 2013 Petaquilla sold 17,545
ounces of gold and 31,400 ounces of silver representing sales of
$27.6 million and $0.6 million, respectively. Cash cost per ounce of
gold sold during the second quarter of Fiscal 2013 ranged from $550 -
$600, as originally anticipated.
During the second quarter of Fiscal 2013, the expansion of
Petaquilla's Molejon gold plant in Panama was completed. As part of
the Company's strategy to increase gold production at its Molejon
mine, a fourth ball mill was installed, along with two additional LIX tanks, two additional carbon-in-pulp tanks, a third thickener,
another liner screen and a second electro-winning circuit.
Petaquilla anticipates the newly commissioned equipment will enhance
plant throughput capacity at Molejon by 1,100 tonnes per day and
increase production capacity by approximately 30%.
Effective September 1, 2012, a resource and reserve estimate was
completed by Behre Dolbear & Company (USA) Inc. ("Behre Dolbear") for
the Botija Abajo deposit, associated with the Company's Molejon gold operations. As a result of this estimate, the Company reported
additional reserves of 210,000 gold equivalent ounces at its Molejon Project in Panama.
In addition, during the second quarter of Fiscal 2013, Petaquilla
announced a National Instrument 43-101 compliant Pit Constrained
mineral inferred resource of 502,800 gold equivalent ounces for its Palmilla deposit, located on the Company's wholly-owned Belencillo concession and associated with its Molejon gold operations in Panama. During the current Fiscal 2013 additional resource reports will be completed for the Company's Oro del Norte deposits in Panama as well
as a reserve report for Lomero-Poyatos in Spain. In this regard,
during the second quarter of Fiscal 2013, the titling process for the Lomero-Poyatos project in Spain was completed. This completion
enables Petaquilla to continue work to bring the mine back into
operation. During Fiscal 2013, the Company will move to final
engineering and design, initiate development drilling, conduct bulk
volume testing, and, as anticipated, advance a National Instrument
43-101 feasibility study.
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 acquisitions. The Company operates a surface gold processing plant at
its Molejon Gold Project, located in the south central area of Panama
- a region known historically for gold content. In addition, the
Company has exploration operations at its wholly-owned Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese
(Iberian) Pyrite Belt and several other exploration licenses in
Iberia.
Disclaimer. Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements").
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects" "plans", "estimates" or "intends" or stating that certain actions, events or
results "may", "could", "would", "might", "will" or "are projected
to" be taken or achieved) are not statements of historical fact, but
are forward-looking statements.
Forward-looking statements relate to, among other things, the
estimation of mineral resources and the realization of mineral
resource estimates; all aspects of the development and future
operation and production of the Molejon gold mine and the development
of other deposits; the outcome and timing of decisions with respect
to whether and how to proceed with such development and production;
the timing and outcome of any such development and production;
estimates of future capital expenditures; estimates of permitting
time lines; statements and information regarding future feasibility
studies and their results; production forecasts; future transactions; future metal prices; the ability to achieve additional growth; future production costs; future financial performance, including the ability
to increase cash flow and profits; future financing requirements; and
mine development plans.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by the
Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained
or incorporated by reference in this news release, which may prove to
be incorrect, include, but are not limited to, the various
assumptions set forth herein as well as: there being no significant disruptions affecting operations, whether due to labour disruptions,
supply disruptions, power disruptions, political change, protests by
native or environmental groups, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at
the Molejon gold mine and other deposits being consistent with the Company's current expectations; prices for gold and silver and costs
of labour and supplies being consistent with expectations; and the
accuracy of the Company's current mineral reserve and mineral
resource estimates.
A variety of inherent risks, uncertainties and other factors, many of
which are beyond the Company's control and may be known or unknown,
affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ
materially from estimated or anticipated events or results expressed
or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold
and silver; the need to recalculate estimates of resources based on
actual production experience; the failure to achieve production
estimates; variations in the grade of ore mined; variations in the
cost of operations; the availability of qualified personnel; the
Company's ability to obtain and maintain all necessary regulatory
approvals and licenses; the Company's ability to use cyanide in its
mining operations; risks generally associated with mineral
exploration and development, including the Company's ability to
develop its deposits; the Company's ability to acquire and develop
mineral properties and to successfully integrate such acquisitions;
the Company's ability to obtain financing when required on terms that
are acceptable to the Company; challenges to the Company's interests
in its property and mineral rights; and current, pending and proposed legislative or regulatory developments or changes in political,
social or economic conditions in the countries in which the Company operates; and general economic conditions worldwide.
Forward-looking statements speak only as at the date of this
document. Forward-looking statements are based on management's
current plans, estimates, projections, beliefs and opinions and,
except as required by law, the Company does not undertake any
obligation to update forward-looking statements should assumptions
related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on
forward-looking statements.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.
Ezequiel Sirotinsky, Chief Financial Officer
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION
CONTAINED HEREIN.
Contacts:
Petaquilla Minerals Ltd.
Ezequiel Sirotinsky
Chief Financial Officer
(604) 694-0021 or Toll free: 1-877-694-0021
(604) 694-0063 (FAX)
www.petaquilla.com
-0- Dec/17/2012 14:27 GMT