"VANCOUVER, BRITISH COLUMBIA, May 08, 2012 (MARKETWIRE via COMTEX) -- Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") /quotes/zigman/31792 CA:PTQ -4.69% /quotes/zigman/31786/quotes/nls/ptqmf PTQMF -9.76% (frankfurt:P7Z) reports that it will tomorrow file on SEDAR a revised technical report relating to its Molejon project (the "New Molejon Report"). The New Molejon Report has been submitted to the British Columbia Securities Commission and addresses the deficiencies noted in the Company's May 3, 2012, press release.
The technical and economic analysis in the New Molejon Report has been upgraded to the level required for a pre-feasibility study in order to support the establishment of mineral reserves. The information contained in this New Molejon Report supersedes and replaces all information previously provided by the Company with respect to the Molejon property.
The Company is currently progressing with technical reports on its adjacent exploration targets, Botija Abajo, Brazo, Palmilla and Oro del Norte, which do not constitute part of the New Molejon Report.
The revised report, which was prepared by consultants Behre Dolbear, confirms 643,266 proven and probable ounces of gold reserves, consistent with previous disclosures by the Company, and 1,008,693 proven and probable ounces of silver reserves that had not been included in the previously filed report.
Highlights of the revised report are shown below:
-- The Molejon deposit contains 31.6 million tonnes (Mt) of Measured plus Indicated mineral resources averaging 0.80 g/t gold and 1.74 g/t silver at a cut-off of 0.20 g/t gold. -- In addition to the gold and silver mineralization, the authors have identified 61.4 Mt of waste material within their current pit design suitable for the production of aggregate construction products. -------------------------------------------------- Measured and Indicated Mineral Resources (as of January 1, 2011) -------------------------------------------------- Gold Silver -------------------------------------------------- Tonnes Grade Contained Tonnes Grade Contained Category (000s) (g/t) (oz) (000s) (g/t) (oz) -------------------------------------------------- Measured 14,743 1.09 514,500 11,417 2.23 819,100 -------------------------------------------------- Indicated 16,843 0.56 302,900 14,968 1.31 628,100 -------------------------------------------------- Total 31,586 0.80 817,400 26,385 1.74 1,447,200 -------------------------------------------------- Aggregate -------------------------------------------------- Measured 0 N/A N/A N/A N/A N/A -------------------------------------------------- Indicated 61,352 N/A N/A N/A N/A N/A -------------------------------------------------- Total 61,352 N/A N/A N/A N/A N/A -------------------------------------------------- -------------------------------------------------- Inferred Mineral Resources (as of January 1, 2011) -------------------------------------------------- Gold Silver ------------------------------------------------ Tonnes Grade Contained Grade Contained (000s) (g/t) (oz) (g/t) (oz) -------------------------------------------------- Gold and Silver Mineralization (at cut-off of 0.2 g Au/t) -------------------------------------------------- Inferred 3,330 0.35 37,100 1.05 60,200 -------------------------------------------------- Aggregate -------------------------------------------------- Inferred 0 N/A N/A N/A N/A -------------------------------------------------- -------------------------------------------------- Proven and Probable Reserves (as of January 1, 2011) -------------------------------------------------- Gold Silver ------------------------------------------------ Tonnes Grade Contained Grade Contained (000s) (g/t) (oz) (g/t) (oz) -------------------------------------------------- Gold Mineralization -------------------------------------------------- Proven 9,072 1.549 451,884 2.39 697,315 -------------------------------------------------- Probable 6,259 0.951 191,382 1.55 311,378 -------------------------------------------------- Total 15,330 1.305 643,266 2.05 1,008,693 -------------------------------------------------- Aggregate -------------------------------------------------- Proven 0 N/A N/A N/A N/A -------------------------------------------------- Probable 36,786 N/A N/A N/A N/A -------------------------------------------------- Total 36,786 N/A N/A N/A N/A --------------------------------------------------
The revised report indicates that under the current operating conditions of a 2,500tpd mill process and a 2.2Mt/yr heap leach operation, the LOM is approximately 6 years which is expected to be extended by mineralized material from adjacent deposits currently being evaluated. In this regard the Company wishes to inform that it expects to complete shortly a compliant report on Botija Abajo.
The Qualified Persons, who have prepared the technical information in the New Molejon Report, from Behre Dolbear are Robert D. Archibald, Betty L. Gibbs, Richard S. Kunter, Michael D. Martin and Baltazar Solano-Rico. Mr. Michael D. Martin is the Qualified Person who has approved the technical information, supported by the New Molejon Report, contained in this news release. All aforementioned Qualified Persons are independent of the Company.
Since the measurement date of January 2011, until April 2012, the Company has mined, for stockpile and production, a total of 164,838 gold ounces of which 91,857 gold ounces remained in stock at the end of April 2012. During the same period the Company produced at an average running rate of 5,298 gold ounces monthly.
The Company also informs that, in addition to the New Molejon Report, it expects to file during the next few days a revised technical report relating to its Lomero-Poyatos project in Spain, which will similarly address the deficiencies previously noted in connection with that report. "
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