2012-07-03 11:08 ET - News Release
Mr. Richard Fifer reports
PETAQUILLA MINERALS LTD. ANNOUNCES PRELIMINARY FOURTH QUARTER AND ANNUAL RESULTS OF FISCAL 2012
Further to its webcast of last Wednesday, Petaquilla Minerals Ltd. has released its preliminary fourth-quarter, and annual operational and financial results for its Molejon gold mine, located in Panama. Currency is reported in U.S. dollars unless otherwise indicated.
MOLEJON MINE PRELIMINARY OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fourth Quarter FY 2012 FY 2012 Gold Production 17,725 ounces 68,002 ounces Gold Equivalent Production 18,122 ounces 69,490 ounces Gold Sold 15,181 ounces 61,259 ounces Average Spot Gold Price $1,636.00/oz $1,644.00/oz Gold Ounces Sold at Spot Price 11,476 ounces 47,564 ounces Gold Ounces Delivered to Deutsche Bank 3,705 ounces 13,695 ounces Total Gold Ounces Recognized as Revenue 15,181 ounces 61,259 ounces Silver Production 20,897 ounces 73,032 ounces Revenue $22.8 million $93.1 million
The Company's cash position as at May 31, 2012, equaled $12 million. Cash cost per ounce of gold sold for both the fourth quarter of Fiscal 2012 and for the annual period ranges from $550 - $600 and is expected to remain unchanged for the present Fiscal 2013 period.
As part of the Company's production growth strategy, which is targeting 250,000 - 300,000 gold ounces by 2015, Petaquilla is currently moving forward on both its Molejon plant expansion in Panama and plans for its Lomero-Poyatos mine in Andalusia, Spain. At Molejon, installation of a fourth ball mill, third thickener and second retained circuit is underway accompanied by the expansion of leach tanks no. 7 and no. 8 and of CIP tanks no. 7 and no. 8. The addition of the fourth ball mill is anticipated to enhance plant throughput at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%. In Spain, the Company has received all necessary authorizations to proceed with the re-opening of the Lomero-Poyatos mine and is working with the General Directorate of Mineral Resources on a timeline to initiate operations, which will initially focus on four components: drilling, dewatering of galleries, construction of a new ramp to access galleries, and construction of a water treatment plant to manage the underground water system. The Company expects to commence drilling this month.
Also this month, the Company anticipates the completion of a new National Instrument 43-101 resources and reserves report on its Molejon and Botija Abajo concessions in Panama. In Fiscal 2013, the Company will also be focusing on updating Measured and Indicated resources at its Molejon, Botija Abajo, Palmilla and Oro del Norte properties.
With respect to the Company's proposed spin out of its infrastructure division, the Company is presently finalizing the documentation for submission to shareholders to vote on the transaction. Following receipt of required regulatory approvals, the Company will proceed with establishing a date for the Special Meeting of Shareholders. Based on an updated timeline, a record date will likely be set for mid-July with the meeting to take place a month thereafter. Full details of the spin out transaction along with voting instructions will be provided to shareholders as at record date.
The Company wishes to remind shareholders that its webcast of June 27, 2012, will be available until July 27, 2012. Instructions to access the presentation provided by Mr. Richard Fifer, the Company's Executive Chairman, have been provided in the Company's news release dated June 25, 2012.
We seek Safe Harbor.
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