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Sunday, July 22 2018 @ 09:46 PM EDT

Petaquilla Sold Goverment's Lands

Gold & MiningAs a property developer of Panama’s lands, the Panamanian company chaired by Richard Fifer Carles, Petaquilla Minerals, Ltd., has explored beyond their concession and is selling lands protected by the Government to other mining companies.

Petaquilla Minerals, Ltd. sold 70 square kilometers in Belencillo, Donoso, province of Colon, to the company Gold Dragon for mining purposes. This is an area larger than Isla Colon in Bocas del Toro.

By selling what Petaquilla called "the Belencillo concession" -land that Petaquilla has requested from the Ministry of Commerce and Industry (Mici) to explore- Gold Dragon paid $1.1 million in shares, plus 600 thousand in exploring expenses.

Fifer reports in his blog and corporate presentations of Petaquilla an “aggressive exploration plan” with encouraging results.

But this takes place in communities outside their mining concession, which only allows you to explore and exploit minerals in 136 square kilometers.

However, Petaquilla intervened in an area covering 53 thousand square kilometers which, according to what Petaquilla has announced to the Security Exchange Commission of the United States, the regulatory institution of securities, is part of its concession.

Petaquilla calls this area as its mining district, and it includes part of Colon and Cocle, and two protected zones.

Ricardo Quijano, head of Mici, does not clarify whether the Government ceded these lands to Fifer’s companies or Petaquilla is speculating. (Prensa)

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