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Thursday, May 23 2019 @ 05:14 AM UTC

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Cabo to Drill Up to 6,000 Meters for Minera Petaquilla S.A.

Gold & MiningNORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2008) - Cabo Drilling Corp.'s Panama division has entered into a contract with Minera Petaquilla, S.A. to drill a minimum of 6,000 meters on their copper project in the District of Donoso in Colon Province in the Republic of Panama. Minera Petaquilla, S.A. is a Panamanian company that holds the Petaquilla copper concession. Petaquilla Copper Ltd. currently holds a 52% equity interest in Minera Petaquilla, S.A. and Inmet Mining Corps holds the remaining 48% equity interest. Teck Cominco has an option to earn 50% of Petaquilla Copper's interest in Minera Petaquilla, providing Teck Cominco funds all of Petaquilla's share of the cost of bringing the project to production. (more)
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Petaquilla working on new mine plan for Panama project

Gold & MiningBy Liezel Hill for Miningweekly.co.za - Vancouver-based Petaquilla Copper (PTC) is developing a new mine plan for its jointly-owned Petaquilla copper project, in Panama, after initial results from a front-end engineering and design (Feed) study into the project cast doubt on whether construction would begin by the January 1, 2009, deadline agreed to with the country's government. PTC holds 52% of Minera Petaquilla SA, which owns the project, and fellow Canadian Inmet Mining owns the balance. A third Canada-based miner, Teck Cominco, has the right to buy half of PTC's interest by committing, before March 31, to participate in work plans and budgets leading to commercial production, and by committing to fund 52% of the development costs for the project. (more)
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Petaquilla Copper optimistic study will show copper project in Panama as viable

Gold & MiningLONDON (Thomson Financial) - Petaquilla Copper Ltd said it remains optimistic that the final front end engineering and design study (FEED) study will show that the Petaquilla copper project in Panama remains viable, and said it sees an opportunity to provide power and port facilities to the project, which would substantially reduce capital costs. The company had said on Feb 8 that a report estimated the capital cost to develop the project at 3.5 bln usd. The company said Petaquilla Infrastructure Ltd, a company created for power, port and related infrastructure development for the Molejon gold mine of Petaquilla Minerals Ltd, will also be able to make these facilities available for the Petaquilla project. The company said Petaquilla Infrastructure is in advanced talks with a global power producer for the construction of a 360 MW thermal power plant on the Caribbean coast 16 kilometres north of the project. It added that the proposed power plant will have a larger capacity than that required for the Molejon gold mine and the Petaquilla copper project. The company said the power plant will be run as a separate cash flow business by Petaquilla Infrastructure, which will sell to a greater market over and above providing "over the fence" power to the Petaquilla project. TFN.newsdesk@thomson.com ans/rfw
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Petaquilla costs double, mine seen "not slam dunk"

Gold & MiningBy Jonathan Spicer TORONTO (Reuters) - Development cost estimates at the Petaquilla copper project in Panama have more than doubled in the past year to $3.5 billion, its stakeholders said on Friday, putting the future of the project in jeopardy. In a statement, stakeholders Inmet Mining , Petaquilla Copper , and Teck Cominco Ltd said they believe the project "still has potential," while Inmet Chief Executive Jochen Tilk acknowledged the three companies had debated about whether to go ahead with the project. "When you look at the capital costs and operating costs, it's not a slam dunk," he said in an interview. "But, going forward, we think this is a very consistent pattern in the industry. It's very hard to believe there is another project of the quality of Petaquilla that could be developed at any lower development cost." (more)
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Soaring costs threaten Teck's Panama venture

Gold & MiningBy ANDY HOFFMAN From Saturday's Globe and Mail - Still reeling from its decision to shelve the Galore Creek project in British Columbia after construction costs more than doubled, Teck Cominco Ltd. is now facing massive inflation at another planned copper mine in Panama where costs have also doubled, throwing the viability of the entire project in doubt. Teck of Vancouver and its partners Inmet Mining Corp. of Toronto and Vancouver-based Petaquilla Copper Ltd. said an interim engineering report estimates capital costs to build the Petaquilla copper project have surged to $3.5-billion (U.S.) from an original estimate of $1.7-billion published last year. (more)
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Petaquilla Minerals Ltd.: Incorporation of Petaquilla Infrastructure Ltd.

Gold & MiningMoney.CNN.com - Petaquilla Copper Ltd. and Petaquilla Minerals Ltd. today announced the incorporation of Petaquilla Infrastructure Ltd. The Company will be owned 51% by PTQ and 49% by PTC. PQI's mandate is to manage and expedite the development of the power, port and related infrastructure facilities in support of PTQ's Molejon Gold Mine now nearing production in the Republic of Panama. PQI will also be in a position to make these facilities available in connection with the Petaquilla Copper Project currently in the final stages of pre-production studies by Teck Cominco Ltd., Inmet Mining Corporation and PTC. The formation of PQI is an important advancement in the development of these two projects and also creates another opportunity for the economically sustainable development of this region of Panama. About Petaquilla Minerals - Petaquilla Minerals Ltd. is an emerging gold producer scheduled to bring its 100%-owned Molejon Gold Project into production in fiscal year 2008. Its shares are listed on the Toronto Stock Exchange under the symbol PTQ. Anticipated throughput for the Molejon Gold project during the first year of production will be 2200 tonnes per day. The plant will utilize three ball mills and a carbon-in-pulp processing facility. On behalf of the Board of Directors of PETAQUILLA MINERALS LTD. Richard Fifer, President and Chief Executive Officer
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Bellhaven and Dominion Reporting on Minerals

Gold & MiningPANAMA CITY, Jan. 8, 2008 (Canada NewsWire via COMTEX) -- Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") in conjunction with its joint venture partner Dominion Minerals Corp. (OTC: EMPL) [formerly known as Empire Minerals Corp.] is pleased to report copper, gold and silver assay results from Holes CH-07-06 and CH-07-07 of its recently completed, 11 Hole diamond drill program at the Cerro Chorcha porphyry copper project in the western highlands of Panama. Hole CH-07-06 was drilled to test the eastward continuation and Hole CH- 07-07 was drilled to test the northward continuation of both copper mineralization and the structurally-controlled quartz-magnetite-sulphide stockwork zones that have been observed on-surface and in previously reported Holes. These stockwork vein zones typically host higher grade copper-gold- silver mineralization than what is observed within the much larger mineralized Chorcha porphyry system. (more)
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Marcel Salamín Now Working for Petaquilla Copper Ltd.

Gold & MiningBy Rafael Berrocal for La Prensa - The Deputy Director of Panama's National Security Council, Marcel Salamín, resigned his post last Thursday, two days after having been named as a member of the Board of Directors of Petaquilla Copper Ltd., the company that has a mining concession on 13,000 hectares of land in Donoso, Colón. In a press release from the Vancouver stock market, Petaquilla Copper Ltd. confirmed Salamin will collaborate in the elaboration of the mining plan, and clarifies that in October of 2006 the company entered into a plan of adjustment with Petaquilla Minerals, transferring 52% of the shares in the copper mining project to Petaquilla Copper Ltd.
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Want To Make Some Money? Buy PTQMF

Gold & Mining

By DON WINNER for Panama-Guide.com - Petaquilla is going to announce the production of their first ounce of gold in either late December or early January 2008. When that happens you can expect a nice spike in the stock price, the last of three surges that happen to a gold or mineral stock for a company that's bringing a mine on-line. They already had two earlier boosts, the first when they announced the intent to put the mine into production, and another when they started building their base camp. (more)

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ANCON Raising Protest Over Petaquilla Environmental Damage

Gold & Mining By Yelena Rodriguez for the Panama America - Although the company has not yet initiated the extraction of minerals in Petaquilla and Molejón in the Colón province, those who live in affected communities and conservationists are asking governmental authorities to stop this project. Apparently nothing can stop them because from the start of this ambitious project the company has been protected with a "Contract Law of the Republic" that the Petaquilla Minerals company signed with the Panamanian government in 1997. Paradoxicalally, that same year, while the right was granted to the company "to extract, operate, benefit, process, refine, transport, sell, and commercialize gold, copper, and other minerals" the Chiefs of State of Central America created, in June, in a meeting made in Panama, the Meso American Biologocial Corridor (CBM). (more)
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Bellhaven Initiates Geophysical Survey

Gold & MiningPANAMA CITY, Nov. 6 /CNW/ -- Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") in conjunction with its joint venture partner Golden Cross Resources Ltd. (ASX: GCR), is pleased to announce the initiation of a ground geophysical survey at the Los Hatillos Concession located in Panama's Veraguas Gold Belt. The geophysical survey will cover 60 kms of lines of gradient array/IP survey over four epithermal gold targets. The program has been designed to define and add to the existing drill targets at Veta Blanca, Faustino, El Tiro and Higui. Fugro Airborne Surveys, with whom the company has contracted to perform the survey, expects to complete the program by the end of this month (November, 2007). The information gathered will be used to assist in further establishing priorities for drill hole locations. A drill program at the Los Hatillos concession could begin as early as January, 2008. (more)
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Bellhaven Expands Panama Holdings

Gold & MiningPANAMA CITY, Panama, Nov. 1 /CNW/ -- Bellhaven Copper & Gold, Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") further to its news release on October 3, 2007, is pleased to announce that the company has signed a Definitive Agreement ("DA") with Glencairn Gold Corp. (TSX: GGG) ("Glencairn") to complete the acquisition of the Cerro Quema Gold Project -- a permitted exploitation concession located on Panama's Azuero Peninsula just 8 km from Bellhaven's existing Azuero property package. The total purchase price of the project is USD$10.4 million, and is equivalent to USD$23 per "measured and indicated" ounce. Upon completion of payment Cerro Quema will be 100% wholly owned by Bellhaven. (more)
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Petaquilla In Tangle Over Environmental Issues

Gold & Mining By Rafael E. Berrocal R. for La Prensa - Panama's National Environmental Authority (ANAM) says Petaquilla Minerals does not have the permits and permissions required to construct their gold mine and a plant to process the ore, but that has not kept the company from continuing their construction in the middle of the jungle in the Donoso District of the Colon province. ANAM tried to stop the construction of the plant citing environmental damage, but Petaquilla beat them to the punch and filed a claim before Panama's Supreme Court, saying that any such order to make them stop work would be illegal. It now falls to Supreme Court Justice Adán Arnulfo Arjona to decide the case. Natalia Young, the director of Environmental Quality for ANAM, said Petaquilla does not even have the permits and permissions required to build the road they built from La Pintada in Coclé to the area of the gold mine in the Colon province. The legal representative of Petaquilla said the company is protected by a contract which allows them to realize the construction in spite of newer environmental norms.
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Petaquilla Mining Plant Almost Ready to Begin Production

Gold & Mining Jerónimo Ramírez U. for La Estrella - The mining company Petaquilla Minerals, S.A. has almost finished construction of their mineral processing plant, at a cost of more than $60 million dollars, that will have the capacity to process more than 2,000 tons of material per day. Petaquilla has a 20-year (extend-able) mining concession from the government of Panama. In spite of protests of environmentalists, indigenous people and farmers, the directors of the company are optimistic in the future of the mining in Panama and announced that they complying with all of the requirements of their Environmental Impact Study. The mining company will invest more than $1 billion dollars in diverse activities related to mining, ecotourism, and sustainable development of the bordering communities. Petaquilla Minerals, S.A. intends to open a road to the Atlantic and to build a high capacity port facility that would permit the transport of the minerals they extract to international markets. Gold fever is just beginning, amid the voices of protest and gratitude of Petaquilla's neighbors in the communities in the provinces of Colon and Cocle.
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Bellhaven Copper & Gold & Empire Minerals Drilling Report

Gold & Mining PANAMA CITY, July 31 /CNW/ -- Bellhaven Copper & Gold, Inc. ("Bellhaven" or the "Company") in conjunction with its joint venture partner Empire Minerals Corp. is pleased to announce copper, gold, and silver results from the first completed diamond drill hole of an on-going 3300 meter drill program on the Cerro Chorcha porphyry copper project in the western highlands of Panama. To date three drill holes have been completed. The first drill hole, CH-07-01, was drilled to test a structurally-controlled quartz-magnetite-sulphide stockwork zone that hosts higher grade copper-gold-silver mineralization than what is observed within the larger mineralized Chorcha porphyry system. Results from the sampling of the surface expressions of the stockwork zones were previously reported on April 26, 2007. The main zone of mineralization in Hole CH-07-01 begins at the surface, and is the thickest and the highest grade thus far encountered within the Cerro Chorcha porphyry copper deposit. (more)
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