Petaquilla Mine to Sell $45 Million Worth of Gold Futures
The mining project located in Panama has agreed the sale to Germany's Deustche Bank of 66,650 ounces of gold over the next five years.
Friday, September 24, 2010
Petaquilla has announced that its production commitments with Deustche Bank represent only 6% of the projects total resources.
Pershimco Resources, which owns the Cerro Quema gold mine, announced it intersected 128 meters of 1.41 grams of gold per ton.
Since operations began in January 2010, it has had sales of $36 million, paid production expenses of $21 million and sold each ounce for between $945 and $1,152.
Gold exports summed $16 million in 2009, three times more than in 2008, according to data from the Economy ministry.
Petaquilla Minerals, a Canadian company, has placed $11.62 million, and will invest them in its 100% owned Molejon Gold Project, located in Panama.
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