Petaquilla Gold is looking to expand its Panamanian operations, this time to mine copper.
Within a reorganization process at Petaquilla Gold, a subsidiary of Petaquilla Minerals Ltd., the company Azuero Mine was created. It will exploit gold and copper deposits in "El Chorcha" (Chiriquí), "Cerro Quema" (Los Santos) and "Santa Rosa" (Veraguas), where the mining potential is estimated at $80 billion.
Canadian corporation Petaquilla Minerals, owner of the gold Mine Molejón, placed shares for $11.5 million.
In a press release, Petaquilla announced it has negotiated a non-brokered private placement of 24.000.000 common shares at a price of Canadian $0.50 per share ($0.48) for gross proceeds of Canadian $12.000.000 ($11.510.00).
The proceeds will be used for repayment of debt and completion and development of the Company’s 100% owned Molejon gold mine in Panama.
The mining company announced that gold production at Molejón increased to 8.562 ounces in November.
With this new figure, the company increased its annual production to 102.744 ounces of gold.
"The mining company also said the level of efficiency in its production plant is at 95.2%, a range it expects to continue to increase," journalist Rafael Berrocal reported in his article at Prensa.com.
Panama's government has rejected a request to reject exploration permits and mining operations at the San Juan area.
Inmet Mining asked the Department of Mineral Resources of Panama to reject all applications for exploration and exploitation of mineral concessions affecting Minera Panama, a subsidiary of Inmet Mining.
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