Notice of Cancellation Given to Petaquilla Gold

Petaquilla Gold has been granted 180 days to catch up with outstanding payments of royalties, fees to the Social Security Department and other payments.

Thursday, January 22, 2015

From a statement issued by the Ministry of Commerce and Industry of Panama (ICIM):

The Ministry of Trade and Industry announced today, to representatives of Petaquilla Gold, the decision to administratively resolve the granting of the Molejón mining project, recognizing an initial term of 180 calendar days, during which the company can rectify its faults in contractual obligations.

The decision by the Ministry of Commerce is due to breaches by the company to the state in different obligations acquired under the Contract Law 9 of February 29, 1997, and at the end of the time frame set out above, which begins to run from the notification of this notice, payments be made based on the resolution process that contemplates such contract.

"... The action taken reflects the interest of the Government, in ensuring that all mining projects run in compliance with legal obligations and to safeguard high environmental and safety standards." said the Minister of Trade and Industry, Meliton Arrocha.

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