Panama: Agreement Between Mining Companies for $60 million

Petaquilla Minerals has agreed to the sale of 1,483 acres to the Canadian company First Quantum, owner of the Cobre Panama project.

Monday, May 12, 2014

FIRST QUANTUM MINERALS Press LTD.:

Agreement for $60 million signed between Minera Panama SA and Petaquilla Minerals Limited
May 8, 2014

VANCOUVER, COLUMBIA
(In U.S. dollars, unless otherwise stated)

Minera Panama ("MPSA"), a subsidiary of First Quantum Minerals Ltd. ("First Quantum") (TSX: FM) (LSE: FQM) and Petaquilla Minerals Ltd. (TSX: PTQ) ("PTQ") today announced the execution of an amendment to the Document on Trade Terms for Agreement of 23 May, 2013 ("Second Amendment").

PTQ MPSA will pay up to $60 million for the transfer of a number of goods and property rights. The transaction ensures that there is a complete separation of the current operations of the mine PTQ Molejón Gold and the Cobre Panama project currently being developed by First Quantum.



More on this topic

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Agreement Between Minera Panama and Petaquilla

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The two large mining projects in Panama have agreed on terms of cooperation, trade relations and dispute resolution.

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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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