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


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

(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.

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