Panamanian Gold Mine Secures $40 million

The company Petaquilla Minerals Ltd, which operates the Molejón project, placed $40 million in private debt.

Friday, March 27, 2009

According to a release by the company, part of this placement will be used for financial readjustments and the remainder will be used in the mining project operation and as working capital.

The debt will pay an annual interest of 15% in Canadian dollars.

More on this topic

Petaquilla Produces 6,000 Ounces of Gold per Month in Panama

July 2010

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.

The company was granted mining rights on 18 November 2009 and will pay the state 4% of gross earnings over the 20 years it plans to operate.

Panamanian Mine Gets an Additional $11.6 Million

March 2010

Petaquilla Minerals, a Canadian company, has placed $11.62 million, and will invest them in its 100% owned Molejon Gold Project, located in Panama.

In a press release, the company explains that the funds will also be used for exploring the “Oro del Norte” concession, also located in Panama, and for working capital.

Panama: $11.5 Million for Gold Mine

December 2009

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).

Panama Government Authorizes Molejon Mine

November 2009

Molejon gold mine, owned by Petaquilla Minerals, received approval for its commercial production stage.

The mine is located in the District of Donoso, Province of Colón. Its production is estimated at 2.200 tonnes per day.

"The Government of Panama highlighted that Molejon will be the country's first mining project of modern times and encouraged the Company to maintain its highest standards of responsible mining as it leads the way to a socially and environmentally conscious mining industry in Panama", reported the company in a press release.

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