Petaquilla has announced that its production commitments with Deustche Bank represent only 6% of the projects total resources.

Of the $45 million price, $2 million will be invested in working capital for the mine while an additional $40 million will go toward paying off pending bond debts.

Source: miningweekly.com

More on this topic

Panama: Existence of Gold in Cerro Quema Confirmed

November 2010

Pershimco Resources, which owns the Cerro Quema gold mine, announced it intersected 128 meters of 1.41 grams of gold per ton.

The drilling confirmed the presence of gold, the company said in a news release, adding that copper was also found at a lesser gradient than gold.

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.

Panama Triples Gold Exports

March 2010

Gold exports summed $16 million in 2009, three times more than in 2008, according to data from the Economy ministry.

Zorel Morales, president of the Mining Chamber of Panama, explained that the main driver of this growth was the opening of Petaquilla Gold mine, located in Donoso, Colón.

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.