Diamante Minerals announced a gold stream agreement for the Molejon Gold Mine, located in the Donoso District, Colon Province of Panama.
From a press release issued by Diamante Minerals:
KELOWNA, BC, Feb. 3, 2016 /PRNewswire/ - Diamante Minerals, Inc. (OTCBB: DIMN), a natural resources company, today announced a gold stream agreement for the Molejon Gold Mine, located in the Donoso District, Colon Province of Panama.
The Supreme Court rejects appeal case presented by Petaquilla Minerals to reverse the cancellation of the concession to exploit the gold mine El Molejón.
The appeals filed by the former concessionaire of Molejón in an attempt to recover the concession and invalidate the tender which was called by the PAN for cleaning tailing basins have been rejected by the Supreme Court.
The concessionaire has filed a reconsideration motion to avoid cancellation of the concession, and while it is resolved, the government will take care of the necessary maintenance work.
The review process to be carried out now by the Ministry of Commerce and Industry (Mici) could take up to two months. Once the process has been completed, it will be decided whether or not to cancel the concession granted to the Canadian company Petaquilla Minerals..
The government will assume the cleaning and sanitation works of the washing tubs at the Molejón gold mine, initially estimated at $2.5 million.
While the future of the concession granted to Petaquilla Minerals is being resolved, it was announced that a cleanup operation will be carried out in coordination with the National Programme of Support, consisting in strengthening and waterproofing the slopes, and cleaning the floor and maintenance areas that were abandoned with hydrocarbons.
Although the concessionaire Petaquilla Minerals says it is complying with the requirements of the government, the possibility of canceling the concession is being studied.
The 180 day period which the Ministry of Trade and Industry (Mici) awarded in January to the conessionarie Petaquilla Minerals to resolve its financial problems has come to an end, and the government could revoke the concession granted in 1997.
As part of the restructuring process to reactivate the operation in the gold mine, Petaquilla Mineras has appointed Arenisca Properties S.A. to manage works at the mine.
The company Arenisca Properties S.A., responsible for reviving the mining operation, "... Is a shared partnership between Petaquilla Minerals and the investment fund Baseline Financial Group.
Petaquilla Gold has been granted 180 days to catch up with outstanding payments of royalties, fees to the Social Security Department and other payments.
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 operator of Molejon gold mine in Panama has announced that it has obtained a line of credit of up to $25 million to restart operations from February 1st.
Baseline Financial Group is the company that will provide an initial payment of $10 million, with a progressive investment of up to $25 million, to revive the extraction of gold from the mine. The contract stipulates that 60% of the proceeds will go to Petaquilla Minerals, 40% to Baseline Financial Group and 10% will go to the administration of a trust.
The government of Panama has announced that it will liquidate the assets of the concessionaire of the mine El Molejón in order to pay outstanding debts after the company failed to appear before the Ministry of Labour.
After the company failed to appear twice, the Ministry of Labor and Workforce Development (Mitradel) of Panama has announced that it will liquidate the assets of the company in order to compensate employees.
The Ministry of Labor has retained office goods and the quarry belonging to Petaquilla Gold mining as part of measures to ensure the payment of wages of workers in the mine.
Despite rumors of the stoppage of the extraction process due to lack of capital to continue operations, the mining company is not bankrupt, but owes its employees about $3.5 million. It is expected that by 29th to 31st of October, the company will pay the fees.
The company announced that there will be changes in its structure and in the operation of Molejón mine, with projections for gold production at the end of the year being reduced by 5000 ounces.
Representatives from Petaquilla Minerals, the Canadian company which owns the mine, told Prensa.com that the restructuring being prepared by the company would be ready by the end of the year and would involve "...
In the first quarter of 2014 production from the mine which is operated by Petaquilla Minerals amounted to 400 ounces, whereas in the same period in 2013 it was 17,700 ounces.
The quarterly report for January to March 2014 by the company Petaquilla Minerals reviews the financial and operating results of the Molejón gold mine in the province of Colon.
Petaquilla Minerals, which owns the Molejón mine in Panama, has announced the expansion of its production system.
The improvements include setting up a stacked lixiviation system and are expected to generate an increase in gold recovery of 7,200 ounces of gold per month.
The installation of a third drum washer, now in the final stages of its implementation will significantly improve clay treatment.
The Canadian mining company, which owns the Molejón Gold Mine in Panama, today announced that it is negotiating a $70 million credit facility with a leading financial institution.
It has signed an engagement letter pursuant to which it will work with a leading financial institution to execute a US$70 million gold linked facility under which the Company would be required to deliver 91,710 ounces of gold over a five year term.
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.
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