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.
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.
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 "... a reduction in the extraction of gold from the mine, which would decrease from the 9000 ounces mined in 2009 to 4000 at the close of this year. "
Workers at the Petaquilla Minerals Mine reported cessation of production and shareholders are demanding further explanation of the reduction of 98% of production in the first quarter of the year.
The decline in production at Molejón gold mine, in the district of Donoso, Colon, is concerning the shareholders of the Canadian company Petaquilla Minerals, who believe that some decisions made by the directors of the company have not been adequate and are proposing alternatives such as capitalizing the company, among other things.
The company Petaquilla Minerals Ltd, which operates the Molejón project, placed $40 million in private debt.
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.
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