Petaquilla Minerals Ltd. (PTQ.TO,PTQMF.OB) announced its preliminary fourth quarter and annual operational and financial results for its Molejon gold mine, located in Panama.
Cash cost per ounce of gold sold for both the fourth quarter of Fiscal 2012 and for the annual period ranges from $550 - $600 and is expected to remain unchanged for the present Fiscal 2013 period.
As part of the Company's production growth strategy, which is targeting 250,000 - 300,000 gold ounces by 2015, Petaquilla is currently moving forward on both its Molejon plant expansion in Panama and plans for its Lomero-Poyatos mine in Andalusia, Spain.
At Molejon, installation of a fourth ball mill, third thickener and second retained circuit is underway accompanied by the expansion of leach tanks no. 7 and no. 8 and of CIP tanks no. 7 and no. 8. The addition of the fourth ball mill is anticipated to enhance plant throughput at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%.
Also this month, the Company anticipates the completion of a new National Instrument 43-101 resources and reserves report on its Molejon and Botija Abajo concessions in Panama.
The company said in fiscal 2013, it will be focusing on updating Measured and Indicated resources at its Molejon, Botija Abajo, Palmilla and Oro del Norte properties.
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