Petaquilla Minerals Ltd. and First Quantum Minerals Ltd. In Discussion Over Panama Operations Property Rights
March 31 2014 - 10:12AM
Marketwired
Petaquilla Minerals Ltd. and First Quantum Minerals Ltd. In
Discussion Over Panama Operations Property Rights
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 31, 2014) -
Further to its news releases of February 18, 2014, and March 3,
2014, Petaquilla Minerals Ltd.
(TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z), and certain of its wholly
owned subsidiaries (collectively, "Petaquilla"), announces that it
is in discussion with First Quantum Minerals Ltd., and certain of
its subsidiaries (collectively, "First Quantum"), with respect to
the relationship between Petaquilla and First Quantum in order to
ensure the development of the Cobre Panama copper project is
optimized.
The companies are currently negotiating a second amendment to a
previously executed agreement to reaffirm and restructure their
commitments to the effective and efficient development of the Cobre
Panama project. The intention of the amendments currently being
negotiated is to eliminate any overlap of the current operations of
Petaquilla and Cobre Panama. This will involve the purchase of
certain selected assets by First Quantum from Petaquilla so that
there is a complete separation of the two operations.
The principal basis of the amendment being negotiated is a
consolidation of the district around the Cobre Panama project with
Petaquilla continuing its gold mining operations at the Molejon
concession and First Quantum becoming entitled to all of the
adjacent concession areas so that it has outright ownership and
control of all of the areas necessary for access, infrastructure,
development and expansion of the Cobre Panama project.
About Petaquilla Minerals Ltd. - Petaquilla is a growing,
diversified gold producer committed to maximizing shareholder value
through a strategy of efficient production, targeted exploration
and select acquisitions. The Company operates a surface gold
processing plant at its Molejon Gold Project, located in the south
central area of Panama. In addition, the Company has exploration
operations at its wholly-owned Lomero-Poyatos project located in
the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt
and several other exploration licenses in Iberia.
Disclaimer. Certain statements in this press release constitute
forward-looking statements or forward-looking information within
the meaning of applicable securities laws ("forward-looking
statements"). Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, potentials, future events or
performance (often, but not always, using words or phrases such as
"believes", "expects", "plans", "estimates" or "intends" or stating
that certain actions, events or results "may", "could", "would",
"might", "will" or "are projected to" be taken or achieved) are not
statements of historical fact, but are forward-looking statements.
Forward-looking statements relate to, among other things, the
estimation of mineral resources and the realization of mineral
resource estimates; all aspects of the development and future
operation and production of the Molejon gold mine and the
development of other deposits; the outcome and timing of decisions
with respect to whether and how to proceed with such development
and production; the timing and outcome of any such development and
production; estimates of future capital expenditures; estimates of
permitting time lines; statements and information regarding future
feasibility studies and their results; production forecasts; future
transactions; future metal prices; the ability to achieve
additional growth; future production costs; future financial
performance, including the ability to increase cash flow and
profits; future financing requirements; and mine development
plans.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by
the Company as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. The estimates and assumptions of
the Company contained or incorporated by reference in this news
release, which may prove to be incorrect, include, but are not
limited to, the various assumptions set forth herein as well as:
there being no significant disruptions affecting operations,
whether due to labour disruptions, supply disruptions, power
disruptions, political change, protests by native or environmental
groups, damage to equipment or otherwise; permitting, development,
operations, expansion and acquisitions at the Molejon gold mine and
other deposits being consistent with the Company's current
expectations; prices for gold and silver and costs of labour and
supplies being consistent with expectations; and the accuracy of
the Company's current mineral reserve and mineral resource
estimates. A variety of inherent risks, uncertainties and other
factors, many of which are beyond the Company's control and may be
known or unknown, affect the operations, performance and results of
the Company and its business, and could cause actual events or
results to differ materially from estimated or anticipated events
or results expressed or implied by forward looking statements. Some
of these risks, uncertainties and factors include fluctuations in
the price of gold and silver; the need to recalculate estimates of
resources based on actual production experience; the failure to
achieve production estimates; variations in the grade of ore mined;
variations in the cost of operations; the availability of qualified
personnel; the Company's ability to obtain and maintain all
necessary regulatory approvals and licenses; the Company's ability
to use cyanide in its mining operations; risks generally associated
with mineral exploration and development, including the Company's
ability to develop its deposits; the Company's ability to acquire
and develop mineral properties and to successfully integrate such
acquisitions; the Company's ability to obtain financing when
required on terms that are acceptable to the Company; challenges to
the Company's interests in its property and mineral rights; and
current, pending and proposed legislative or regulatory
developments or changes in political, social or economic conditions
in the countries in which the Company operates; and general
economic conditions worldwide. Forward-looking statements speak
only as at the date of this document. Forward-looking statements
are based on management's current plans, estimates, projections,
beliefs and opinions and, except as required by law, the Company
does not undertake any obligation to update forward-looking
statements should assumptions related to these plans, estimates,
projections, beliefs and opinions change. Readers are cautioned not
to put undue reliance on forward-looking statements.
On behalf of the
Board of Directors of PETAQUILLA MINERALS LTD.
Joao C. Manuel,
Chief Executive Officer
NO STOCK EXCHANGE
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Petaquilla Minerals Ltd.Joao C. ManuelChief Executive
Officer(604) 694-0021 or Toll free: 1-877-694-0021(604)
694-0063www.petaquilla.com