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Petaquilla Minerals Reports Operating and Financial Results for Molejon Gold Mine

Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") announces its second quarter operating and financial results for its Molejon gold mine located in Panama. Currency is reported in United States dollars unless otherwise indicated.

Financial Performance for the Second Quarter of Fiscal 2013 Compared to Prior Quarter

  • Revenues at $29.5 million increased by 14%
  • Cash cost per ounce of gold sold at $444 decreased by 15%
  • Operating Margin at $14.9 million increased by 46%
  • Earnings from Operations at $8 million increased by 67%
  • EBITDA at $12.5 million increased by 32%
  • Adjusted EBITDA at $16 million increased by 31%

Operational Performance for the Second Quarter of Fiscal 2013 Compared to Prior Quarter

  • Gold production at 20,025 ounces increased by 12%
  • Gold equivalent production at 20,518 ounces increased by 11%
  • Gold stockpiled at 115,544 ounces at the end of the quarter increased by 3%

During the second quarter of Fiscal 2013, the Company made significant progress as part of its strategy to increase gold production and expand its resource and reserve base, including but not limited to:

  • Expansion of the Company's Molejon gold plant in Panama was completed with the installation of a fourth ball mill, along with two additional LIX tanks, two additional carbon-in-pulp tanks, a third thickener, another liner screen and a second electro-winning circuit. Petaquilla anticipates the newly commissioned equipment will enhance plant throughput capacity at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%.
  • The Company filed a National Instrument 43-101 compliant mineral resource and reserve estimate on the Botija Abajo deposit, associated with the Molejon gold operations; adding additional reserves of 210,000 gold equivalent ounces (please refer to news release dated September 5, 2012).
  • The Company filed a National Instrument 43-101 compliant Pit Constrained mineral inferred resource for its Palmilla deposit, associated with the Molejon gold operations; adding resources of 502,800 gold equivalent ounces (please refer to news releases dated October 30, 2012, and December 19, 2012).

In keeping with its objective, additional resource reports will be completed for the Company's Oro del Norte deposits in Panama and Lomero-Poyatos in Spain during Fiscal 2013. With respect to Lomero-Poyatos, the titling process for this project in Spain was completed during the second quarter. The Company is working to bring the Lomero-Poyatos mine back into operation focusing on final engineering and design, development drilling, bulk volume testing, and a National Instrument 43-101 feasibility study.

To meet capital requirements for its projects in Panama and Iberia, Petaquilla has received and accepted an indicative term sheet for a loan facility from Red Kite Mine Finance Trust I for an aggregate US$140,000,000 to be released in tranches. The loan facility will also enable the Company to payout of its existing gold and silver prepayment contracts and convertible loan with Deutsche Bank AG, London Branch, and proceed with the spin-out of its infrastructure division, Panama Desarrollo de Infraestructuras, S.A.

Source: http://www.petaquilla.com/

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