Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) (the “Company”) today announced the planned expansion of its production system at its Molejon gold mine facility, located in Panama, by increasing grinding and processing capacity in addition to its on-going construction of a heap leach operation. The new production improvements, when fully implemented, are expected to generate an additional monthly recovery of 7,200 gold ounces.
Now at the final stages of implementation, the installation of a third drum scrubber will significantly improve the processing of clays. The additional installation of a new horizontal Carbon-in-Column circuit (“CIC”) will increase by 80% the gold adsorption capacity and improve the efficiency of the gold recovery from the milling system as well as from the future heap leach operations. The combined efficiency of the new hydraulic capacity and CIC circuit will translate, as from the third calendar quarter of current 2011, into an increase in production of 1,000tpd and approximately 1,200 ounces of gold, monthly.
The Company has also initiated the procurement of a fourth ball-mill and the corresponding additional 2 leach tanks and 2 Carbon-in Pulp tanks (“CIP”) which will result, as from the first calendar quarter of 2012, in an increase in production of 1,000tpd and expected gold recovery of additional 2,000 ounces monthly.
Simultaneously, the Company continues to advance its heap leach project, in collaboration with Metcon Research (an affiliate of KD Engineering Ltd.), Knight Piesold Ltd. and Gramsa SA, having approved the final engineering design and completed the construction of access roads to the heap leach pad area. Construction of the heap leach facility has been initiated during the current month of April and stockpiling of low-grade ores for heap leach processing has continued to build up for an initial operation currently planned for startup during the third calendar quarter of 2011. The Company expects to progressively recover, through the heap-leach operation, up to 2,000 ounces, monthly, within the first 6 months of operation, increasing the projected output up to 4,000 ounces, monthly, during the second-half of 2012.
About Petaquilla Minerals Ltd. Petaquilla Minerals Ltd. is a gold producer operating its gold processing plant at its 100% owned Molejon Gold Project in Panama. The Molejon mine site is located in the south central area of the Company’s 100% owned 842 square kilometre concession lands, a region known historically for gold content.
Read the full news release here. Image from Petaquilla Minerals.
