Petaquilla Minerals Ltd. Announces Preliminary First Quarter Results
VANCOUVER, BRITISH COLUMBIA, Sep 15, 2011 (MARKETWIRE via COMTEX) -- Petaquilla Minerals Ltd. (the "Company") /quotes/zigman/31792 CA:PTQ -1.27% (frankfurt:P7Z) announces that gold poured during its first quarter of fiscal 2012 has continued its upward trend totalling 18,014 ounces, an increase of 8% compared to the previous quarter. Actual gold mined equalled 61,227 ounces resulting in 43,213 stockpiled gold ounces for the Company's on/off leach pad project, which commenced production this week as previously forecasted.
Gold sales during the quarter generated approximately US$26.3 million, an increase of 25% compared to the fourth quarter of fiscal 2011, with cash costs per ounce of gold sold continuing to be in the range of US$550 - US$600.
Precious metal sales created total revenue during the first quarter of fiscal 2012 of approximately US$27.2 million, an increase of 27% compared to the previous quarter. The Company's resultant cash position as at August 31, 2011, stands at approximately US$14.1 million, an increase of 18% compared to US$11.9 as at May 31, 2011.
For the current second quarter of fiscal 2012, the Company anticipates mining approximately 72,000 gold ounces with gold production in the 22,000 - 25,000 range. In addition, at the end of the second quarter, the Company estimates that 47,000 - 50,000 gold ounces will be contained in its stockpile.
The Company wishes to remind shareholders that it will conduct a conference call/webcast on Monday, September 19, 2011, at 10:00 a.m. Pacific/1:00 p.m. Eastern. The webcast will include a presentation regarding fiscal year 2011 results, guidance for the first half of fiscal 2012 and a business update by Richard Fifer, the Company's Executive Chairman. A replay of the call/webcast will be available for 30 days following the event.
During the webcast/call, shareholder questions will be addressed. To ensure that shareholder questions may be fully answered, please submit all questions by 5:00 p.m. Pacific/8:00 p.m. Eastern on Friday, September 16, 2011, so they may be grouped into general categories and addressed as time permits. To submit a question, please email info@petaquilla.com or fax to (604) 694-0063.
Dial in numbers for the call and the weblink for the webcast are provided in the Company's news release of September 14, 2011.
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 its 100% owned 842 square kilometre concession lands in Panama - a region known historically for gold content. In addition, the Company has acquired 100% of the Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.
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