Petaquilla

Petaquilla – Holding Back The Waters

Petaquilla Gold admits using chemical substances for its processes but also pointed out that there is no danger of a spill.

The spokesman for Petaquilla, Carlos Salazar, stated that the amount of sodium cyanide used is minimum and it is recylced because it is very costly. He considers that the environmentalists that warned of a possible spill are “alarmists” since he assures us that there is a production system in place that avoids any time of damage to the hydraulic sources.
Salazar stated that none of the leaching tubs store cyanide, and that due to the constant rain production had slowed down but were able to get maintenance work done.

Panama, Republic of Panama

Molejon, Petaquilla update

Petaquilla estimates the loss of production in the first quarter of fiscal 2011 to have been approximately 31,000 tonnes

During the Petaquilla‘s first quarter of fiscal 2011 production was seriously affected by a combination of a 30-year high level of rain and a lightning strike, which respectively resulted in a Molejon plant shutdown of 8 days in August and the inoperability of one ball mill for 28 days in June with a consequent slowdown in production. Average daily productions for those days prior to the above occurrences were 2,289 tonnes per day for the plant and 448 tonnes per day for the ball mill. Petaquilla estimates the loss of production in the first quarter of fiscal 2011 to have been approximately 31,000 tonnes and would have resulted in production costs per ounce in the mid-US$600 range. Despite the production shortfall, gross margin from the sale of gold in the first quarter of fiscal 2011 amounted to US$4.6 million.