With gold prices touching record highs today of US$1,150 per oz., Panama’s decision to approve commercial production at Petaquilla Minerals‘ (PTQ-T, PTQMF-O) Molejon gold mine — couldn’t have come at a better time.
The news sent Petaquilla’s shares up 117.8% or 26.5¢ to 49¢ per share, with 9.6 million shares trading hands.
Petaquilla poured the first gold at Molejon on April 7 and since then the mine has produced a total of 25,699 ounces of gold.
According to Petaquilla, Molejon is the country’s “first mining project of modern times.”
The plant consists of three ball mills and a carbon-in-pulp processing facility, and commercial production in the first year is anticipated to be about 2,200 tonnes per day.
Plans are in place to increase production to 5,000 tonnes per day with the addition of a SAG mill as the supply of mill feed permits.
The mine is about 100 km west of the Panama Canal on the Caribbean Coast, in the province of Colon.
The company says Molejon is in the perfect position to ship concentrate at low cost to Europe, Asia and North America.
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