A final feasibility study by Teck (TEK-T) on the Petaquilla property in Panama does not meet requirements necessary for that company’s acquisition of a quarter interest in the project, Adrian Resources (ADL-T) has charged.
Under the agreement, Teck can acquire roughly half of Adrian’s 52% interest in the gold-copper property by completing a bankable feasibility study and funding Adrian’s share of production costs.
The study delivered by Teck has been described by Adrian as “incomplete and not in compliance” with the deal.
Teck denies the charge, however, saying the study “was a comprehensive assessment of the project.” The company adds that “the economics would make a production decision difficult under present metal conditions.” The study was prepared in conjunction with engineering firm H.A. Simons and Inmet Mining (IMN-T), which holds a 48% interest in Petaquilla.
A resource for the Petaquilla, Botija and Valle Grande porphyry gold-copper deposits and the Molejon epithermal gold deposit is estimated at 1.5 billion tonnes grading 0.49% copper, 0.015% molybdenite and 0.11 gram gold per tonne.
Adrian says it still wants to develop the 2,086 sq. km concession, which it calls the “centrepiece” of the Petaquilla mining district in western Panama.
The contract governing development of the property has been approved by the Panamanian cabinet and controller general, and awaits approval from the country’s senate.
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