Petaquilla Minerals Ltd., a gold producer operating in Panama, today announced that its gold production for the fourth quarter of fiscal 2011 was 16,735 ounces, an increase of 30 percent compared to the third quarter of 2011. The company’s previous estimate for the fourth quarter was gold production between 16,000 and 17,000 ounces.
During the fourth quarter of fiscal 2011, the company installed a new horizontal Carbon-in-Column Circuit designed to improve the efficiency of gold recovery from the milling system. In addition, the company reported a 5 percent increase in gold sold, reaching 14,533 ounces and representing a 12 percent increase in the revenue compared to the third quarter of 2010.
Gold mined and stockpiled at the end of the fourth quarter of fiscal 2011 was 25,088 ounces, up 72 percent compared to the third quarter of 2011.
The company also reported that a total of 19,444 silver ounces were produced during the fourth quarter of fiscal 2011, as compared to 9,073 in the third quarter of fiscal 2011.
At the end of fiscal 2011, Petaquilla’s cash position was estimated at $13 million, an increase of 36 percent compared to the end of the third quarter of fiscal 2011.
Moving forward, the company estimates producing 35,000 to 37,000 ounces of gold for the first quarter of fiscal 2012. The company said it intends to produce between 115,000 and 125,000 gold ounces in fiscal 2012, and between 135,000 to 145,000 gold ounces in fiscal 2013.
For more information on the company, visit www.petaquilla.com