Petaquilla Minerals increases cash, falls short of expected gold pour

By Lisa Kerner

Charlotte, N.C., Dec. 23 - Petaquilla Minerals Ltd. generated US$25.4 million of revenues in its second quarter of fiscal 2012.

The company poured 18,100 ounces of gold in the quarter, a record but short of its goal of 21,000 ounces, executive chairman Richard Fifer said during Petaquilla's earnings call on Friday.

Petaquilla ended the quarter with US$12.2 million of cash, US$3.8 million more than the same period of fiscal 2011, due primarily to the 18% increase in gold poured, higher gold prices and a 25% reduction in cash cost per ounce sold.

During the quarter, Petaquilla acquired Iberian Resources Corp. to diversify its project and geographical profile to include concessions and exploration licenses in the Spanish/Portuguese (Iberian) Pyrite Belt.

Petaquilla is an emerging gold producer based in Vancouver, B.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.