Riassunto di notizie del Panama

VANCOUVER DEL NORD, COLOMBIA BRITANNICA--(Marketwire - 10 marzo 2008) - la divisione di s Panama di Cabo Drilling Corp. 'là è inserita in per contrarrsi con Minera Petaquilla, S.a. per perforare ad un minimo di 6.000 tester sopra al loro per ramare progetto nel distretto di Donoso nei due punti della provincia nella Repubblica di Panama. Minera Petaquilla, S.a. è all'azienda Panamanian che tiene il Petaquilla per ramare la concessione. Srl di rame di Petaquilla. attualmente strette ad interesse di equità di 52% in Minera Petaquilla, S.a. e Inmet che estrae il corpo tiene l'interesse restante di equità di 48%. Teck Cominco là è un'opzione per guadagnare 50% di interesse di rame di Petaquilla nel minatore di Petaquilla, fornendo i fondi monetari tutti di Teck Cominco della parte del Petaquilla del costo di portare il progetto alla produzione. (abita)

L'azienda utilizzerà due ai trivelli del diamante del modello 38 di Longyear di sostegno dell'elicottero sul progetto. I trivelli sono stati mobilitati al luogo e perforando là sono cominciati.

Circa Inmet Mining Corporation

Inmet è a globale Canadese-ha basato l'azienda di estrazione mineraria che producete per ramare, zinca ed oro. Hanno interessi in quattro lavori minerari nelle posizioni intorno al mondo: Cayeli, Pyhasalmi, Troilus e Tedi giusto.

Circa Teck Cominco limitato

Teck Cominco è all'azienda di estrazione mineraria differenziata, acquartierata a Vancouver, Canada. I relativi aratri delle parti hanno elencato sulle azione di scambio de Toronto. L'azienda è al mondo al capo nella produzione di zinco e di carbone metallurgico ed è inoltre a significativo al produttore di da ramare, all'oro, indio e ad altri metalli di specialità.

Circa la srl di rame di Petaquilla.

Srl di rame di Petaquilla. è alla società di prospezione minerale acquartierata a Vancouver, Canada. I relativi aratri delle parti hanno elencato sulle azione di scambio de Toronto sotto al simbolo ptc. L'azienda tiene 52% di Minera Petaquilla, S.A., all'azienda di impresa unita che si sviluppa al codice categoria del mondo al deposito di rame nella Repubblica di Panama. Petaquilla rama inoltre possiede 49% delle parti pubblicate infrastruttura srl di Petaquilla, all'azienda compresa per controllare ed accellerare lo sviluppo di per alimentare, port e l'infrastruttura relativa a sostegno della miniera di oro di Molejon minerali srl di Petaquilla.

Circa Cabo Drilling Corp. (IMPRESA DI TSX: CBE - Notizie)

Cabo Drilling Corp. è all'azienda di servizi perforare acquartierata a Vancouver del nord, Colombia britannica, Canada. L'azienda assiste estrarre di prograpevines riguardante e la specialità che perfora con le relative divisioni canadesi in Surrey, Colombia britannica; Montreal, Quebec; Lago Kirkland, Ontario; e Springdale, Terranova; asso buono Cabo dell'asso che perfora Messico S.a. del de. di C.V. di Hermosillo, Sonant, Messico; Cabo (il Panama) CORP. perforante. del Panama, Repubblica di Panama; and Cabo Drilling Spain S.L. of Sevilla, Spain. The Company's common shares trade on the TSX Venture Exchange under the symbol: CBE.

By Liezel Hill for Miningweekly.co.za - Vancouver-based Petaquilla Copper (PTC) is developing a new mine plan for its jointly-owned Petaquilla copper project, in Panama, after initial results from a front-end engineering and design (Feed) study into the project cast doubt on whether construction would begin by the January 1, 2009, deadline agreed to with the country's government. PTC holds 52% of Minera Petaquilla SA, which owns the project, and fellow Canadian Inmet Mining owns the balance. A third Canada-based miner, Teck Cominco, has the right to buy half of PTC's interest by committing, before March 31, to participate in work plans and budgets leading to commercial production, and by committing to fund 52% of the development costs for the project. (more)

Initial results from the Feed study indicated last week that the Petaquilla project, touted as one of the biggest undeveloped copper deposits in the world, could cost about $3,5-billion to build, compared with a previous estimate of $1,7-billion.

Teck Cominco is preparing the Feed study.

However, PTC is working on a new mine plan that takes into account the results of about 75 000 m of diamond drilling that was not included in the Feed study, the company said on Thursday.

“Teck Cominco has indicated that they need more time to study the cost of the project and we don't want to wait for them,” PTC corporate communications manager Tom Byrne said in an interview.

Teck Cominco investor relations VP Greg Waller was not immediately available to comment.

The company said earlier in the week, though, that there could be "no assurance" that it would participate in the project.

PTC said on Thursday that it has conducted "extensive" drilling and metallurgical testing of the copper minerals in the weathered zone, which overlies the primary sulphide project.

The company expects to complete a report on the mineralisation in this zone by the end of February, and, if copper extraction is seen to be commercially viable, construction of a solvent extraction/electrowinning plant could begin by the end of the year.

PTC reiterated that it was committed to the "timely development of the Petaquilla copper project as per Minera Petaquilla SA's agreement with the Republic of Panama".

FUNDING

PTC also said that it had signed confidentiality agreements with five major integrated mining companies, from China, Japan, Korea and Europe.

"The due diligence process has been completed by four of the five companies, with the fifth being scheduled to be completed by the end of February 2008."

PTC and these companies are looking at financing strategies, including equity, debt and offtake agreements, to finance either 26% or 52% of the Petaquilla copper project, the company said.

Edited by: Liezel Hill

LONDON (Thomson Financial) - Petaquilla Copper Ltd said it remains optimistic that the final front end engineering and design study (FEED) study will show that the Petaquilla copper project in Panama remains viable, and said it sees an opportunity to provide power and port facilities to the project, which would substantially reduce capital costs. The company had said on Feb 8 that a report estimated the capital cost to develop the project at 3.5 bln usd. The company said Petaquilla Infrastructure Ltd, a company created for power, port and related infrastructure development for the Molejon gold mine of Petaquilla Minerals Ltd, will also be able to make these facilities available for the Petaquilla project. The company said Petaquilla Infrastructure is in advanced talks with a global power producer for the construction of a 360 MW thermal power plant on the Caribbean coast 16 kilometres north of the project. It added that the proposed power plant will have a larger capacity than that required for the Molejon gold mine and the Petaquilla copper project. The company said the power plant will be run as a separate cash flow business by Petaquilla Infrastructure, which will sell to a greater market over and above providing "over the fence" power to the Petaquilla project. TFN.newsdesk@thomson.com ans/rfw

LONDON (Thomson Financial) - Petaquilla Copper Ltd said it remains optimistic that the final front end engineering and design study (FEED) study will show that the Petaquilla copper project in Panama remains viable, and said it sees an opportunity to provide power and port facilities to the project, which would substantially reduce capital costs. The company had said on Feb 8 that a report estimated the capital cost to develop the project at 3.5 bln usd. The company said Petaquilla Infrastructure Ltd, a company created for power, port and related infrastructure development for the Molejon gold mine of Petaquilla Minerals Ltd, will also be able to make these facilities available for the Petaquilla project. The company said Petaquilla Infrastructure is in advanced talks with a global power producer for the construction of a 360 MW thermal power plant on the Caribbean coast 16 kilometres north of the project. It added that the proposed power plant will have a larger capacity than that required for the Molejon gold mine and the Petaquilla copper project. The company said the power plant will be run as a separate cash flow business by Petaquilla Infrastructure, which will sell to a greater market over and above providing "over the fence" power to the Petaquilla project. TFN.newsdesk@thomson.com ans/rfw

LONDON (Thomson Financial) - Petaquilla Copper Ltd said it remains optimistic that the final front end engineering and design study (FEED) study will show that the Petaquilla copper project in Panama remains viable, and said it sees an opportunity to provide power and port facilities to the project, which would substantially reduce capital costs. The company had said on Feb 8 that a report estimated the capital cost to develop the project at 3.5 bln usd. The company said Petaquilla Infrastructure Ltd, a company created for power, port and related infrastructure development for the Molejon gold mine of Petaquilla Minerals Ltd, will also be able to make these facilities available for the Petaquilla project. The company said Petaquilla Infrastructure is in advanced talks with a global power producer for the construction of a 360 MW thermal power plant on the Caribbean coast 16 kilometres north of the project. It added that the proposed power plant will have a larger capacity than that required for the Molejon gold mine and the Petaquilla copper project. The company said the power plant will be run as a separate cash flow business by Petaquilla Infrastructure, which will sell to a greater market over and above providing "over the fence" power to the Petaquilla project. TFN.newsdesk@thomson.com ans/rfw

By Jonathan Spicer TORONTO (Reuters) - Development cost estimates at the Petaquilla copper project in Panama have more than doubled in the past year to $3.5 billion, its stakeholders said on Friday, putting the future of the project in jeopardy. In a statement, stakeholders Inmet Mining , Petaquilla Copper , and Teck Cominco Ltd said they believe the project "still has potential," while Inmet Chief Executive Jochen Tilk acknowledged the three companies had debated about whether to go ahead with the project. "When you look at the capital costs and operating costs, it's not a slam dunk," he said in an interview. "But, going forward, we think this is a very consistent pattern in the industry. It's very hard to believe there is another project of the quality of Petaquilla that could be developed at any lower development cost." (more)

Toronto-based Inmet holds 48 percent of the project, while Panama's Petaquilla owns 52 percent. Vancouver-based Teck Cominco Ltd has the option of acquiring a 26 percent interest if it commits to fund 52 percent of development costs.

Teck said on Friday it wasn't sure whether it would come up with the funding.

"We will review the opportunities for reduction of capital costs over the next six weeks and make our decision at the end of March," spokesman Greg Waller told Reuters.

Shares of Inmet and Petaquilla were down sharply on the news.

The costs are up from a $1.7 billion estimate the companies issued just over a year ago. That was based on a 1998 feasibility study of Petaquilla, considered one of the biggest undeveloped copper projects in the world.

Cash costs are also seen higher, at about 85 cents per pound of copper, up from 76 cents a pound.

The rise is due to enhanced erosion control, water management and other environmental protection measures, as well as higher equipment and construction costs, they said.

SHARES TUMBLE, PROJECT SEEN AT RISK

At mid-afternoon, Inmet's stock was down C$4.11, or 5.8 percent, at C$67.04 on the Toronto Stock Exchange, while Petaquilla fell 25 Canadian cents, or 12.9 percent, to C$1.69.

Teck shares were down 17 Canadian cents at C$34.50.

Analyst Tony Lesiak of UBS Investment Research said Petaquilla's viability was now at risk and cut his price target on Inmet to reflect no value for the project. He lowered his 52-week share-price target to C$86 from C$105.

He suggested in a research note that Teck may want to renegotiate its investment agreement.

In its first 10 years, Petaquilla is expected to produce an average of 223,000 tonnes of copper a year and an average of 87,000 ounces of gold, although production is expected to rise over the 23-year life of the mine.

Construction is expected to take about 44 months after permits are issued. Permitting would follow the submission of a social and environmental impact assessment, expected to be completed in the fourth quarter of 2008.

This suggests a mine-start-up in 2013, a delay from previous estimates of 2011, Lesiak said.

($1=$1.00 Canadian)

(Additional reporting by Cameron French; Editing by Peter Galloway)

By ANDY HOFFMAN From Saturday's Globe and Mail - Still reeling from its decision to shelve the Galore Creek project in British Columbia after construction costs more than doubled, Teck Cominco Ltd. is now facing massive inflation at another planned copper mine in Panama where costs have also doubled, throwing the viability of the entire project in doubt. Teck of Vancouver and its partners Inmet Mining Corp. of Toronto and Vancouver-based Petaquilla Copper Ltd. said an interim engineering report estimates capital costs to build the Petaquilla copper project have surged to $3.5-billion (U.S.) from an original estimate of $1.7-billion published last year. (more)

Teck now has until March 31 to decide whether to acquire a 26-per-cent interest in the Panamanian project. It could also decide to walk away from the endeavour or try to renegotiate the joint venture agreement with Petaquilla and Inmet, said Greg Waller, Teck's head of investor relations.

"It's a great resource. We'd love to find a way of making it work, but clearly these numbers are challenging," Mr. Waller said in an interview.

In development for more than a decade, Petaquilla has been touted as one of the largest untapped copper deposits in the world, with the potential to produce an average 411 million pounds of copper, 95,000 ounces of gold, and 8.6 million pounds of molybdenum a year over a 23-year mine life.

However, if Teck were to decide to exercise its option to acquire the stake in the project from Petaquilla Copper, it would be obligated to fund 52 per cent of the development costs of the project or roughly $1.8-billion.

Following the Galore Creek debacle that saw Teck order construction of the much-heralded copper project halted after cost estimates skyrocketed to $5-billion from $2.2-billion, the company may not be willing to take on the Petaquilla risk, said Canaccord Adams analyst Orest Wowkodaw.

"I think the project is in serious limbo. It's very unclear to me whether this thing can be developed," Mr. Wowkodaw said in an interview.

The analyst said the project's best hope is for Petaquilla Copper, the junior firm that currently owns 52 per cent of the venture, to consider relinquishing more of its interest in the potential mine.

"This is going to come down to Petaquilla Copper and what they are willing to give up. They've got to change the ownership structure or this thing is dead," Mr. Wowkodaw said.

Although Teck has laid out relatively little capital for the project to date, Petaquilla is second in the company's pipeline of copper development projects behind its Andacollo hypogene mine in Chile. A diversified metals producer and Canada's largest base metals miner, Teck is trying to reshuffle its production profile, reducing its exposure to zinc and increasing its copper production.

The loss of Galore Creek and the potential loss of Petaquilla could put the ability to execute that strategy in doubt.

Most analysts ascribed little value to Petaquilla in their valuations for Teck. However, UBS Securities analyst Tony Lesiak reduced his share target price for Inmet yesterday to $86 (Canadian) from $105 because the viability of Petaquilla is now at risk.

TD Newcrest analyst Greg Barnes said if Petaquilla does not proceed, Inmet management will face strategic challenges over how to expand the company following the startup of the Las Cruces project in Spain and what to do with a growing cash balance that could reach $1-billion by the year end.

"A delay or cancellation of the Petaquilla project raises the potential for a significant share buyback," by Inmet, Mr. Barnes said in a note to clients.

Money.CNN.com - Petaquilla Copper Ltd. and Petaquilla Minerals Ltd. today announced the incorporation of Petaquilla Infrastructure Ltd. The Company will be owned 51% by PTQ and 49% by PTC. PQI's mandate is to manage and expedite the development of the power, port and related infrastructure facilities in support of PTQ's Molejon Gold Mine now nearing production in the Republic of Panama. PQI will also be in a position to make these facilities available in connection with the Petaquilla Copper Project currently in the final stages of pre-production studies by Teck Cominco Ltd., Inmet Mining Corporation and PTC. The formation of PQI is an important advancement in the development of these two projects and also creates another opportunity for the economically sustainable development of this region of Panama. About Petaquilla Minerals - Petaquilla Minerals Ltd. is an emerging gold producer scheduled to bring its 100%-owned Molejon Gold Project into production in fiscal year 2008. Its shares are listed on the Toronto Stock Exchange under the symbol PTQ. Anticipated throughput for the Molejon Gold project during the first year of production will be 2200 tonnes per day. The plant will utilize three ball mills and a carbon-in-pulp processing facility. On behalf of the Board of Directors of PETAQUILLA MINERALS LTD. Richard Fifer, President and Chief Executive Officer