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Friday, 19th October 2007 (3314 views)

An updated estimate for the Molejon gold property, which includes drilling work completed over the summer, has increased the total gold resources on site by more than 40 per cent since April, according to Petaquilla Minerals.

The company has announced that September drilling results for the Molejon gold deposit on the property showed a total measured gold resource of 593,327 ounces, with a further indicated resource of 317,696 ounces.

At the project's Botija Abajo deposit, indicated gold resources now total 123,000 ounces, mostly delineated during drilling in June.

Richard Fifer, president and chief executive officer of Petaquilla Minerals, said the company has converted over half of its inferred gold resources into the measured and indicated category in 2007.

"This updated resource estimate means that we are achieving one of our key goals and have moved closer to another," he said.

"We have also advanced our goal of identifying 1.5 million ounces available for the Molejon project so that we can increase throughput capacity at our mill," added Mr Fifer.

The company is set to complete construction on an on-site processing facility by the end of December, with production to begin early in the first quarter of 2008.

 

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