Panama approves commercial production at Molejon mine

(miningweekly.com ) TORONTO (miningweekly.com) – The government of Panama has given its authorisation for commercial production to begin at Petaquilla Minerals' Molejon mine, the company reported on Wednesday.

Shares in the gold junior surged 118% on the news, to C$0,49 apiece by 16:16 in Toronto.

“The Government of Panama highlighted that Molejon will be the country's first mining project of modern times and encouraged the company to maintain its highest standards of responsible mining as it leads the way to a socially and environmentally conscious mining industry in Panama,” Petaquilla said in a statement.

The mine is currently in its final stages of full commissioning, and has produced a total of 25 699 oz of gold since its first gold pour in April.

In the first year of commercial production, the operation is expected to run at a throughput of about 2 200 t/d.

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Original Source: http://www.miningweekly.com/article/panama-approves-commercial-production-at-molejon-mine-2009-11-19
Date Retrieved:  November 19, 2009