Petaquilla Minerals Ltd PTQMF

Where Did All The Money Go?

[wwadehammer]

I'll try to answer you Paul as best I can.  Since November 30, 2012, they ran up accounts payable over $60 million.  Many things were happening around November 2012, they were installing the new ball mill and related equipment. They were fighting off Inmet.  They were trying to finalize a loan with red kite.  They were starting a drilling program at Lom Poy.  They were drilling at Palamilia and several other concessions in Panama hoping to hit it big I suppose.

You can tie around $5 million to fight off Inmet.  Probably $5 million for plant expansion.  The rest of the $50 million is a guess but seems related to exploration.  How much was spent in Europe?My best guess is $10million but I really don't know.  That would leave $30 million on exploration in Panama.  Why they ran up accounts payable to explore in Panama is beyond me.  Guess they decided they needed another big strike to secure a loan and rolled the dice.  Well, the dice came up snake-eyes. Why they didn't  stop exploration in Panama and focus on Lom Poy to bring it up to speed could be the drop in gold price.  When they really looked at the costs, it probably wasn't economical to ship ore to Panama.   They bit off more than they could chew and backed themselves into a corner.  Didn't want to let the stockholders in on any bad news hoping for something good to happen.  What's really been happing over the last year is being dragged into the light slowly but surely.  As that great philosopher Progafa alluded to, expect more buckets of ice water dumped on your head by Mr. Fifer.