RE: Yes PTQ owns the Gold on Inmets LandVery interesting reads folks. Thanks for posing the question oil as most "new" investors, including myself, have overlooked their gold interest on the Inmet lands. In fact, one has to go back to the MD&A Q2 of 2006 which discloses the arrangement of the former Petaquilla Copper.
https://sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00003219&fileName=/csfsprod/data72/filings/00992398/00000001/p%3A%5Cdwnlds%5CPetaquillaQ2sept13%5CPetaquillaMDA.pdf
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Plan of Arrangement
?? On June 6, 2006, the shareholders of PTQ voted in favor of the May 10, 2006 proposed Plan of
Arrangement.
?? Subsequently, on June 19, 2006 Supreme Court approval in the Province of British Columbia was
obtained for the Plan of Arrangement.
?? The result of the Plan of Arrangement will be that each shareholder of PTQ will receive one share of
Petaquilla Copper Ltd., a newly formed company. Each shareholder will continue to hold one share
of PTQ and one share of Petaquilla Copper Ltd., for each one share of PTQ held on the Effective date
of the Plan of Arrangement.
?? Terms of the Plan of Arrangement require PTQ to transfer title to its wholly-owned subsidiary,
Georecursos Internacional S.A., the holder of the 52% interest in the Ley Petaquilla Concession
Lands, to Petaquilla Copper Ltd. PTQ would retain 100% ownership of the gold and precious metal
deposits within the Ley Petaquilla Concession as well as al the other concession lands adjacent to the
Ley Petaquilla Concession.
?? As part of the June 2005 Mine Development Plan approved by the Republic of Panama in September
2005, Petaquilla Copper Ltd. would then continue with the development of its interest in the copper
based mineral deposits and PTQ would advance the development of its interest in the Molejon
deposit, being the first gold and precious metal deposit identified within the Ley Petaquilla
Concession lands.
?? PTQ plans to invest $500,000 in the common shares of Petaquilla Copper Ltd. as part of the Plan of
Arrangement. An additional investment of $ 5,000,000 by PTQ in Petaquilla Copper Ltd. is
contemplated as part of the Use of Proceeds from a pending Private Placement Offering. These
investments are entirely dependent on the successful closing of an anticipated Private Placement,
announced on July 20, 2006 and as amended August 31, 2006.
?? Once completed, these investments will result in PTQ owning 20% of the issued shares of Petaquilla
Copper Ltd. This initial 20% equity stake may well be diluted upon future share capital financings
that are anticipated to be necessary for the ongoing funding of the Copper deposit project.
?? Setting of the Effective Date for the Plan of Arrangement has not yet been established but it is
anticipated to be set once the Closing Date for the above described Private Placement Offering has
been completed.
?? Petaquilla Copper Ltd. will be making application to list its shares on the Toronto Stock Exchange.
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The above arrangement is being referred from the agreement made below.
https://petaquilla.com/news_document.aspx?Document=123
I've been trying to find more details about the gold interests on Inmet's website, but haven't found anything substantial. I'm still a bit confused about one thing. If Inmet does more exploration on the copper project, are they only limited to the gold contained in the project's current resource base (total gold resources of ~10.4Moz)?