Petaquilla Minerals Ltd PTQMF

Petaquilla Minerals earns $5.4-million (U.S.) in Q

[GuyF]

Petaquilla Minerals earns $5.4-million (U.S.) in Q4

2011-09-01 09:38 ET - News Release

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Mr. Richard Fifer reports

PETAQUILLA MINERALS LTD. HIGHLIGHTS RESULTS FOR 4TH QUARTER OF FISCAL 2011

Petaquilla Minerals Ltd.'s fourth quarter results of fiscal year 2011 show significant improvements. As a result of improved operational performance and rising gold prices, a net profit of US$5.4 million was generated during the fourth quarter. This second consecutive profitable quarter confirms the Company's improved profitability profile. Petaquilla's accumulated net income of US$7.5 million in the last two quarters of fiscal year 2011 reflects a positive trend in net results and the Company forecasts a positive net income for fiscal year 2012.

Gold mined during the fourth quarter of fiscal year 2011 increased by 36% compared to the previous quarter. This improvement contributed to a 72% increase in gold stockpiled for the on/off leach pad project forecasted for initial production during the second quarter of fiscal year 2012.

Gold poured during the fourth quarter of fiscal year 2011 increased by 30% compared to the previous quarter. Cash costs per ounce of gold sold during the fourth quarter represent an improvement of 9% compared to the previous quarter as a result of higher sales combined with reductions in operating costs. Fourth quarter cash costs of US$557 per ounce of gold sold represents the lowest cash cost per ounce of gold sold during the fiscal year.