Gold Dragon Capital Management Ltd. exercises its right to purchase the remaining 31.12% of the interest in the Belencillo Property Concession.
PANAMA CITY, Feb. 14, 2013 /CNW/ - Gold Dragon Capital Managment Ltd. announces it has exercised its rights per its Contract with Petaquilla Minerals Ltd, PTQ - TSX, increasing its ownership to 100% of the Palmilla Deposit. Recently PTQ through its subsidiary Petaquilla Gold, S.A. sponsored and announced the completion of an NI 43-101 Technical Report on the Palmilla Deposit estimating its inferred resources at 502,800 gold equivalent ounces. As per the Contract of May 7, 2005 between PTQ and Gold Dragon, PTQ will own 17 to 20% of Gold Dragon stock once formal transfer of the Rio Belencillo (including the Palmilla Deposit) and Rio Petaquilla Concessions to Gold Dragon is completed. Mr. Rodrigo Esquivel, President of PTQ, stated, in a letter to Gold Dragon dated November 23, 2012, regarding the Option Contract signed between PTQ and Gold Dragon that PTQ will honor the terms of the Contract (see news releases for PTQ of May 2005, Annual Reports and Form 20F from 2006 to present, the MD&A release of September 13, 2006 and PTQ's latest corporate presentation). We seek safe harbor
SOURCE: Gold Dragon Capital Management Ltd.For further information:
Guillermo Cruz at +507-396-5535, Betania, Dos Mares, Pacific Hill, T-100, #20A, Panama City, Panama