Petaquilla Copper Delivers Arbitration Notice to Teck Cominco

About this update from Petrox Resources Corp.

[{"type":"text","content":"\n\n\n\nTrading Symbol\n\n\nTSX: PTC\n\n\nVANCOUVER, April 29 /CNW Telbec/ - Petaquilla Copper Ltd. ("Petaquilla")\nannounces that it has delivered a Notice of Request to Arbitrate to Teck\nCominco Limited ("Teck Cominco") with respect to a dispute about the\nPetaquilla Copper Project, Panama.\n\n\nOn March 28, 2008, Teck Cominco purported to deliver to Petaquilla a\n"Final Commitment" with respect to the Project. A "Final Commitment" is\ndefined as a written notice given by Teck to each of Petaquilla and Inmet\nMining Corporation unconditionally confirming that it will participate in all\nrequired Work Plans and Budgets for Development Operations for the purpose of\nachieving Commercial Production, in accordance with the terms of the Initial\nFeasibility Study relating thereto and in accordance with the terms of the\nMinera Petaquilla S. A. Shareholders' Agreement, and that it will arrange or\nprovide Petaquilla's and Teck's share of the financing of the required\nDevelopment Costs and specifying the terms of this financing.\n\n\nThe sole document supporting Teck Cominco's Final Commitment is a draft\nInterim FEED study delivered on January 31, 2008.\n\n\nPetaquilla's position is that:\n\n\n- Teck Cominco has failed to satisfy the preconditions for the making of\n the Final Commitment;\n- Teck Cominco's interest in the Petaquilla Copper Property has now\n terminated;\n- the Petaquilla Copper Property is now owned by Petaquilla Copper as to\n a 52% interest and by Inmet Mining Corporation as to a 48% interest.\n\nWithout prejudice to Petaquilla's position that Teck Cominco failed to\nsatisfy the preconditions for the making of the Final Commitment, Petaquilla\nhas advised Teck Cominco and Inmet that it has elected to have its 26%\ninterest in the Property fully carried.\n\nAbout Petaquilla Copper -Petaquilla Copper Ltd. is a mineral exploration\ncompany headquartered in Vancouver, Canada. Its shares are listed on the\nToronto Stock Exchange under the symbol PTC. The Company holds 52% of Minera\nPetaquilla, S.A., a joint venture company developing its world-class copper\ndeposit in the Republic of Panama. Petaquilla Copper also owns 49% of the\nissued shares of Petaquilla Infrastructure Ltd., a company incorporated to\nmanage and expedite the development of the power, port and related\ninfr...

More updates from Petrox Resources Corp.