November 18, 2009 / 3:15 PM / 8 years ago

Petaquilla shares rise as Panama approves project

* Panama gives Petaquilla go ahead on Molejon project

* Shares up 20 pct in early trade

TORONTO, Nov 18 (Reuters) - Shares of Petaquilla Minerals Ltd PTQ.TO rose 20 percent on Wednesday following the company’s announcement that the government of Panama approved the advance of its Molejon gold mine to commercial production.

The junior Canadian gold miner said Molejon is currently in its final stages of full commissioning. Since testing of production commenced, earlier this year, the mine has produced a total of 25,699 ounces of gold.

Shares of Petaquilla rose 4.5 Canadian cents to 27 Canadian cents in early trade on the Toronto Stock Exchange. (Reporting by Euan Rocha; Editing by Derek Caney)

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