Oct 29 Canadian gold miner Petaquilla Minerals Ltd rejected Inmet Mining Corp's revised buyout offer of C$130 million.
Panama-focused Petaquilla said it continues to explore other strategic alternatives, including discussions with third parties regarding a potential deal.
Inmet revised its cash-and-stock offer last week to value Petaquilla at about C$130 million ($130.8 million), up from its C$109 million offer in September.
Vancouver-based Petaquilla operates the Molejon gold project in Panama.
Inmet has an 80 percent interest in the under-construction Cobre Panama - one of the world's largest copper projects.
Shares of Petaquilla, which have risen about 77 percent since Inmet's first offer, closed at 62 Canadian cents on the Toronto Stock Exchange on Friday.