Company Information for Petaquilla Minerals Ltd

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Company Statement

Petaquilla Minerals Ltd is a mining company presently scheduled to bring the Company's 100% owned Molejon Gold Project into production in the Q.1 of 2008. Anticipated throughput for the project for the first year of production will be 2,200 tonnes per day. The plant will utilize three ball mills and a carbon-in-pulp processing facility.

Plans are in place to increase production to 5,000 tonnes per day with the addition of a SAG mill as the supply of mill feed permits.

The project area is located in the District of Donoso, Province of Colon, approximately 100 kilometers west of the Panama Canal on the Caribbean Coast. Petaquilla Minerals' land holdings are situated in the perfect position to ship concentrate at low cost to Europe, Asia, and North America.

The combined project area comprises 795 sq km on tide line. The plant site and open pit is serviced by a new road built to a 70-tonne specification. The first gold pour is scheduled for Q.3 2008.

Project tenure is secured by 'Ley Petaquilla', a project specific mining law that gives the two companies secure ownership, in three renewable phases, for a total of sixty years.

Current Operations

In 1998 AMEC Engineering (formerly H.A. Simons) completed a feasibility study for joint venture partners Inmet Mining and Teck Cominco. The project was estimated to contain a mineral resource of 1.115 billion tonnes grading 0.50% copper, 0.09 grams per tonne gold, 0.015% molybdenum, as well as recoverable silver.

Since 1998 the Company has concentrated on upgrading the 1998 AMEC resource estimates to NI-43-101 standards while concurrently embarking on an aggressive drill program in order to increase resources.

A study completed by Steffan, Robertson & Kirsten ('SRK') on October 26, 2005 established an inferred resource on the Molejon Project of 11.2 million tonnes grading 2.48 grams per tonne for total contained resource of 893,000 oz gold using a bottom cut-off grade of 0.500 grams per tonne Au.

The SRK study increased the resource estimate by 35% over the 1995 pre 43-101 AMEC estimate of 7.8 million tonnes grading 2.63 grams per tonne for a total contained resource of 661,000 oz gold using a bottom cut-off grade of 0.500 grams per tonne Au.

The Company continued to enlarge and firm up the resource based on the Molejon Project in 2006 with a 14,005 meter drill program of which 11,398 meters (81.38%) was devoted to infill drilling to confirm the SRK estimate and move the resource from Inferred to the Measured and Indicated categories. The program also involved 980 meters of condemnation drilling to establish the location of the plant site. A mere 1,627 meters was devoted to exploration drilling which increased the overall ounces by an impressive 25%.

The subsequent audit of the 2006 drill program by AAT released by the Company on April 10, 2007 increased overall resources by 25% and upgraded the resource calculation as follows:

PTQ.TSX News: April 10/07 "The new resource calculation outlines 447,879 ounces of Measured resources, 161,379 ounces of Indicated resources and 506,294 ounces of Inferred resources at the Molejon Gold deposit AAT Mining Services has also estimated that 179,934 ounces of the Measured and Indicated ounces contained in the low-grade material have potential for blending with the high-grade to achieve an optimum mill feed without loss of resources. Moreover, drilling confirmed the high-grade area of 1.667 mm tonnes grading 5.0 grams per tonne at a cutoff grade of 2.5 grams per tonne."

In addition to the increased resource estimate for the Molejon deposit, a new 200-meter strike length of high-grade mineralization was encountered in the Central Zone. Additional trenching has confirmed management's belief that the Molejon resource is larger than previously anticipated.

The Central Zone was tested with an additional 26 trenches. The Zone consists of quartz breccia; pervasive silica alteration and quartz stockwork hosted in a feldspar porphyry intrusive or andesite.
The trenches in the Central Zone delineated a 400-meter strike length, which included a 200-meter strike length of high-grade mineralization.

Through a Plan of Arrangement, approved by PTQ shareholders in June of 2006, Petaquilla Minerals' copper assets were transferred to Petaquilla Copper Ltd.
Petaquilla Minerals shareholders of record on Oct 18/06 received a dividend share of Petaquilla Copper Ltd. on a one for one basis. The present and future shareholders of Petaquilla Minerals will continue to enjoy exposure to the copper assets in virtue of Petaquilla Minerals' ownership of the largest block of shares (22.189 million) in Petaquilla Copper.

Petaquilla Copper Ltd. and its joint venture partners, Inmet Mining Corp and Teck Cominco Limited, recently reported that the partners would fast track the development of the copper assets, with a work program which will include 120,000 meters of drilling and production pre-engineering.

The agreed work will advance the project through to completion of a Front End Engineering and Design ('FEED') Program and an updated Social and Environmental Impact Assessment for the project. The work will include initiatives to advance the ongoing dialogue with local communities and other stakeholders. The budget for the Work Plan is estimated to be US$24 million. Apart from certain minor shared costs, the Work Plan will be funded by Teck Cominco.

During 2007/08, Petaquilla Minerals is scheduling 40,000 meters of drilling targeting epithermal gold structures on the El Real Trend. In addition, Petaquilla Copper is conducting a drill program of 170,000 meters. This very intensive program will target copper deposits in the Botija Abajo and Valle Grande project areas. Botija Abajo is showing great promise where highly prospective oxide potential has been discovered close to surface.

Geographical Spread

Panama - the projects are located approximately 100 kilometers west of the Panama Canal on the Caribbean Coast as indicated on the following map:The location of Petaquilla's properties enables low-cost, easy movement of concentrated ore to Asia, Europe and North America.

Board of Directors and Key Management

Richard Fifer	President, Chief Executive Officer, and Director
John Cook	Director and Chairman of the Board of Directors
Marco Tejeira	Director
Bob Baxter	Director
Graham Scott	Corporate Secretary
Bassam Moubarak	Chief Financial Officer
Lydia de Carrizo	General Manager
Sean Muller	Qualified Person
John Kapetas	VP Exploration & Resources Development
Ricardo Tejeira	VP Construction & Development Engineering
Octavio Choy	VP Commercial Operations
Tom Byrne	Corporate Communications Manager
Michele Merchan	VP Corporate Affairs
Janet Francis	VP Corporate Affairs

Company Address 410 -475 West Georgia Street Vancouver BC, Canada, V6B 4M9 Telephone: (604) 694-0021 Facsimile: (604) 694-0063 Email: info[at]petaquilla.com Website: http://www.petaquilla.com

Capital Issued and Outstanding - 93,951,407 Fully Diluted - 113,893,210

Annual General Meeting June

Year End January 31

Major Shareholders

Seamans Capital

Baker Steel

RAB

ProBanka

Strategem

Related News

30/07/08 - Teck And Inmet Put The Squeeze On Petaquilla Minerals
12/03/08 - Petaquilla Minerals Doing Better Than its Subsidiary
05/09/07 - Petaquilla Runs Into A Sequence Of Good News From Its Two Projects
06/02/07 - Petaquilla Minerals Due To Start Gold Production In Panama in July

Most Recent Statement

19/11/08 - Petaquilla Minerals Ltd. Announces Results of Annual General Meeting
03/11/08 - Petaquilla Minerals Ltd. to Begin Gold Production
03/10/08 - Petaquilla Minerals Ltd. Closes Supplemental Senior Secured Notes Financing - USA Version
01/10/08 - Petaquilla Minerals Ltd. Retires a Portion of Its Senior Secured Notes
04/09/08 - Petaquilla Minerals Ltd. Agrees to Lock-Up 20,418,565 Shares of Petaquilla Copper Ltd.
09/07/08 - Petaquilla Minerals Ltd. Closes Final Tranche of Senior Secured Notes Financing