Petaquilla Minerals Ltd.
TSX : PTQ
OTC Bulletin Board : PTQMF
FRANKFURT : P7Z

Petaquilla Minerals Ltd.

November 30, 2009 15:23 ET

Petaquilla Announces Special Meeting of Shareholders to Approve Spin Out of Petaquilla Infrastructure Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) is pleased to announce that it intends to complete a spin out of its infrastructure company under a statutory plan of arrangement (the "Arrangement") or some other tax-efficient mechanism. The Company has set February 25, 2010, as the date of the special meeting of shareholders (the "Special Meeting"), to seek approval for the proposed Arrangement and other matters related thereto.

As previously disclosed in its press release of May 21, 2009, the Company intends to distribute to its shareholders one share of Petaquilla Infrastructure Ltd. ("PQI") for each four shares of Petaquilla held on the record date for the distribution.

The new company will apply to be listed on the Toronto Stock Exchange ("TSX") as Petaquilla Infrastructure Ltd. By spinning out the infrastructure company into a separate publicly listed company, which would focus on the development of the mining industry in Panama, shareholder value will be maximized. PQI will focus its efforts on three development axes corresponding to a portfolio of projects currently in progress:

Construction

  • Roads and infrastructure
  • Housing products
  • Water treatment facilities

Power

  • Generation (thermal and hydro)
  • Transmission

Mining Services

  • Heavy equipment fleet management
  • Mining and blasting
  • Mine and civil construction
  • Laboratory services
  • Environmental controls
  • Security

Further details regarding the Arrangement will be set out in an information circular that will be sent to shareholders in advance of the Special Meeting.

The completion of the Arrangement will be subject to, among other things, the approval of the TSX, the Supreme Court of British Columbia and the Company's shareholders.

About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is an emerging gold producer commissioning the operation of its gold processing plant at its 100% owned Molejon Gold Project. Anticipated throughput for the project during the first year of commercial production is estimated to be 2200 tonnes per day. The plant utilizes three ball mills and a carbon-in-pulp processing facility.

On behalf of the Board of Directors of
 PETAQUILLA MINERALS LTD.

Joao C. Manuel
 
President and Chief Executive Officer

Contact Information

  • Petaquilla Minerals Ltd.
    Joao C. Manuel
    President and Chief Executive Officer
    (604) 694-0021 or Toll-free: 1 (877) 694-0021
    (604) 694-0063 (FAX)
    www.petaquilla.com