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

Petaquilla Minerals Ltd.

October 18, 2007 14:39 ET

Petaquilla Increases Gold Resource at Molejon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2007) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announced today the results of an updated NI 43-101 compliant gold resource estimate based on results obtained through September 2007. AAT Mining Services has estimated a total Measured resource of 593,327 ounces and an Indicated resource of 317,696 ounces at the Molejon Gold deposit (see table below). Additionally, an Inferred resource of 458,502 ounces at an average grade of 0.665 g/t above a cutoff of 0.3 g/t was estimated. The 123,000 Indicated resource ounces of gold delineated at the nearby Botija Abajo deposit through June 2007 increases the total gold resources at the global Molejon Project by over 40% since the last resource estimate announced April 10, 2007.

If no cut-off grade is applied, the total resource is over 2.8 million ounces of gold.



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Measured
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Tonnes Au Au Au
Grade cutoff ---------------------------------------------------
in g/t grams/tonne grams ounces
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.3 2,757,315 0.348 960,657 30,886
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.4 2,067,102 0.446 921,894 29,640
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.5 7,683,176 1.013 7,784,218 250,272
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2.5 1,170,618 3.469 4,060,956 130,565
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5.0 591,315 7.993 4,726,538 151,964
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Total 14,269,526 1.29 18,454,262 593,327
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Indicated
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Tonnes Au Au Au
Grade cutoff ---------------------------------------------------
in g/t grams/tonne grams ounces
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.3 5,312,433 0.343 1,822,984 58,611
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.4 2,467,167 0.445 1,097,888 35,298
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.5 5,873,534 0.924 5,426,666 174,474
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2.5 345,516 3.236 1,117,982 35,944
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5.0 62,508 6.651 415,769 13,367
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Total 14,061,158 0.703 9,881,288 317,696
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Inferred
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Average Inferred
Gold Inferred Gold Troy
Grade Cutoff Inferred Grade Gold Grams Ounces
g/Tonne Tonnes g/Tonne (contained) (contained)
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0.3 4,829,733 0.342 1,650,927 53,079
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0.4 4,411,224 0.446 1,969,183 63,312
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0.5 12,190,533 0.869 10,589,925 340,479
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2.5 18,471 2.747 50,747 1,632
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Totals 21,449,961 0.665 14,260,781 458,502
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Further, another 458,502 Inferred ounces have been geostatistically shown in a new area northwest of the Molejon Measured and Indicated Resources.

A color coded map showing the Measured and Indicated in gold and the Inferred in blue will be posted on the Company's website.

Richard Fifer, Petaquilla's President and CEO, said, "This updated resource estimate means that we are achieving one of our key goals and have moved closer to another. One goal in 2007 was to convert a significant amount of the existing inferred ounces to the M&I category. We have now converted more than 50% or about 500,000 inferred ounces. This brings the global resources of the project in excess of the important one million ounce level. We have also advanced our goal of identifying 1.5 million ounces available for the Molejon project so that we can increase throughput capacity at our mill from 2,200 Tonnes/day to 5,000 Tonnes/day. We are very confident that we will reach this milestone."

In 2006, about 500,000 ounces of gold were in the inferred category of which over 50% has been converted to Measured and Indicated resources by infill drilling in 2007. Over 22,000 metres have been cored at Molejon in 2007 bringing the total drilling along the gold trend to about 40,000 metres since the beginning of the program in 2006. Seven rigs are currently drilling in the area, three in Molejon and four elsewhere along the El Real trend.

While detailed drilling continues at Botija Abajo, another gold prospect to the northwest known as Lata is being evaluated by surface mapping. A drilling program that will augment favourable drill-hole trends outlined in the 90's will soon be underway.

The recent modeling effort included a complete review of the drilling, geology, sampling methods and approach, sample preparation, analysis, security (chain of custody), and quality assurance/quality control procedures ("QA/QC") used during the exploration of the Molejon gold deposit.

The on-site independent QP, Sean C. Muller, P. Geo., has observed and verified that recent drilling, sample preparation and ALS Chemex laboratory procedures utilized for the Molejon project meet NI 43-101 standards. Strict QA/QC protocols have been defined and implemented under Mr. Muller's supervision including the submission of blanks, standards and duplicate core samples to the laboratory.

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

Richard Fifer, President and Director

No stock exchange has approved or disapproved the information contained herein.

Contact Information

  • Petaquilla Minerals Ltd.
    Richard Fifer
    President and Director
    (604) 694-0021
    (604) 694-0063 (FAX)
    Website: www.petaquilla.com