Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

December 20, 2007 19:00 ET

Petaquilla Minerals Ltd. Closes Second Tranche of Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2007) - Further to its news release dated November 1, 2007, Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FWB:P7Z) announces that it has closed the second tranche of its non-brokered private placement (the "Private Placement"), issuing a total of 339,000 Units at a price of $3.00 per Unit and raising gross proceeds of $1,017,000 CAD.

Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $3.50 per share for a period of two years from closing.

All securities distributed under the private placement are subject to a four-month plus one day hold period expiring on April 20, 2008.

In connection with the closing of the second tranche, the Company has paid finders' fees in the amount of $43,500 CAD cash and has issued 12,500 compensation warrants. The compensation warrants have the same terms as the warrants above.

The proceeds of the Private Placement will be used to develop and to increase the capacity of the Company's 100% owned Molejon Gold Project in Panama.

The securities offered will not be and have not been registered under the United States Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or an offer to buy the securities in any jurisdiction.

About Petaquilla Minerals - Petaquilla Minerals Ltd. is an emerging gold producer scheduled to bring its 100%-owned Molejon Gold Project into production in fiscal year 2008. Anticipated throughput for the project during the first year of production will be 2200 tonnes per day. The plant will utilize three ball mills and a carbon-in-pulp processing facility.

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

Richard Fifer, President and Chief Executive Officer

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

Contact Information

  • Petaquilla Minerals Ltd.
    Richard Fifer
    President and Chief Executive Officer
    (604) 694-0021 or Toll Free: 1-877-694-0021
    (604) 694-0063 (FAX)