Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

May 12, 2006 03:01 ET

Petaquilla Minerals Ltd.: Plan of Arrangement Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2006) - Michael Levy, the President of Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FWB:P7Z), is pleased to announce that the Company will be holding an Annual and Special General Meeting of shareholders on Thursday, June 6, 2006, in Panama City, Republic of Panama. At the Meeting, in addition to the routine business, the shareholders will be asked to approve a plan of arrangement (the "Arrangement") whereby the Company will transfer the Petaquilla Copper Project in Panama to a newly-formed company called Petaquilla Copper Ltd. ("Copper"). The result of the Arrangement, if approved by the shareholders, will be that each shareholder of Petaquilla Minerals Ltd. ("PTQ"), will receive one share of Copper, and will continue to hold one share of PTQ, for each one share of PTQ held on the effective date of the Arrangement. PTQ will continue the development of the wholly-owned Molejon Gold Project. Copper will be making application to list its shares on the Toronto Stock Exchange. The effective date of the Arrangement is expected to take place before the end of June, 2006.

In addition to shareholder approval, the Arrangement is subject to Court and Toronto Stock Exchange approvals.

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

Michael Levy, President and Director

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

Contact Information

  • Petaquilla Minerals Ltd.
    Michael Levy
    President and Director
    (604) 694-0021
    (604) 694-0063 (FAX)