Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

September 14, 2009 08:30 ET

Petaquilla Minerals Ltd. Reduces Debt Position

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2009) - Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) (the "Company") today announced that it has reduced its debt position by US$6 Million. The Company is subject to a semi-annual principal repayment on the senior secured notes, and commencing September 15, 2010 on the convertible senior secured notes, depending upon the weighted average market price of gold during the six months prior to the payment date as follows (all currency in U.S. Dollars):

Weighted Average Market Aggregate Pro Rata
Gold Price per ounce Principal Payment
Over $1,000 $8,000,000
$900 to $1,000 $6,000,000
$800 to $900 $4,000,000
Less than $800 Nil

The total payment was US$6,208,843.91, comprised of US$6,000,000 of principal and US$208,843.91 of accrued interest on the redeemed notes. The Company's total senior and convertible senior notes outstanding after this payment will be US$69,761,148.

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.

Bassam Moubarak, Chief Financial Officer

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

Contact Information

  • Petaquilla Minerals Ltd.
    Bassam Moubarak
    Chief Financial Officer
    (604) 694-0021 or Toll free: 1-877-694-0021
    (604) 694-0063 (FAX)