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

Petaquilla Minerals Ltd.

January 29, 2010 08:11 ET

Petaquilla Update on Production, Exploration and Development

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2010) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) is pleased to report that, since commercial production commenced on January 8, 2010, at its Molejon gold project in Panama, it has been producing gold at a running rate of approximately 6,000 ounces of gold per month. As the Company improves its processes, it is steadily moving towards its goal of annual production of 100,000 ounces of gold.

The Company also announces that, further to its news release of January 4, 2010, regarding gold recovery from column leach testing, Petaquilla has advanced to Phase 2 of its heap leach project. Phase 2 includes on-site run-of-mine, large diameter columns testing gold recoveries from different ore types. The Company anticipates commencing construction of heap leach pads during the 2nd calendar quarter of 2010.

In addition, the Company is advancing an aggressive exploration program on its 100% owned Oro del Norte concession. This work consists of follow-up soil sampling, rock chip sampling and detailed mapping adjacent to anomalous areas identified during the 2009 exploration program. A trenching program targeting the initial geochemical anomalies is planned to commence during the current calendar quarter with drilling anticipated to commence during the 2nd calendar quarter of 2010.

About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is a gold producer operating its gold processing plant at its 100% owned Molejon Gold Project in Panama. Anticipated throughput for the project during the first year of commercial production is estimated to be 2200 tonnes per day. Commercial production commenced January 8, 2010. The Molejon mine site is located in the south central area of the Company's 100% owned 842-square kilometre concession lands, a region known historically for gold content.

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

Joao C. Manuel, President and Chief Executive Officer

Forward looking information - This news release contains "forward-looking information" concerning the timing and amount of estimated future production and the timing of heap leach pad construction and drilling, which the Company has a reasonable basis to believe will occur in the future. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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