Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

September 15, 2009 03:01 ET

Petaquilla Announces Organizational Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2009) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) and Mr. Richard Fifer announce the formation of Azuero Mining, S.A., a new company that will pursue exploration and development of opportunities for growth. Petaquilla is transferring these opportunities to the new company that will be led by Mr. Fifer as the founding Director, President and Chief Executive Officer ("CEO"). The new company's initial "seed capital" funding has been established by Mr. Fifer and others. These funds will be used to acquire the relevant mineral tenures and the pre-closing costs of a substantial initial financing. Petaquilla will own an initial 50% of the new company and has the right, but not the obligation, to invest on a pro-rata basis in any additional financing to maintain its pro rata ownership.

To pursue this new opportunity Mr. Fifer has tendered his resignation as President and CEO of Petaquilla Minerals Ltd. effective immediately. Mr. Fifer will continue as a Director of the Company.

Petaquilla has appointed Mr. Chris Davie as President and CEO of the Company. Mr. Davie has over 35 years experience in the mining industry, with expertise in the mining and processing of a wide range of metal ores and both operations and project management. Mr. Davie previously served as President and CEO of Virgin Metals Inc., where he managed the early stage development of two molybdenum-copper projects in Mexico. Prior to his term with Virgin Metals Inc., Mr. Davie served as President and CEO of Queenstake Resources Ltd. Mr. Davie holds degrees of Associate of Camborne School of Mines and Master of Science in Mining Engineering from the University of London.

The Company has appointed its Chief Operating Officer, Mr. Joao Manuel, as President and CEO of two of the Company's subsidiaries, Petaquilla Gold, S.A. and Petaquilla Infrastructure Ltd.

Further, the Company announces the appointment of Mr. John H. Resing as the Chairman of the Board succeeding Mr. Robert Baxter. Mr. Baxter has requested this change due to his time commitment and demands required as President and Chief Operating Officer of Norsemont Mining Inc. and as a director of Chariot Resources Limited and other public companies. Mr. Baxter will continue to serve as a director of the Company.

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

John H. Resing, Chairman of the Board of Directors

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

Contact Information

  • Petaquilla Minerals Ltd.
    John H. Resing
    Chairman of the Board of Directors
    (604) 694-0021 or Toll free: 1-877-694-0021
    (604) 694-0063 (FAX)