Petaquilla Minerals Ltd.

Petaquilla Minerals Ltd.

March 29, 2005 14:17 ET

Petaquilla Confirms Ownership, Reserves and Resources


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PETAQUILLA MINERALS LTD.

TSX SYMBOL: PTQ
OTC Bulletin Board SYMBOL: PTQMF

MARCH 29, 2005 - 14:17 ET

Petaquilla Confirms Ownership, Reserves and Resources

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Petaquilla
Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF) ("PTQ" or the "Company") today
confirmed the Company's project ownership and its reserve and resource
estimates.

Petaquilla Minerals Ltd. owns 52% of the copper/gold porphyry system in
Panama known as the Minera Petaquilla S.A. project. Inmet Mining Ltd.
("Inmet") owns the remaining 48%. At present, Teck Cominco Limited
("Teck") holds no interest, but can acquire an effective 26% interest in
the Minera Petaquilla S.A. project by funding PTQ's share of the cost of
placing this project into production.

Based on a 1997 AMEC Engineering (formerly H.A. Simons) feasibility
study completed for the joint venture partners under the direction of
Teck, the Minera Petaquilla S.A. project contains a mineral reserve of
1.115 billion tonnes grading 0.50% copper, 0.09 g/t gold, 0.015%
molybdenum, as well as recoverable silver. The recoverable metal content
contained in these reserves totals at least 9.4 billion pounds of
copper, 1.37 million ounces of gold, 24.1 million ounces of silver, and
131.1 million pounds of molybdenum. We perform an annual review of the
data contained in the report and consider that the estimate of the
mineral reserve from the 1997 feasibilty study is currently relevant and
reliable. The estimate of mineral reserve in the feasibility study uses
substantially the same terminology for "mineral reserve" as is required
under National Policy 43-101.

On December 13, 2004 the Company announced the signing of a Letter of
Intent ("LOI") with Teck and Inmet.

The LOI is an agreement in principle whereby PTQ may obtain 100% of all
the precious metals within the Minera Petaquilla S.A. joint venture
lands, subject to the Panamanian Government accepting a multi-phase mine
development plan on terms acceptable to Teck, Inmet and PTQ.

The Company intends that the epithermal Molejon gold deposit will be the
focus of the first phase of the mine development plan and it has
commenced further exploration and development work on the project. A new
camp at Molejon has been constructed for the 74 workers currently on
site. A trenching program is under way and a drill program is planned
for later this year.

Based on a 1995 report by SRK Consultants of Vancouver, BC, the Molejon
deposit contains probable resources of 5,032,870 tonnes at a grade of
2.81 g/t for 454,803 ounces of gold and possible resources of 956,300
tonnes at a grade of 3.72 g/t for 114,386 ounces of gold. These
resources, if reported by today's standards, would be defined as an
inferred resource. We have reviewed the data from the report, and
consider the estimate of the resource to be relevant and reliable.

On behalf of the Board of Directors of

PETAQUILLA MINERALS LTD.

Kenneth W. Morgan, CFO and Director


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Petaquilla Minerals Ltd.
    Kenneth W. Morgan
    CFO and Director
    (604) 694-0021
    (604) 694-0063 (FAX)
    www.petaquilla.com
    No stock exchange has approved or disapproved the information contained
    herein.