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

Petaquilla Minerals Ltd.

October 26, 2005 11:31 ET

Petaquilla Increases Molejon Gold Resource Estimate to 893,000 Ounces

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2005) - Petaquilla Minerals Ltd. ("Petaquilla" or "the Company") (TSX:PTQ)(OTCBB:PTQMF) is pleased to announce it has received a current 43-101 compliant mineral resource estimate (the "2005 Report") on the Company's Molejon gold deposit in Panama from Steffan, Robertson & Kirsten ("SRK").

The 2005 Report estimates the inferred mineral resource of the Molejon Deposit to be 11.2 million tonnes grading 2.48 g/t for total contained gold of 893,000 ounces using a bottom cut-off grade of 0.500 g/t Au.

This 2005 Report represents an increase of 35% over a 1995 pre 43-101 resource estimate of 7.8 million tonnes grading 2.63 grams for total contained gold of 661,000 ounces using a bottom cut-off grade of 0.500 g/t Au.

Estimated mineral resources at 0.5, 0.6, and 0.7 Au cut-offs are included in the table below to display the sensitivity of resource to different Au cut-offs. Tonnes have been rounded to reflect the relative accuracy of the mineral resource estimate.



Inferred Mineral Resource Estimate
Chart of Sensitivity of tonnes and grade
at 0.5, 0.6 and 0.7 g/t Au Cut-Offs

---------------------------------------------------------------
Au cut-off Tonnage Au Grade (g/t) Contained Metal
grade (million tonnes) (ozs Au)
---------------------------------------------------------------
0.5 g/t 11.2 2.48 g/t 893,000
---------------------------------------------------------------
0.6 g/t 10.8 2.56 g/t 889,000
---------------------------------------------------------------
0.7 g/t 10.1 2.68 g/t 870,000
---------------------------------------------------------------


The 2005 Report also includes additional analysis of the sensitivity of Molejon tonnes and grade at various cut-offs. For example, a cut-off grade of 3.0 g/t results in 3.3 million tonnes grading 5.3 g/t for total contained gold of 560,000 ounces. This implies that over 60% of the deposit grades above 3.0 g/t.

SRK was contracted to complete a database audit, resource estimate and an encompassing NI 43-101 Technical Report to be used in support of an Issuer Disclosure of mineral resources and fulfills a requirement for a resource estimate in Petaquilla's Mine Development Plan that was approved by the government of Panama in Sept 2005 (see Petaquilla Press Release dated Sept 26).

The study included a complete review of the drilling, sampling methods and approach, sample preparation, analysis, security (chain of custody), and quality assurance/quality control procedures ("QA/QC") used during the exploration of the Molejon gold deposit.

The database audit and resource estimate was completed by George H Wahl ("GHW"), an associate of SRK who is a Qualified Person as defined by NI-43-101 and a P.Geo. registered with the Association of Professional Geoscientists of Ontario.

The resources estimated by GHW are reported in accordance with NI-43-101 and with the CIM definitions.

The resource potential of the lateral strike extent of the Molejon mineralization and of surrounding target areas is considered to provide significant upside potential for adding further mineral resources to the Molejon project.

A drill program is planned to commence in the fall of 2005 to explore new zones, tighten the existing drill spacing, upgrade and verify the mineral resource estimate in the SRK report.

The complete report will be posted on the Petaquilla website and SEDAR in the near future.

On behalf of the Board of Directors of

PETAQUILLA MINERALS LTD.

Kenneth W. Morgan, CFO and Director

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

Contact Information

  • Petaquilla Minerals Ltd.
    Kenneth W. Morgan
    CFO and Director
    (604) 694-0021
    (604) 694-0063 (FAX)
    www.petaquilla.com