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

Petaquilla Minerals Ltd.

May 31, 2006 20:00 ET

Petaquilla Minerals Ltd.: Petaquilla Copper Ltd.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 31, 2006) - Michael Levy, the President of Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FWB:P7Z), reminds shareholders that the Company will be holding an Annual and Special General Meeting of shareholders on Tuesday, June 6, 2006, in Panama City, Republic of Panama.

At the Meeting, in addition to the routine business, the shareholders will be asked to approve a plan of arrangement (the "Arrangement") whereby the Company will transfer the Petaquilla Copper Project in Panama to a newly-formed company called Petaquilla Copper Ltd. ("Copper"). The result of the Arrangement, if approved by the shareholders, will be that each shareholder of Petaquilla Minerals Ltd. ("PTQ"), will receive one share of Copper, and will continue to hold one share of PTQ, for each one share of PTQ held on the effective date of the Arrangement. The effective date of the Arrangement is expected to be in late-June 2006.

PTQ will continue the development of the wholly-owned Molejon Gold Project. Copper will be making application to list its shares on the Toronto Stock Exchange.

In addition to shareholder approval, the Arrangement is subject to Court and Toronto Stock Exchange approvals.

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

Michael Levy, President and Director

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

Contact Information

  • Petaquilla Minerals Ltd.
    Michael Levy
    President and Director
    (604) 694-0021
    (604) 694-0063 (FAX)
    www.petaquilla.com