Petaquilla Minerals Ltd.

Petaquilla Minerals Ltd.

March 23, 2005 15:33 ET

Petaquilla Puts into Effect Senior Management and Governance Changes


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PETAQUILLA MINERALS LTD.

TSX SYMBOL: PTQ
OTC Bulletin Board SYMBOL: PTQMF

MARCH 23, 2005 - 15:33 ET

Petaquilla Puts into Effect Senior Management and
Governance Changes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Petaquilla
Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)

The Board of Directors of Petaquilla Minerals Ltd. ("PTQ" or the
"Company") and Richard Fifer have agreed that Mr. Fifer will temporarily
step down as Chairman and Chief Executive Officer, effective
immediately. Mr. Fifer will continue to serve the Company in a
non-executive role, and will remain as a director.

"I am firmly committed to bringing our mineral deposits in Panama into
production and will continue working towards this goal. I am confident
that the investigations underway will clear my name but I am stepping
aside at this time because it will enable the Company to continue to
build the confidence of its strategic partners and shareholders without
the distractions caused by my personal legal issues in Panama," Mr.
Fifer said. "My decision reflects the enormous sense of responsibility I
feel to our shareholders, partners, and all who have worked so hard to
get to where we are today. I will continue to contribute whatever tasks
are required of me to assist the Company in the advancement of the
project."

"The Board and Petaquilla's senior management respect Richard's decision
and he has our full support," said Michael Levy, President of PTQ. "The
Company's independent counsel in Panama has confirmed that no charges
have been laid against Mr. Fifer, but, in the interest of good
governance, it is important that Richard steps aside for the time being.
The Company has the benefit of a 52% share in a world-class copper-gold
deposit and a significant amount of cash on hand, and we will act
prudently and responsibly to preserve and grow its assets."

The Minera Petaquilla project contains proven reserves of 1.115 billion
tones 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, based on a 1997 AMEC Engineering (formerly H.A. Simons)
feasibility study completed for the JV partners under the direction of
Teck Cominco Limited. All data used to complete the study is available
to the Company.

On behalf of the Board of Directors of

PETAQUILLA MINERALS LTD.

Michael Levy, President and Director

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Contact Information

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