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

Petaquilla Minerals Ltd.

September 05, 2007 21:30 ET

Petaquilla Reports New Drill Results

Extends Mineralization Between Molejon Gold and Petaquilla Copper Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2007) - Petaquilla Minerals ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) today provided further results and details concerning its ongoing 40,000 metre drill program at its 100% owned Molejon Gold Project and Petaquilla Copper Ltd.'s ("Petaquilla Copper") adjoining Botija Abajo/Brazo project zone, also known as The El Real copper gold trend.

The Company is the single largest shareholder of Petaquilla Copper holding 22.189 million shares.

The Company is currently active in five different zones in its various concessions in Panama. The mineral concessions total 795 square kilometres, of which 136 square kilometres comprise the Petaquilla concession held by the Minera Petaquilla joint venture partners including Petaquilla Copper. The entire Petaquilla concession currently has a total of 11 drill rigs working 24 hours a day with three additional drill rigs to be on the property by the end of 2007 for a total of 14 working drill rigs. Less than 50 square kilometres of the Petaquilla concession area have been explored in the subsurface, so the Company will use the increased drill capacity to start exploration in the unexplored majority of the concession lands.

The first 11 drill holes from the Botija Abajo drill program were released on February 26, 2007, and since then, Petaquilla Copper has drilled 81 additional diamond drill holes in the Botija Abajo/Brazo project zone. Work continues in the Botija Abajo central area, where infill and step-out drilling has been underway since January 2007. A detailed map with all assayed drill holes and drilled holes awaiting assay results will be posted on the homepage of the Company's website. Please reference this drill map for current and all future press releases as the Company will be updating this map as new results become available.

A total of six drill rigs are currently working on a mineralized gold and copper trend between Molejon and Botija Abajo/Brazo, known as the El Real trend. Results from drill holes BA-07-332, BA-07-334 and BA-07-317 show that the zone is much larger in size, that the area has a new silver zone and confirms the mineralized trend between the Botija Abajo, Botija Abajo West, Brazo and Molejon open pit. The overall goal of this large scale, wide spaced drill program is to identify and delineate the many targets on the El Real Trend and tie the Botija Abajo/Brazo zone to the Molejon open pit gold deposit.

Work in the Brazo zone is expected to begin by way of a new drill program starting in late 2007. Historic drilling in the Brazo zone demonstrates mineralization and was modeled in the 1997 Fluor Daniel Wright study as a pre-43-101 resource. One such historic drill hole BR-94-054, contained continuous copper values along 291.8 meters of core that averaged 0.628% copper equivalent. Below are the latest drill results from the Botija Abajo/Brazo section of the El Real trend.



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Ave Ave Cu
Intercept Au Ag Ave equivalent
HOLE (m) From To ppm ppm Cu% %
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BA-06-193 36.30 0.00 36.30 1.051 1.869 0.588 1.460
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BA-06-199 3.50 3.00 6.50 1.266 1.063 0.143 1.177
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BA-06-211 9.00 23.40 32.40 0.383 2.517 0.835 1.180
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BA-06-217 10.50 0.00 10.50 0.741 0.414 0.012 0.614
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BA-07-245 13.50 6.50 20.00 1.268 0.344 0.035 1.059
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BA-07-245 17.70 41.20 58.90 0.098 8.290 0.954 1.154
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BA-07-248 21.00 0.00 21.00 1.349 no data 0.029 1.113
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BA-07-248 17.80 30.00 47.80 0.073 no data 0.896 0.954
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BA-07-250 20.40 21.45 41.85 0.641 2.649 0.281 0.835
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BA-07-250 7.50 51.30 58.80 0.062 1.340 0.937 1.006
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BA-07-260 15.50 16.50 32.00 0.079 9.336 0.322 0.521
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BA-07-264 No significant intercepts
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BA-07-269 82.22 10.20 92.42 0.868 4.010 0.576 1.332
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includes 37.05 meters at 2.083 Cu equivalent
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BA-07-271
BA-07-271A No significant intercepts
BA-07-276 52.04 22.40 74.44 0.157 1.753 0.375 0.527
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BA-07-277 No significant intercepts
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BA-07-280 4.80 32.65 37.45 0.048 3.085 0.350 0.433
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Ave Ave Cu
Intercept Au Ag Ave equivalent
HOLE (m) From To ppm ppm Cu% %
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BA-07-281 20.50 38.50 59.00 0.441 4.760 0.738 1.163
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BA-07-282 26.40 15.20 41.60 2.144 3.496 0.107 1.881
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BA-07-283 62.57 32.94 96.14 0.846 2.501 0.688 1.404
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BA-07-285 23.45 20.00 43.45 0.211 1.614 0.600 0.794
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BA-07-286 No significant intercepts
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BA-07-287 16.70 3.90 20.60 0.156 3.982 0.447 0.631
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BADH-291 12.00 32.23 44.23 0.138 4.488 0.729 0.905
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BADH-292 No significant intercepts
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BADH-293 26.94 16.61 43.55 0.141 1.361 0.437 0.570
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BADH-293A 13.50 46.00 59.50 0.314 2.489 0.828 1.117
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BADH-294 16.21 10.30 26.51 0.110 1.216 0.318 0.424
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BADH-295 No significant intercepts
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BADH-296 8.20 6.35 14.55 0.110 1.507 0.833 0.944
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BADH-297 5.80 19.50 25.30 0.067 1.307 0.745 0.818
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BADH-298 7.50 18.86 26.36 0.464 2.500 0.674 1.083
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BADH-299 No significant intercepts
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BADH-300 17.91 27.00 44.91 0.755 4.293 1.055 1.724
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BADH-300 3.00 103.41 106.41 0.590 2.750 1.065 1.579
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BADH-301 8.24 21.51 29.75 0.189 2.180 0.953 1.137
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Ave Ave Cu
Intercept Au Ag Ave equivalent
HOLE (m) From To ppm ppm Cu% %
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BADH-303 15.60 20.70 36.30 0.359 6.329 1.778 2.160
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BADH-303 10.53 59.10 69.63 1.028 3.591 0.889 1.768
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BADH-304 18.93 3.85 22.78 0.103 2.973 0.445 0.572
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BADH-305 27.00 29.25 56.25 0.294 2.303 0.694 0.964
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BADH-305 10.50 73.98 84.48 0.330 2.086 0.458 0.754
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BADH-307
BADH-308 No significant intercepts
BADH-310 30.00 0.00 30.00 1.539 4.330 0.557 1.857
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BADH-310 28.50 69.05 97.55 0.300 2.803 0.467 0.749
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BADH-311
BADH-312 No significant intercepts
BADH-313 6.20 37.30 43.50 0.198 1.961 0.580 0.768
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BADH-313 4.35 76.00 80.35 0.146 2.827 0.652 0.811
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BADH-314
BADH-315
BADH-316 No significant intercepts
BADH-317 25.20 13.50 38.70 0.000 15.278 0.000 0.223
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BADH-318 2.95 22.55 25.50 0.216 7.523 0.789 1.072
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BADH-318 3.00 38.00 41.00 0.520 9.350 0.790 1.345
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Ave Ave Cu
Intercept Au Ag Ave equivalent
HOLE (m) From To ppm ppm Cu% %
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BADH-319 No significant intercepts
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BADH-320 11.50 26.00 37.50 0.251 1.039 0.533 0.750
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BADH-321 12.00 19.70 31.70 0.000 7.763 0.331 0.445
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BADH-321 13.50 82.70 96.20 0.177 6.144 0.234 0.466
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BADH-322 11.40 18.00 29.40 0.599 1.910 0.465 0.974
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BADH-323 8.35 83.65 92.00 0.151 0.607 0.574 0.705
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BADH-324 No significant intercepts
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BADH-325 38.60 23.00 61.60 0.255 2.442 0.909 1.150
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BADH-326
BADH-327A No significant intercepts
BADH-328 19.00 3.00 22.00 0.133 0.791 0.509 0.628
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BADH-329 9.00 31.35 40.35 0.085 3.883 0.868 0.993
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BADH-330 No significant intercepts
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BADH-331 14.60 34.40 49.00 0.271 2.618 0.574 0.830
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BADH-331 6.20 68.45 74.65 0.109 4.835 0.407 0.565
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BADH-332 12.00 34.50 46.50 0.048 0.552 0.597 0.643
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BADH-332 70.50 61.50 132.00 0.144 0.983 0.632 0.762
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BADH-332 15.00 144.00 159.00 0.136 0.770 0.772 0.892
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BADH-333 No significant intercepts
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BADH-334 22.55 35.55 58.10 0.116 2.442 0.774 0.902
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BADH-335
BADH-336 No significant intercepts
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BADH-337
BADH-338 No significant intercepts
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BADH-339
BADH-340 No significant intercepts
BR94054 291.80 18.50 310.30 0.095 0.837 0.540 0.628

Notes:
(1) Metal values used in the copper equivalent calculation are as follows:
$550/oz Au, $10/oz Ag, and $1.8/lb Cu.

(2) The copper equivalent grade is calculated by multiplying the weighted
average grade of each metal by the metal price (in the same units) and
dividing the product by the copper price.

(3) All grades reported are contained grades, no recovery information was
used in the calculation.

(4) Note that hole BR94054 was drilled in 1994 by Adrian Resources, These
results while deemed reasonable, may not be directly comparable to the
results from the current drill program. The results are included here
to demonstrate the potential strike length and continuity of the El
Real system, currently being explored. Please see associated map.


Further drilling is taking place on a new extension of the Molejon deposit in the North Central zone outside of the current pit outline. The first results from this program were released August 1, 2007, and demonstrated very positive results from the infill drilling of inferred resources and step-out drilling, along strike in the new North Central extension of the deposit. Two drill rigs continue to work these areas to define these new mineralization trends.

The Company is also commencing a new drill program in the Lata prospect which lies 3 kilometres northwest of Petaquilla Copper's joint venture Petaquilla deposit. This gold prospect lies on a fault zone that is interpreted to be over two kilometres in length and 300 metres wide. Soil geochemistry in this zone, as well as some historic drilling such as drill holes LA-95-138 and LA-95-140 suggest numerous targets along the 2 kilometre strike length and will be the focus of this drill program. The remaining drill rigs are working on Petaquilla Copper's joint venture area, specifically in Valle Grande, Vega and Vega East project zones, as well as some sterilization drilling in the Nada area.

Petaquilla CEO, Richard Fifer said, "The entire Petaquilla Concession has only seen drilling on 50 of 795 square kilometres, so we are currently engaged in a monumental drill campaign to better outline the potential of historically known mineralization and to explore new areas for the first time. The Botija Abajo/Brazo zone is consistently revealing new targets and deepening mineralization. We are also particularly excited by what we are seeing at Petaquilla Copper's Valle Grande zone because historic drilling there demonstrated the potential for an additional 300 million tonnes of resources that were not included in the 1998 Feasibility Study by AMEC, but were included in the follow up study by Fluor Daniel Wright. These most recent results not only confirm the potential for increasing the tonnage, but have also demonstrated some of the highest grades of both copper and molybdenum in this zone."

The QP, Sean C. Muller, P.Geo., has been overseeing the drilling programs. He has over 30 years experience working in the development and oversight of base and precious metals deposits. He is ensuring that the appropriate QA protocols are being followed and that the data is being qualified under strict QC. The ultimate goal of this work is to further delineate mineralization and to take the resources to National Instrument 43-101 compliance.

The statements contained in this news release that are not purely historical are forward-looking statements. Forward-looking statements may relate to the success of any of the Company's strategic initiatives, the Company's expectations, beliefs, growth and future prospects, and the Company's position in the market and future opportunities therein. Forward-looking statements may also include, without limitation, any express or implied statement relating to future events, industry performance, general business and economic conditions or circumstances, regulatory and legal requirements, and other matters, many of which are beyond the control of the Company. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. All forward looking statements included in this news release are based upon information available to the Company as of the date hereof and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.

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