Panama

Panama

Petaquilla Minerals Ltd. is a gold producer that operates its wholly owned Molejon gold mine in Panama.  The Molejon mine commenced commercial production in January 2010 and currently operates at a rate of approximately 3,500 tonnes per day.  Petaquilla’s 842 sq. km.

Petaquilla’s 842 sq. km. concession area is located in the Colon Province of Panama is a region known historically of its gold content. central area of its 100% owned 842 square kilometer concession lands in Panama - a region known historically for gold content. Petaquilla Minerals holds rights of a large concession area comprising 842 square kilometers. Most of the land package remains virtually unexplored beyond the known deposits. The focus of the company has been in:

  • Incorporate reserves from Botija Abajo deposit to our mine plan of Molejon
  • Infill drilling at Palmilla gold deposit
  • New exploration at Oro del Norte

Vancouver, BC - Sep 05, 2012: Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") is pleased to report that a resource and reserve estimate has been completed by Behre Dolbear & Company (USA) Inc. ("Behre Dolbear") for the Botija Abajo deposit, associated with its Molejon gold operations. A summary of Behre Dolbear's report is shown below. A complete National Instrument 43-101 compliant report on the Botija Abajo mineral resource and reserve estimate will be filed on the System for Electronic Document Analysis and Retrieval (SEDAR) shortly.

The completion of the Botija Abajo resource and reserve estimate is part of the Company's policy of continuously upgrading its resource base which will include in fiscal year 2013 a further upgrade of Molejon's existing reserves. Also in our current fiscal year 2013, additional resource reports will be completed for the Company's Palmilla and Oro del Norte deposits in Panama as well as a reserve report for Lomero-Poyatos in Spain. The Company is also working towards completing a Feasibility Study on Lomero-Poyatos with a view to initiating processing operations in Spain by mid-2014.

By pursuing this strategy - moving from a single jurisdiction/single deposit operation to a multi-jurisdiction/multi-deposit operation - the Company expects to reach mid-tier producing status by the end of 2014, thus, creating and adding value for its shareholders.

Botija Abajo - Resources and Reserves Statement (1st September 2012)

Contained

Kt

Au g/t

oz

Kt

Cu%

Klbs

Measured & Indicated

6,301

0.54

110,042

4,687

0.49

50,225

Proven & Probable

6,723

0.49

106,739

5,001

0.44

48,718

Notes:

  • Effective date of estimate: September 1, 2012.
  • Measured and Indicated Resources are inclusive of Proven and Probable Reserves.
  • Resources are pit constrained.
  • No inferred Au or Cu contributes any revenue to the economic model.
  • Proven and Probable Reserves include 3% Mining Losses and 10% Dilution.
  • AuEq Contained: approximately 210,200 oz.
    • based on $1600/oz Au and 75% recovery and $3.54/lb Cu and 72% recovery - No NSR deductions.

Qualified Persons

The authors of the Botija Abajo resource and reserve report, Dr. Robert E. Cameron and Mr. Michael D. Martin of Behre Dolbear, have reviewed and approved the figures included in this disclosure. Dr. Andrew J. Ramcharan, P. Eng., the Company's internal Qualified Person, has current knowledge of the project and has also reviewed and approved the content of this disclosure.

About Petaquilla Minerals Ltd. - Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of its 100% owned 842 square kilometer concession lands in Panama - a region known historically for gold content. In addition, the Company has exploration operations at its wholly-owned Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.

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