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Petaquilla Minerals Completes Phase 2 Column Leach Test on Oxide Gold Resource at Molejon Mine

Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) today announced that it has completed Phase 2 of its Column Leach Test Program on the 'Oxide Gold Resource' at its 100% owned Molejon gold mine.

Results show gold recoveries range between 72.43% and 97.02% from the on-site column tests completed on the Oxide Gold Resource samples.

As announced January 4, 2010, the Company has been working with METCON Research, an affiliate of KD Engineering, on the metallurgical evaluation of its Oxide Gold Resource. Working in conjunction with the Company's mine site personnel, METCON Research has been supervising this metallurgical test program.

Highlights of the results from the Oxide Samples:

  1. Crush size of 80% passing 3 inch achieved a gold extraction of 96.81 percent for the QZBX (Quartz Breccia) composite sample. Corresponding Sodium Cyanide (NaCN) and Calcium Oxide (CaO) consumption was 0.21 kg/t and 0.93 kg/t respectively.
  2. Crush size of 80% passing 3/4 inch achieved a gold extraction of 97.02 percent for the 50% QZBX/50% Andesite composite sample. Corresponding Sodium Cyanide (NaCN) and Calcium Oxide (CaO) consumption was 0.44 kg/t and 1.57 kg/t respectively.
  3. Crush size of 80% passing 3 inch achieved a gold extraction of 92.40 percent for the 50% QZBX/50% FQPO (Feldspar Quartz Porphyry) composite sample. Corresponding Sodium Cyanide (NaCN) and Calcium Oxide (CaO) consumption was 0.14 kg/t and 5.07 kg/t respectively.
  4. Crush size of 100% passing 2 inch achieved a gold extraction of 94.97 percent for the Andesite composite sample. Corresponding Sodium Cyanide (NaCN) and Calcium Oxide (CaO) consumption was 0.34 kg/t and 1.89 kg/t respectively.
  5. Crush size of 100% passing 2 inch achieved a gold extraction of 86.20 percent for the Saprolite composite sample. Corresponding Sodium Cyanide (NaCN) and Calcium Oxide (CaO) consumption was 0.23 kg/t and 2.44 kg/t respectively.

Richard Fifer, the Company's Executive Chairman, remarked that, "The results confirm our internal evaluation of both the importance and the added value that these oxide resources bring to Petaquilla and our shareholders. We have been working diligently on this project internally and with METCON Research for the past 24 months and these results will now move us into the final engineering, design and construction of the Heap Leach Project, which is designed to complement our mill production."

Phase 3 of the Heap Leach Project comprising final engineering and design has already commenced and is planned to be completed by February 2011. Construction of the associated infrastructure is planned to commence February 2011 and continue to June 2011 to take advantage of the traditional dry season in Panama.

These positive results now make available for further evaluation additional National Instrument 43-101 compliant resources of 96.7Mt at 0.21 g/t Au for a total of 641,976 gold ounces (Measured and Indicated categories at 0.1 g/t cut-off) and additionally 95.7Mt at 0.16 g/t Au for a total of 495,885 gold ounces (Inferred category at a 0.1 g/t cut-off) at the Company's Molejon and nearby satellite projects. These resources are in addition to the National Instrument 43-101 compliant resources of 28.3Mt at 1.0 g/t Au for a total of 911,023 gold ounces (Measured and Indicated category at 0.3 g/t cut-off) within the Molejon Gold Deposit.

In conjunction with moving the Heap Leach Project forward into the final engineering and design stage, the Company is continuing its program of updating its global resources estimate. As announced October 25, 2010, this updated estimate is planned to be released in the first calendar quarter of 2011.

Mr. Rodrigo R. Carneiro, P. Eng., Director of METCON Research & Process Engineering of KD Engineering & METCON Research of Tucson, Arizona, is an independent Qualified Person as defined by National Instrument 43-101. Mr. Carneiro supervised the metallurgical testing and verified the relevant data and technical information contained in this news release.

Source: Petaquilla Minerals Ltd.

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