Petaquilla Minerals Ltd. (fka PTQMF)

[PTY-BUAY]

Petaquilla Minerals Ltd. Adds Significant Additional Resources of 502,800 Gold Equivalent Ounces at its Molejon Operation Complex-Palmilla Deposit

http://www.marketwire.com/press-release/petaquilla-minerals-ltd-adds-significant-additional-resources-502800-gold-equivalent-tsx-ptq-1719415.htm

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2012) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) is pleased to announce a National Instrument 43-101 ("NI 43-101") compliant Pit Constrained mineral inferred resource for its Palmilla deposit, located on the Company's wholly-owned Belencillo concession and associated with its Molejon gold operations in the Donoso District, Colon Province, Republic of Panama.
Petaquilla is currently conducting additional drilling to expand the resource base and to upgrade the inferred mineral resources to the measured and indicated mineral category at Palmilla. Additionally, the Company is currently investigating the metallurgical aspects of the deposit and receiving encouraging results.
Mineral Resource Estimates
The NI 43-101 compliant Pit Constrained mineral resources in the Palmilla deposit are estimated to contain approximately 19.7 Mt of inferred resources of gold averaging 0.50 grams of gold per tonne, copper averaging 0.18% copper per tonne and silver averaging 0.54 grams of silver per tonne using a cutoff grade of 0.1 g/t Au as set out in Table 1 below.

TABLE 1
INFERRED MINERAL RESOURCES WITHIN
WHITTLE SHELL DESIGN (AS OF OCTOBER 26, 2012)

 
 Au	Cu	 Ag	Au Equiv. 
 Contained	Contained	Contained	Contained 
 Kt	g/t	oz	%	Klbs	g/t	oz	oz 
 Inferred	19,725	0.50	318,500	0.18	80,368	0.54	345,600	502,800

• Numbers may differ due to rounding
• Resources are constrained within Whittle shell
• Resources are reported using 0.1 g/t Au cutoff
• Gold Equivalent Ounces : 502,800
• Gold $1,600/oz., Copper $3.54/lb., Silver $30/oz.
• Recoveries Au 85%, Ag and Cu 75%
• Costs: $2.10/t mined, Processing and G&A $14.00/t
• Royalties Au 4% and Cu 5%
Drill hole samples from 2012 were analyzed by ALS Chemex of North Vancouver, BC. Historical project drill hole samples were analyzed by TSL Laboratories of Saskatoon, SK.
Qualified Persons
Mr. Rejean Sirois, eng., and Mr. Louis-Pierre Gignac, eng., of G Mining Services Inc., are qualified persons and independent consultants who prepared the mineral resource estimate for the purposes of NI 43-101 and have reviewed and approved the numbers included in this press release. Andrew J. Ramcharan, P. Eng., the Company's internal qualified person, has current knowledge of the project and has reviewed and approved the contents of this press release.