That's what we paid:
Vancouver, BC - August 10, 2011: Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") would like to remind all shareholders of the special meeting (the "Meeting") of the holders of common shares of Petaquilla (the "Shareholders") to be held at the Fairmont Waterfront Hotel, Nootka Room, 900 Canada Place Way, Vancouver, B.C., Canada, on August 31, 2011, at 10 a.m. (Vancouver time).
At the Meeting, Shareholders will be asked to consider and, if thought fit, to approve an ordinary resolution authorizing the issuance by the Company of up to 50,000,000 common shares of the Company, representing approximately 28.3% of the issued and outstanding number of Petaquilla shares as at July 27, 2011, including approximately 44,635,255 shares to be issued as consideration for all of the issued and outstanding common shares of Iberian Resources Corp. ("Iberian").
An information circular containing details of the proposed acquisition will be mailed to Shareholders on August 10, 2011. This information circular will also be available at www.sedar.com.
Iberian
Iberian is a private British Columbia company that owns 100% of the Lomero-Poyatos project through its wholly-owned Spanish affiliate, Corporacion de Recursos Iberia S.L. ("CRI"). Lomero Poyatos is located about 85 kilometres west of Seville, in the north-east part of the Spanish/Portuguese (Iberian) Pyrite Belt. Iberian also owns several other exploration licenses in Iberia through its wholly-owned Spanish and Portuguese affiliates.
An updated National Instrument 43-101 ("NI 43-101") compliant Technical Report in respect of the Lomero-Poyatos mine in Andalusia, Spain, has been completed and is available under the Company's profile on both the SEDAR and EDGAR filing systems.
Lomero-Poyatos Valuation and Transaction Value
The updated Technical Report by Behre Dolbear International Limited ("Behre Dolbear") titled, "NI43-101 Technical Report on the Lomero-Poyatos Au-Cu-Pb-Zn Mine in Andalusia, Spain" and dated July 29, 2011, incorporates a valuation report.
Behre Dolbear carried out a preliminary valuation of the Lomero-Poyatos deposit based on published average global stock market valuations per ounce of in-situ gold resources and value from a comparable acquisition transaction. Taking the average of these two estimates, assuming equal weightings for each, Behre Dolbear concluded that an appropriate current value for the Lomero-Poyatos project is US$53.5 million.
Based on the Company's Volume Weighted Average Price of CAD$0.69 for the 30 trading days preceding August 9, 2011, and the issuance of approximately 44,635,255 common shares of the Company, if approved by Shareholders, the cost to acquire Iberian would be approximately CAD $30,800,000, or approximately 40% below Behre Dolbear's valuation of the Lomero-Poyatos deposit.
Mineral Resource Estimate
