VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/15/11 -- Further to its news release of August 10, 2011, reminding its shareholders of the upcoming special meeting 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), with respect to the acquisition of Iberian Resources Corp. ("Iberian"), Petaquilla Minerals Ltd. ("Petaquilla") (TSX: PTQ)(OTCBB: PTQMF)(FRANKFURT: P7Z) announces that Iberian has continued to work with the Andalusian authorities in the Kingdom of Spain with respect to the Lomero-Poyatos concessions.
The approval process for the reopening of the Lomero-Poyatos mine includes obtaining approval of (a) the Environmental Unique Authorization from the Environmental Counsel of the Andalusia Government ("EC") and (b) the exploitation technical project by the Economy, Innovation and Science Counsel of the Andalusia Government ("EISC"). In this regard, Iberian filed a Lomero-Poyatos Environmental Impact Study (the "EIS") and a Technical Project Report with both the EC and the EISC in July 2011.
Following their review of the documentation, the EC notified Corporacion de Recursos Iberia S.L., Iberian's subsidiary in Spain, on July 18, 2011, that it had agreed to the publication of the EIS for a 30-day public consultation period. This consultation period is required in order for the EC to be in a position to respond to any comments filed and to provide its approval of the Environmental Unique Authorization. For reference, a copy of the official governmental bulletin dated July 18, 2011, is appended to this news release (http://media3.marketwire.com/docs/p815r.pdf).
On August 4, 2011, the Official Gazette of the Government of Andalusia published the EIS. The publication is indicative that the legal, financial and technical documentation is correct and supported by the EISC.
Upon expiry of the 30-day public consultation period, the EISC in Huelva, Spain, will send their proposal to approve the exploitation project to the Economy, Innovation and Science Counsel in Seville, Spain, for signature. The EISC in Huelva has already reviewed and approved the technical exploitation project.
As such, Iberian anticipates receiving approval to reopen the Lomero-Poyatos mine and final production approval at the end of September or during the month of October.
About Petaquilla Minerals Ltd.: Petaquilla is a gold producer operating its gold processing plant at its 100% owned Molejon Gold Project in Panama. The Molejon mine site is located in the south central area of Petaquilla's 100% owned 842 square kilometre concession lands, a region known historically for gold content.
Disclaimer. This press release includes forward-looking statements. All statements, other than statements of historical fact, contained in this news release, including, but not limited to, statements regarding the Acquisition, the estimation of mineral resource estimate and the realization of mineral resource estimate, constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Petaquilla's control that would cause the actual results, performance or achievements of Petaquilla to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements including that the Acquisition may not be completed for any reason. Such forward-looking statements are based on numerous assumptions regarding successful completion of the Acquisition, Petaquilla's present and future business strategies and the environment in which Petaquilla will operate in the future. Any forward-looking statements speak only as at the date of this document. Petaquilla expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Petaquilla's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except to the extent required by applicable law. As a result of these factors, the events described in the forward-looking statements in this press release may not occur either partially or at all.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.
Richard Fifer, Executive Chairman
No stock exchange has approved or disapproved the information contained herein.
Contacts:
Petaquilla Minerals Ltd.
Richard Fifer
Executive Chairman
(604) 694-0021 or Toll free: 1-877-694-0021
(604) 694-0063 (FAX)
www.petaquilla.com
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