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Petaquilla Minerals Ltd. and First Quantum Minerals Ltd. In Discussion Over Panama Operations Property Rights

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Further to its news releases of February 18, 2014, and March 3, 2014, Petaquilla Minerals Ltd. (TSX:PTQ) (OTCBB:PTQMF) (FRANKFURT:P7Z), and certain of its wholly owned subsidiaries announces that it is in discussion with First Quantum Minerals Ltd., and certain of its subsidiaries with respect to the relationship between Petaquilla and First Quantum in order to ensure the development of the Cobre Panama copper project is optimized.
 

The companies are currently negotiating a second amendment to a previously executed agreement to reaffirm and restructure their commitments to the effective and efficient development of the Cobre Panama project. The intention of the amendments currently being negotiated is to eliminate any overlap of the current operations of Petaquilla and Cobre Panama. This will involve the purchase of certain selected assets by First Quantum from Petaquilla so that there is a complete separation of the two operations.
 

The principal basis of the amendment being negotiated is a consolidation of the district around the Cobre Panama project with Petaquilla continuing its gold mining operations at the Molejon concession and First Quantum becoming entitled to all of the adjacent concession areas so that it has outright ownership and control of all of the areas necessary for access, infrastructure, development and expansion of the Cobre Panama project.
 

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 Panama. 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.

Posted March 31, 2014

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