Petaquilla Minerals Ltd. Nears Closure on Material Transaction and Informs All Parties are Committed to Closing by the End of February 2014 - Seite 2

The Company's business performance during the first half of fiscal 2014 focused on continuing to stockpile low grade ore material to increase gold production through a heap leaching operation expected to commence during the first half of calendar 2014, consolidating its aggregates business throughout the execution of the $100 million contract with First Quantum Minerals Ltd. ("FQM") and expanding the potential of the aggregates and infrastructure business with FQM.

The $100 million aggregates contract signed between the Company's infrastructure subsidiary, Panama Desarrollo de Infraestructuras, S.A., and Minera Panama, S.A. ("MPSA") partially compensated for the decrease in gold production during the first half of fiscal 2014, and contributed to keeping cash costs per ounce of gold sold close to the break-even point despite the significant decrease in gold sold. Sales of aggregates represented a material recovery of the Company's mining costs at the Molejon mine, helping also to compensate for the decrease in gold prices that occurred during the first half of fiscal 2014.

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 - a region known historically for gold content. 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.

Disclaimer. Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will" or "are projected to" be taken or achieved) are not statements of historical fact, but are forward-looking statements. Forward-looking statements relate to, among other things, the estimation of mineral resources and the realization of mineral resource estimates; all aspects of the development and future operation and production of the Molejon gold mine and the development of other deposits; the outcome and timing of decisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production; estimates of future capital expenditures; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; future metal prices; the ability to achieve additional growth; future production costs; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.