Mr. Joao Manuel reports

PETAQUILLA MINERALS LTD. TO FILE REVISED TECHNICAL REPORT FOR LOMERO-POYATOS

Petaquilla Minerals Ltd. filed a revised technical report relating to its Lomero-Poyatos project, prepared by Behre Dolbear International Ltd., on SEDAR yesterday. The new Lomero-Poyatos report has been submitted to the British Columbia Securities Commission and addresses the deficiencies noted in the company's May 3, 2012, press release.

In particular, the new Lomero-Poyatos report no longer includes the inferred mineral resource estimate for an open pit mining scenario that was included in previous disclosures by the company (at a 50-euro cut-off equals 20.6 million tonnes at 3.1 grams per tonne gold, 69.9 g/t silver, 3.3 per cent zinc, 1.2 per cent copper and 1.2 per cent lead, containing 2.1 million ounces of gold) as a result of Behre Dolbear concluding that the previously disclosed open pit resources do not have reasonable prospects for economic extraction at the present time and their not meeting the definition of "mineral resources" under NI 43-101. Accordingly, previously disclosed open pit resources have been removed from the new Lomero-Poyatos report.

In addition, the economic valuation for the Lomero-Poyatos property that had been included in previous disclosures by the company has been removed from the new Lomero-Poyatos report on the basis that there is no current economic analysis for the property.

The information contained in the new Lomero-Poyatos report supersedes and replaces all information previously provided by the company with respect to the Lomero-Poyatos property. However, the company notes that the inferred mineral resource estimates in the new Lomero-Poyatos report confirm the inferred mineral resource estimates previously disclosed by the company for an underground mining scenario.

Inferred mineral resource estimate

The Lomero-Poyatos deposit is a polymetallic massive sulphide deposit which, with the application of potential underground mining constraints, is estimated to have an inferred mineral resource estimate of 6.07 million tonnes averaging 4.25 g/t gold and 88.74 g/t silver, containing 830,000 ounces of gold. The inferred mineral resource estimate contains only mineralization within the more than 25-per-cent S mineral envelope using a one g/t gold cut-off for an underground mining scenario. The deposit also contains some minor copper, lead and zinc values, but, due to increased precious metal prices, the Lomero-Poyatos deposit is considered primarily as a gold project with base metal byproducts.

This inferred mineral resource estimate was produced by Behre Dolbear working with Gemcom Software Europe Ltd. and is based mainly on the 2001 to 2007 CMR drill hole data. The mineral resource at the property was estimated by creating a three-dimensional geological block model of the sulphide deposit based on a more than 25-per-cent S cut-off mineral envelope and then creating a mineral resource block model of the gold-silver-copper-lead-zinc mineralization. The inferred mineral resource estimate in the new Lomero-Poyatos report is based on a one g/t gold cut-off, assuming that the most likely means of production will be by rehabilitation of the existing underground mine workings.

Behre Dolbear believes that the company should continue to examine the economic viability of open pit operations of the lower-grade near-surface mineralization in addition to the current underground scenario as the previous studies of the deposit were completed at much lower metal pricing than is currently achievable. This could potentially expand the defined mineral resources at the property if these studies should show that this portion of the in situ mineralization, which is currently excluded from the estimated mineral resource, could possibly become economically extractable.

There are no known environmental, legal, tax, marketing, political or other factors that might materially affect the resource estimate.

The qualified person who has prepared the technical information in the new Lomero-Poyatos report is Richard Fletcher of Behre Dolbear. Mr. Fletcher is independent of the company. Mr. Fletcher has approved the technical information, supported by the new Lomero-Poyatos report, contained in this news release.

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