Mr. Richard Fifer reports

PETAQUILLA MINERALS LTD. ANNOUNCES MEASURED AND INDICATED RESOURCES OF 841,000 GOLD EQUIVALENT OZ. AND INFERRED RESOURCES TO 269,000 GOLD EQUIVALENT OZ. AT PALMILLA DEPOSIT - MOLEJON COMPLEX

Petaquilla Minerals Ltd. has provided a National Instrument 43-101-compliant in-pit Whittle-constrained measured, indicated and inferred resource for its Palmilla deposit, located on the company's wholly owned Belencillo concession, and associated with its Molejon gold operations in the Donoso district, Colon province, Republic of Panama.

Petaquilla is currently conducting additional testworks to expand the resource base and to upgrade the mineral resources to the mineral reserves at Palmilla. Additionally, the company is currently investigating this major discovery and potential exploration upside to add to its mine life at Molejon.

Mineral resource estimates

The NI 43-101-compliant in-pit Whittle-constrained mineral resources in the Palmilla deposit are estimated using a cut-off grade of 0.35 gram per tonne gold equivalent as indicated in the table.

            MINERAL RESOURCES WITHIN WHITTLE SHELL (AS OF OCT. 9, 2013)
                                                                          
Resources              Au   Cu   Ag AuEq.Contained  Contained  Contained Contained 
category          Kt  g/t    %  g/t  g/t   Au (oz)   Cu (Klb)    Ag (oz) AuEq (oz)  

Measured       2,500 0.81 0.29 0.99 1.26    64,700     16,000     79,700   101,000 
Indicated     24,530 0.56 0.24 0.86 0.94   444,700    128,000    676,100   740,000 
Measured plus                                                                     
indicated     27,020 0.59 0.24 0.87 0.97   509,400    143,900    755,800   841,000
Inferred      11,060 0.40 0.22 0.67 0.76   144,000     54,600    239,200   269,000 

The gold equivalent was calculated using gold, copper and silver prices, and recoveries. Drill hole samples from 2012 were analyzed by ALS Chemex of North Vancouver, B.C. Historical project drill hole samples were analyzed by TSL Laboratories of Saskatoon, Sask.

Qualified persons

Yann Camus, Eng, of SGS Canada, is the qualified person and independent consultant who prepared the mineral resource estimate for the purposes of NI 43-101, and has reviewed and approved the numbers included in this press release. Dr. Andrew Ramcharan, PEng, the company's internal qualified person, who designed and supervised this program, has reviewed and approved the contents of this press release.

We seek Safe Harbor.