Petaquilla Announces US $60 Million Senior Secured Notes Financing

VANCOUVER, Canada, April 28/PRNewswire/ --

- Not for Distribution in the United States or for Dissemination to or
Through US Newswire Services

Petaquilla Minerals Ltd. (the "Company") is pleased to announce that,
subject to regulatory approval, it has negotiated a Senior Secured Notes
financing of up to US$60,000,000. The Company will issue Units, each Unit
consisting of a Senior Secured Note in the principal amount of US$1,000 (a
"Note") of the Company and a warrant (a "Warrant") to purchase 315 common
shares in the capital of the Company (a "Warrant Share"). Each Warrant
entitles the holder to purchase one Warrant Share at the price of $3.00 for a
period of three years. The Notes and the Warrants will be transferable,
subject to compliance with United States and Canadian applicable securities
laws.

The Warrants will contain a Put Option provision under which the Warrant
holders will be entitled to cause the Company to repurchase the Warrants at a
price of $0.40 per Warrant if, for the 20 consecutive trading days
immediately preceding the expiry of the Warrants, the volume weighted average
trading price of the Company's common shares is less than $3.00. The Warrants
shall be callable at the option of the Company if the volume weighted average
trading price of the Company's shares exceeds $6.00 for 20 consecutive
trading days, in which event, the Company shall have the right to give notice
to each warrant holder requiring the exercising of the Warrants within a 30
day period.

The Notes will mature five years from date of issuance; provided however
that in the event of a change of control of the Company, the Notes shall be
immediately due and payable. After 30 months from the date of issuance of a
Note, a holder of a Note shall have the right to cause the Corporation to
purchase all of its Notes then outstanding at a price equal to the principal
amount of such Notes to be purchased, together with accrued and unpaid
interest on the principal amount of the Notes.

The Notes will bear interest at an annual rate of fifteen percent (15%),
in which the first six months shall be prepaid in full at the time of
issuance of the Note. All interest payments will be grossed up for Canadian
withholding tax, if any.

The indebtedness represented by the Notes will be senior to all other
indebtedness of the Company.

The Notes will be secured by all of the assets of the Company and shall
be senior to all other security interests granted by the Company. The Notes
will be guaranteed, on a joint and several basis, by the Company's three
wholly owned subsidiaries: Adrian Resources (BVI) Ltd., Petaquilla Minerals,
S.A. and Petaquilla Gold, S.A. (collectively, the "Guarantors"). The
guarantees will be secured by all of the assets of the Guarantors and shall
be senior to all other security interests granted by the Guarantors.

The Offering is conditional upon, among other things, the Company
obtaining all necessary regulatory and TSX approvals.

Each Investor in the United States or who is a "U.S. person," as such
term is defined in Regulation S in the U.S. Securities Act of 1933, as
amended (the "Securities Act"), must be an institutional "accredited
investor" that satisfies one of the criteria set forth in Rule 501 (a) (1),
(2), (3) or (7) of Regulation D under the Securities Act or an "accredited
investor", as defined in Canadian National Instrument 45-106.

The Company will pay the agent upon closing of the Financing, a 4% cash
commission on the gross proceeds raised by the agent on the offering and
issue to the agent 4% of the number of Warrants issued on each closing. The
warrants issued to the agent shall have the same terms and conditions as the
Warrants issued to the purchasers of the Notes.

The proceeds of the private placement will be used for the completion of
the Molejon Gold Mine in Panama and for working capital.

The offered securities have not been and will not be registered under the
US Securities Act of 1933, as amended (the "US Securities Act"), or
applicable state securities laws, and may not be offered or sold within the
United States or to, or for the account or benefit of, "US Persons", as such
term is defined in Regulation S under the US Securities Act, absent
registration thereunder or in transactions exempt from such registration
requirements.

About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is an emerging
gold producer scheduled to bring its 100%-owned Molejon Gold Project into
production in 2008. Anticipated throughput for the project during the first
year of production will be 2200 tonnes per day. The plant will utilize three
ball mills and a carbon-in-pulp processing facility.

On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.

Richard Fifer

President and Chief Executive Officer

For further information: Renmark Financial Communications: Jason Roy:
jroy@renmarkfinancial.com; Julien Ouimet: jouimet@renmarkfinancial.com,
+1-514-939-3989, Fax: +1-514-939-3717, http://www.renmarkfinancial.com

Source: Petaquilla Minerals Ltd

For further information: Renmark Financial Communications: Jason Roy: jroy@renmarkfinancial.com; Julien Ouimet: jouimet@renmarkfinancial.com, +1-514-939-3989, Fax: +1-514-939-3717

2008-04-28 19:01:35 0347031 PRNEWSWIRE