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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (31370)	1/19/2009 2:53:17 PM
From: LoneClone	Read Replies (1) \| Respond to of 196029

Petaquilla Minerals Ltd. Provides Molejon Update Friday January 16, 11:00 pm ET ca.us.biz.yahoo.com VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 16, 2009 -- Petaquilla Minerals Ltd. (the "Company") (Toronto:PTQ.TO - News)(OTC BB:PTQMF.OB - News)(Frankfurt:P7Z.F - News) announces that, further to the Company's news release dated November 28, 2008, the Company has established a working group to collaborate closely with the Autoridad Nacional del Ambiente ("ANAM"), the environmental agency of the Government of the Republic of Panama. On November 26, 2008, ANAM issued a resolution (the "EIS Resolution") approving the Company's Environmental Impact Study Category III (the "EIS"). The EIS essentially brings up to World Bank standards the environmental impact study prepared by the Company and approved by the Panamanian environmental agencies in 1996. The EIS Resolution sets out a number of conditions to be satisfied before the Company can attain full commercial production of the Molejon Gold Mine, which forms a small part of the overall project area. On detailed review of the EIS Resolution by the Company, it became apparent that some conditions are inapplicable to the Molejon operation, and others have already been satisfied by the Company. The Company therefore established the working group to cooperate with ANAM to ensure that all conditions are satisfied or waived, so that full commercial production in 2009 will take place without delay. The working group has met with the ANAM representatives on four occasions, and the Company is very pleased with progress to date. ANAM has received the Company's presentations in a spirit of cooperation and the Company is committed to working with the agency to resolve all outstanding issues. ANAM has recommended that it, the Company and the Republic of Panama Ministry of Commerce and Industry ("MICI") work on a tri-lateral basis to fulfill the terms and conditions of the EIS Resolution, and this collaborative effort is underway. MICI is the Governmental organization with overall jurisdiction over the Molejon Project. The Company has advised ANAM that it has reached the stage of pre-production testing and equipment calibration at the Molejon Project Site and, at ANAM's request, has provided ANAM with a comprehensive data package describing such testing procedures, which will include the production of gold. The Company anticipates that its on-going consultation with the Governmental Agencies will result in a smooth transition into full-scale commercial production in 2009. The Company has been advised that ANAM has rejected a reconsideration request by the Company and its subsidiaries and Minera Panama S.A., (formerly Minera Petaquilla, S.A.) against a US$1 million fine imposed by Resolution dated November 13, 2008, for alleged violations by such companies of environmental laws that took place on the main Petaquilla Copper Concession in 2005. The Resolution also assessed damages in the amount of US$934,694.54. The Company has been advised by Panama counsel that there are several grounds on which the validity of the Resolution can be challenged. The Company is currently assessing the situation to determine what action, if any, should be taken. Consequently, the amount, if any, that may ultimately be payable by the Company cannot be determined. About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is an emerging gold producer focused on bringing its 100%-owned Molejon Gold Project into production in 2009. Anticipated throughput for the project during the first year of production will be 2200 tonnes of ore per day with an estimated gold production of 100,000 ounces. 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 No stock exchange has approved or disapproved the information contained herein. Contact: Contacts: Petaquilla Minerals Ltd. Richard Fifer President and Chief Executive Officer (604) 694-0021 or Toll Free: 1-877-694-0021 (604) 694-0063 (FAX) Website: petaquilla.com Source: Petaquilla Minerals Ltd.