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Press release from Marketwire

Petaquilla Confirms Recommendation to Reject Inmet Offer

Monday, November 05, 2012

Petaquilla Confirms Recommendation to Reject Inmet Offer10:34 EST Monday, November 05, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2012) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) confirmed today that its board of directors continues to recommend that Petaquilla shareholders REJECT Inmet Mining Corporation's offer to acquire all of the outstanding common shares of Petaquilla and NOT TENDER their common shares, and that any Petaquilla shareholders who have previously tendered their shares into the Inmet offer WITHDRAW them immediately.Petaquilla confirms that discussions with Inmet continued over the weekend. While the parties were unable to conclude on the terms of a transaction that the board of directors believes could be recommended to shareholders, Petaquilla remains committed to engaging in discussions with Inmet and other parties with a view to reaching an agreement that is beneficial for all parties, including Petaquilla and its shareholders.Shareholders should contact CST Phoenix Advisors, the information agent retained by Petaquilla, with any questions or requests for assistance by telephone at 1-800-332-6309 (North American Toll Free Number) or 1-201-806-2222 or by email at inquiries@phoenixadvisorscst.com. Further, Petaquilla shareholders are encouraged to regularly visit the Company's website for current information at www.petaquilla.com.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.On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.Joao C. Manuel, Chief Executive OfficerFOR FURTHER INFORMATION PLEASE CONTACT: NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. Contact Information: Petaquilla Minerals Ltd.Joao C. ManuelChief Executive Officer(604) 694-0021 or Toll free: 1-877-694-0021(604) 694-0063 (FAX)www.petaquilla.comCST Phoenix AdvisorsNorth American Toll Free: 1-800-332-6309Banks, brokers and collect calls: 201-806-2222Toll Free Facsimile: 1-888-509-5907inquiries@phoenixadvisorscst.com