Petaquilla Minerals Ltd. and its wholly-owned subsidiary, Petaquilla España S.L. announced that it has commenced construction of a mine access ramp at its Lomero-Poyatos Project in the Andalusia region of Spain. The ramp will initially be used for bulk sampling, resource expansion through drilling and infill drilling. Since completing the titling process for its Lomero-Poyatos Project on November 14, 2012, Petaquilla has also: engaged in a drilling campaign of over 20,000 metres; completed a twin drill program to upgrade the existing National Instrument 43-101 (NI 43-101) resource estimate from inferred mineral resources to a measured and indicated basis; prepared for dewatering the mine, including conditioning the 300-metre deep Renato Tap; advanced towards a NI 43-101 compliant feasibility study through resource upgrade work, environmental impact study, mine plan and all other requirements; constructed a project office building; improved project internal roads, infrastructure and communications channels; adopted personal protection measures in preparation for the initiation of mining activities; and implemented key environmental protection measures, including the protection of native flora and fauna. The start of ramp construction initiates the development of the third mining project, and the second in the province of Huelva, in the Andalusia region in the 21st century and the first gold project centuries after the first gold mining occurred in the Andalusian Pyrite Belt.

Petaquilla Minerals Ltd. reported unaudited consolidated earnings and operational results for three months and nine months ended February 28, 2013. For the three months period, revenue was $27.5 million compared to $18.8 million in the same period last year. Operating profit was $14.0 million compared to $6.3 million in the same period last year. Earnings from operations were $6.6 million against $0.5 million for the same period a year ago. Net income attributed to shareholders of the company was $15.8 million against $4.5 million for the same period a year ago. EBITDA was $9.8 million compared to $3.6 million in the same period last year. Adjusted EBITDA was $11.1 million compared to $5.7 million in the same period last year. Basic and diluted earnings per share were $0.07 against $0.02 a year ago. For the quarter, the company’s total gold production was 18 koz compared to 14 koz in the same period last year. Gold Equiv. production was 18 koz compared to 14 koz in the same period last year. Gold production decreased by 12% as compared to the previous quarter primarily due to works necessary to complete the Molejon gold plant expansion. For nine months period, the company reported revenue was $82.9 million compared to $70.3 million in the same period last year. Operating profit was $39.1 million compared to $26.8 million in the same period last year. Earnings from operations were $19.4 million against $10.1 million for the same period a year ago. Net income attributed to shareholders of the company was $21.1 million compared to $16.5 million in the same period last year. EBITDA was $31.8 million compared to $21.8 million in the same period last year. Adjusted EBITDA was $39.3 million compared to $28.0 million in the same period last year. Basic and diluted earnings per share were $0.09 against $0.08 a year ago. Net cash provided by operating activities was $17,403,087 against $14,129,484 a year ago. Investment in mineral properties, plant & equipment was $14,071,664 against $18,799,689 a year ago. For the nine months, total gold production was 56 koz compared to 50 koz in the same period last year. Gold Equiv. production was 57 koz compared to 51 koz in the same period last year. For fiscal year 2013, the company expects gold equivalent ounces produced at its Molejon gold mine to be between 75,000 and 80,000 ounces, an increase of 10% compared to fiscal 2012, with cash costs to be within the range of $550 to $600. For the fiscal year 2014, the company aims to increase production to 90,000 to 100,000 ounces, which will include production from a commercial heap leaching project expected to be commissioned during fiscal 2014.

Petaquilla Minerals Ltd. announced that Don Cristobal Colon de Carvajal has been appointed to the company's Board of Directors. Mr. Colon de Carvajal, who has been serving as a member of Petaquilla's Advisory Board, has been instrumental in advancing the company's progress with respect to its Lomero-Poyatos mine in Andalusia, Spain, and developing strategy for Petaquilla's current and future works. Mr. Colon de Carvajal, an accomplished business executive, is formerly Executive Vice Chairman of Ocaso, a post he held for 15 years, overseeing matters of insurance, loans and other financings.