VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/02/09 -- Petaquilla Minerals Ltd. (the "Company") (TSX: PTQ)(OTCBB: PTQMF)(FRANKFURT: P7Z) announces that, further to its news release dated March 30, 2009, subject to regulatory acceptance, in connection with a Secured Note Financing that closed in three tranches on May 21, 2008, June 4, 2008 and July 9, 2008, the Company has agreed to reduce the exercise price of 23,836,800 Share Purchase Warrants (the "Warrants") from CAD $2.30 per share to CAD $0.65 per share provided that under the revised terms, if the common shares of the Company trade at a weighted average trading price of CAD $1.00 or more per share for 30 consecutive trading days, the holders of the warrants must exercise the warrants within 30 days.

As the financing was closed in three tranches, the expiry dates of the Warrants are May 21, 2013, June 4, 2013 and July 9, 2013. All other terms of the warrants remain the same and the re-pricing will take effect on April 17, 2009.

The Company confirms that no warrants are held by insiders of the Company.

About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is an emerging gold producer scheduled to bring 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 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

No stock exchange has approved or disapproved the information contained herein.