VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/24/09 -- Petaquilla Minerals Ltd. (TSX: PTQ)(OTCBB: PTQMF)(FRANKFURT: P7Z) (the "Company") announces that it has completed a voluntary stock option cancellation program.

Under the terms of the program, subject to regulatory approval, options to acquire an aggregate of 3,245,080 common shares were unconditionally and voluntarily surrendered for cancellation by all of the directors and officers of the Company. Options may be re-granted to these individuals at the discretion of the Board and only in accordance with the policies of the Toronto Stock Exchange. Following this cancellation, there are a total of 5,280,773 options outstanding with exercise prices ranging from $0.26 to $2.49.

The Company's existing stock option plan currently allows for a maximum of 10,700,000 shares that may be the subject of options at any given time. The cancellation of options provides the Company with the flexibility to issue stock options in the future, without creating further dilution to shareholders. The Company regards the flexibility to issue new options as an important element in attracting and retaining highly qualified employees and directors.

About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is an emerging gold producer commissioning the operation of its gold processing plant at its 100% owned Molejon Gold Project. Anticipated throughput for the project during the first year of commercial production is estimated to be 2200 tonnes per day. The plant utilizes 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.