Petaquilla Puts into Effect Senior Management and Governance Changes.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Petaquilla Minerals Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :PTQ PTQ Pro Tour Qualifier (gaming, Magic: The Gathering) PTQ Progress Through Quality PTQ Percent to Quota )(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PTQMF) The Board of Directors of Petaquilla Minerals Ltd. ("PTQ" or the "Company") and Richard Fifer have agreed that Mr. Fifer will temporarily step down as Chairman and Chief Executive Officer, effective immediately. Mr. Fifer will continue to serve the Company in a non-executive role, and will remain as a director. "I am firmly committed to bringing our mineral deposits in Panama into production and will continue working towards this goal. I am confident that the investigations underway will clear my name but I am stepping aside at this time because it will enable the Company to continue to build the confidence of its strategic partners and shareholders without the distractions caused by my personal legal issues in Panama," Mr. Fifer said. "My decision reflects the enormous sense of responsibility I feel to our shareholders, partners, and all who have worked so hard to get to where we are today. I will continue to contribute whatever tasks are required of me to assist the Company in the advancement of the project." "The Board and Petaquilla's senior management respect Richard's decision and he has our full support," said Michael Levy, President of PTQ. "The Company's independent counsel in Panama has confirmed that no charges have been laid against Mr. Fifer, but, in the interest of good governance The terms governance and good governance are increasingly being used in development literature. Governance describes the process of decision-making and the process by which decisions are implemented (or not implemented). , it is important that Richard steps aside for the time being. The Company has the benefit of a 52% share in a world-class copper-gold deposit and a significant amount of cash on hand, and we will act prudently and responsibly to preserve and grow its assets." The Minera Petaquilla project contains proven reserves of 1.115 billion tones grading 0.50% copper, 0.09 g/t gold, 0.015% molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. , as well as recoverable silver. The recoverable metal content contained in these reserves totals at least 9.4 billion pounds of copper, 1.37 million ounces of gold, 24.1 million ounces of silver, and 131.1 million pounds of molybdenum, based on a 1997 AMEC AMEC African Methodist Episcopal Church AMEC Agent Mediated Electronic Commerce AMEC Arctic Military Environmental Cooperation AMEC Advanced Micro-Fabrication Equipment Inc AMEC Association of Media Evaluation Companies Engineering (formerly H.A. Simons) feasibility study completed for the JV partners under the direction of Teck Cominco Limited. All data used to complete the study is available to the Company. On behalf of the Board of Directors of PETAQUILLA MINERALS LTD. Michael Levy, President and Director No stock exchange has approved or disapproved the information contained herein. Petaquilla Minerals Ltd. (TSX:PTQ) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :PTQMF) |
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