Trading Symbol TSX: PTC

    VANCOUVER, May 14 /PRNewswire-FirstCall/ - Petaquilla Copper Ltd. (the
"Company") is pleased to provide an update on its corporate strategy for
the continuing development of the Petaquilla Mining District, Panama.

    The Company welcomes the appointment of Inmet Mining Corporation
("Inmet"), its partner, as manager of the Petaquilla Copper Project, and
considers this to be a key step in maintaining the schedule to bring the
world-class copper-gold porphyry deposit to production.

    On April 28, 2008, the Company commenced arbitration proceedings
against Teck Cominco Limited ("Teck"), on the basis that Teck had not
fulfilled the preconditions necessary to exercise its option to acquire one
half of the Company's interest in the property. If the Company is
successful in the proceedings, the Company will regain a 52% interest in
the Project.

    The arbitration proceedings have inevitably introduced an element of
uncertainty with respect to Inmet's proposed work plan for the Project. The
Company realized that this would be an unavoidable consequence of making
the decision to arbitrate, but the board determined that the potential
benefits to the Company's shareholders of regaining a 52% interest in the
Project far outweighed the possibility of a temporary scaling down of
development operations. The Company intends to approach Inmet with a
strategy that will mitigate the risk to Inmet during the currency of the
arbitration proceedings, and thus allow the development work to continue.
The ultimate decision on the scale of Inmet's proposed work plan, however,
is currently out of the Company's control.

    At the present time, the Company holds a 26% fully carried interest in
the Petaquilla Copper Project. If the arbitration proceedings are resolved
in the Company's favour, the Company will hold a 52% participating interest
in the Project, and Teck will have a small net profit interest. If the
arbitration proceedings are not resolved in the Company's favour, the
Company will continue to hold the 26% carried interest, and Teck will have
to fund 52% of all costs and will hold a 26% equity interest in the
Project.

    On March 26, 2008, Inmet and Teck announced an agreement between them
which, in effect, extended Teck's deadline for making a commitment to fund
the Project. Under that agreement (and ignoring the potential results of
the current arbitration), if Teck elects to sell its interest, the Company
would have the right to purchase its proportionate share of Teck's
interest, and could thereby acquire an additional 9% participating
interest.

    In summary, the Company's ultimate interest in the Project will almost
certainly be one of the following, based on currently known facts:



    1. If the Company prevails in the arbitration proceedings, it will hold a
       52% participating interest in the project and Inmet will hold 48%;

    2. If the Company fails in the arbitration proceedings, it will hold:
           a. A 26% fully carried interest (if Teck does not sell) or
           b. A 26% fully carried interest and a 9% participating interest
              (if Teck does sell and the Company acquires part of Teck's
              interest).
    The Company recently committed to integrate with Inmet all of its
operations related to Minera Petaquilla, S.A. (MPSA), in order to derive
greater efficiencies and optimize the operating strengths of Inmet and the
Company.

    At present, the Company continues to pursue all of its alternatives to
assure the effective implementation of its agreed commitments to the
Government of the Republic of Panama. To this end, the Company is in
continuous discussions with major mining entities who have expressed their
interest in being involved in the project either financially or technically
should the opportunity arise.

    The Company continues to meet all of its commitments that were
memorialized in a Multiphase Development Plan approved by Ministerial
Resolution in November 2005 by the Ministry of Commerce and Industries of
the Republic of Panama.

    This strategic agreement requires that a series of milestones be
attained by January 2009. At present, the Company has ongoing consultations
with the Government of Panama and Inmet Mining so as to assure the
fulfillment of these milestones to the mutual satisfaction of all parties.

    As part of these updates, we are pleased to announce National
Instrument 43-101 resource numbers carried out by AquAeTer in the Botija
Abajo, Botija Abajo West and Brazos, which are part of the El Real Trend.


    The May 13, 2008, news release from the Company summarizes these results.

         Petaquilla Copper Ltd. Announces Drilling Results from the
         El Real Corridor at the Petaquilla Copper Project in Panama
                and Increases Measured and Indicate Resources
    Vancouver, BC - May 13, 2008: Petaquilla Copper Ltd. (the "Company")
announces the results of drilling on the El Real corridor at the Petaquilla
Copper Project, Panama. Resources along the El Real corridor were not
included in the mid 1990's, pre National Instrument 43-101 estimates by
Fluor Daniel, and AMEC (formerly H. A. Simons) for the three copper
deposits Petaquilla, Valle Grande, and Botija, all of which are northwest
of the El Real corridor. These new El Real corridor resources represent an
addition of approximately 15% in Indicated and Measured resources relative
to the Fluor Daniel scoping study and 23% compared to the H.A. Simons'
feasibility study.

    The Company will provide a more in-depth technical update of these
resources in the next few weeks.

    About Petaquilla Copper Ltd. - Petaquilla Copper Ltd. is a resource
development company headquartered in Vancouver, Canada. Its shares are
listed on the Toronto Stock Exchange under the symbol PTC. Petaquilla
Copper Ltd. also owns 49% of the issued shares of Petaquilla Infrastructure
Ltd., a company incorporated to manage and expedite the development of the
power, port and related infrastructure in support of the Molejon Gold Mine
of Petaquilla Minerals Ltd.



                   On behalf of the Board of Directors of
                           PETAQUILLA COPPER LTD.

                                Richard Fifer
                     Chief Executive Officer and Director


                NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED
                      THE INFORMATION CONTAINED HEREIN.

             Please visit our website at http://www.petaquillacopper.com

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