First Quantum Minerals Ltd.
LSE : FQM
TSX : FM

First Quantum Minerals Ltd.

November 12, 2007 02:01 ET

First Quantum Minerals' Frontier Copper Mine Achieves Commercial Production

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2007) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) is pleased to announce that it has determined November 2nd 2007 as the date that its Frontier copper mine in the Democratic Republic of Congo ("DRC") achieved commercial production as defined under Canadian GAAP. The Company generally considers production "commercial" when between 65% and 70% of design capacity is reached continuously for a period of at least one week with metallurgical recoveries approaching forecast levels. Ore throughput at the process plant is currently 15,000 tonnes (design capacity - 22,000 tonnes) of ore per day.

The Frontier mine is forecast to produce 8,000 tonnes of copper in concentrate in 2007 and 75,000 tonnes of copper in concentrate in 2008.

Philip Pascall, Chairman & CEO commented, "The Frontier mine could not have been successfully developed without the DRC Government's initiative of supporting investment in the mining industry. Frontier will provide an important economic engine for the Katanga province providing employment for the local people, support for local businesses as well as a solid tax base for the National and Provincial Governments. First Quantum's US $226 million investment in Frontier represents the Company's long term commitment to the DRC as investors in the mining sector."

Frontier is located 10 kilometres northeast of Sakania in south eastern DRC, and 45 kilometers north of Ndola, Zambia on the Zambian Copperbelt. The mine consists of open pit mining and processing of primary sulphide ore to produce copper in concentrate. The current measured and indicated sulphide resource at a 0.35% copper cut-off totals 182.1 million tonnes grading 1.16% total copper which contains 2.1 million tonnes of copper. During the 19 year mine life, Frontier is expected to produce 1.43 million tonnes of copper in concentrate averaging 75,000 tonnes of copper in concentrate per year. The Company published a Technical Report on December 21st, 2006, which contained the current mineral resource estimate verified by a qualified person and is therefore compliant under National Instrument 43-101. The Technical Report can be viewed on SEDAR (www.sedar.com).

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President

12g3-2b-82-4461

Listed in Standard and Poor's

Certain information contained in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • First Quantum Minerals Ltd.
    Geoff Chater
    North American Contact
    (604) 688-6577 or Toll Free: 1-888-688-6577
    (604) 688-3818 (FAX)
    Email: info@fqml.com
    or
    First Quantum Minerals Ltd.
    Clive Newall, President
    United Kingdom Contact
    +44 140 327 3484
    +44 140 327 3494 (FAX)
    Email: clive.newall@fqml.com
    Website: www.first-quantum.com
    or
    Hogarth Partnership Ltd.
    +44 (0) 20 7357 9477