Equinox Minerals Limited
TSX : EQN
ASX : EQN

Equinox Minerals Limited

November 08, 2006 10:51 ET

Drilling Confirms Both Copper and Uranium Mineralization at the Kanga Prospect in Zambia

TORONTO, ONTARIO--(CCNMatthews - Nov. 8, 2006) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Equinox Minerals Limited (TSX:EQN)(ASX:EQN) (the "Corporation") announces the initial phase assay results from the first 10 reverse circulation percussion ("RCP") exploration drill holes into the Kanga Prospect at Lumwana in Zambia. Drill holes are widely spaced along 560m of strike and were targeted to evaluate the Kanga Induced Polarisation ("IP") geophysical anomaly previously announced July 05, 2006. All holes to date have intersected copper mineralization which occurs as chalcopyrite, with subordinate amounts of bornite. Cobalt is also present. Three of the holes intersected uranium mineralization. Drill results to date are set out in Table 1 below.



Table 1: Drill Intercepts at Kanga Prospect

COPPER INTERCEPTS, KANGA ANOMALY
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HOLE ID EAST NORTH DEC AZI FROM TO METRES Cu % Co ppm U ppm
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LUM0367 372800 8645560 -80 094 24 26 2 0.65 93 less than 10
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LUM036 372700 8645560 -80 094 32 40 8 1.01 200 less than 10
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incl 34 38 4 1.62 274 less than 10
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LUM0369 372600 8645560 -80 094 28 32 4 0.32 177 less than 10
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and 44 48 4 1.03 39 less than 10
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LUM0370 372400 8645560 -80 094 88 90 2 0.33 450 less than 10
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LUM0371 372725 8645400 -80 094 40 44 4 0.47 880 less than 10
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and 54 62 8 1.05 132 less than 10
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LUM0372 372625 8645400 -80 094 60 66 6 0.96 114 less than 10
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and 74 80 6 0.46 32 less than 10
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LUM0373 372425 8645440 -80 094 88 92 4 0.37 1444 less than 10
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LUM0374 372850 8645200 -80 094 60 62 2 0.25 71 less than 10
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LUM0375 372650 8645200 -80 094 82 88 6 0.72 252 less than 10
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LUM0376 372800 8645000 -80 094 98 102 4 0.31 43 less than 10
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URANIUM INTERCEPTS, KANGA ANOMALY
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HOLE ID EAST NORTH DEC AZI FROM TO METRES Cu % U ppm Co ppm
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LUM0368 372700 8645560 -80 094 70 80 10 0.01 174 64
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LUM0371 372725 8645400 -80 094 62 64 2 0.03 100 36
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LUM0376 372800 8645000 -80 094 104 106 2 0.14 430 71
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These first holes were designed to test the eastern flank of the IP anomaly, where the Malundwe ore schist was expected to come to surface. All of the holes successfully intersected mineralised schists at a flatter dip than expected, indicating potential for further shallow mineralization in the area.

The uranium mineralization intersected occurs adjacent to, but separate from the copper mineralization. These uranium intercepts confirm previous reports of uranium in this area by AGIP/COGEMA during the 1980s who reported, amongst other holes, MAD007: 1.25m (60.80 - 62.05m) of 2,211ppm U (0.22% U) and 2.0m (90.4 - 92.4m) of 482ppm U; and MAD063: 1.04m (40.12 - 41.16m) of 436ppm U (all AGIP/COGEMA results reported as uranium equivalent intercepts calculated from gamma logs).

The copper and uranium intercepts reported at Kanga are similar grades and thicknesses to those within the Malundwe pit to the north, indicating the potential to extend the Lumwana mine development into this area for the production of additional copper and uranium. Ongoing drilling continues at Kanga to define additional copper and uranium mineralization to a reportable standard.

Commenting on the new drill results, Craig Williams, Equinox President and CEO said "Equinox has again demonstrated ongoing success through the application of its exploration techniques and strategy. Most importantly the Kanga copper and uranium mineralization is close to the Lumwana plant site which is now under construction, thereby enhancing the potential to extend the mine into this area."

As required by the National Instrument 43-101, Equinox's designated qualified person required for the supervision of exploration of the projects is Mike Richards, an employee of the Corporation (refer to statement below).

On Behalf of the Board of Directors of Equinox:

Craig R. Williams - President & Chief Executive Officer

For information on Equinox and technical details on the Lumwana Project please refer to the company website at www.equinoxminerals.com

Competent Person and Sampling Protocols

As required by the National Instrument 43-101, Equinox's designated qualified person required for the supervision of exploration of the projects is Mike Richards, an employee of the Corporation. Drill method utilised to generate the samples was 4.5" diameter reverse circulation, using a face sampling hammer bit. Collar positions were located using a differential GPS and the holes were surveyed every 50m downhole. Samples were collected into plastic bags via a cyclone on 1m intervals and split through a 75:25 Jones riffle splitter. 1m samples were composited to cover a 2m interval. The resultant sample of 2kg was placed in a calico bag. Duplicates, standard reference samples and blanks were inserted in the sample sequence at a rate of 1 in 20. Samples were despatched directly to ALS Chemex at Malaga, Perth Western Australia by air freight. All samples were dried, crushed and pulverised to achieve 90% passing -75microns. The pulp was collected from the pulveriser bowl by a ceramic sample scoop, and the balance of the pulp stored for re-assay, if required. Samples were assayed by four acid digest and method ME-ICP61 up to 10000ppmCu; above this level samples were re-assayed by Cu-OG62, a more accurate ore grade determination. Intercepts were calculated as an arithmetic average, and intervals represent down hole intercepts, although in Kanga drilling this approximates true thickness. Lower cut off grades accepted for the intercepts were 0.2%Cu and 100ppmU, with up to 4m permissible as internal waste.

Cautionary Language and Forward Looking Statements

This press release contains "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian and Australian securities authorities. Technical information in this release is summarized or extracted from the ''Amended Technical Report on the Lumwana Copper Project, North West Province, Republic of Zambia'' dated August 2006 (the ''Technical Report''), prepared by Matt Langridge, General Manager, Projects and Construction, Ausenco Ltd. (''Ausenco''), Ross Bertinshaw, Principal of Golder Associates Pty Ltd. (''Golder''), Tim Miller, Director, of Investor Resources Finance Pty Ltd (''IRF''), and Robert Hanbury, Associate Director, of Knight Piesold Pty Ltd. (''Knight Piesold''), each of whom is a ''Qualified Person'' in accordance with National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

The economic analysis of Lumwana in the Amended Technical Report is based on a model which includes Inferred Resources that are considered not to be defined in sufficient detail to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the economic performance proposed in the economic analysis following depletion of the Mineral Reserves will be achieved. Exemptive relief has been granted by the applicable Canadian securities regulators for this analysis. See the Amended Technical Report for further details.

Readers are cautioned not to rely solely on the summary of such information contained in this release, but should read the Amended Technical Report which is posted on Equinox's website (www.equinoxminerals.com) and filed on SEDAR (www.sedar.com) and any future amendments to such report. Readers are also directed to the cautionary notices and disclaimers contained herein. All currency in this release is U.S. dollars unless otherwise stated.

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