Equinox Minerals Limited

Equinox Minerals Limited

August 14, 2007 12:00 ET

Equinox Achieves Financial Close on US$583.8 Million Debt Facility for Lumwana Development

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2007) -


Equinox Minerals Limited (TSX:EQN)(ASX:EQN) ("Equinox" or the "Company") is pleased to announce that it has successfully achieved financial close on its US$583.8 million project finance debt facility ("Facility"), which comprises subordinated and senior project finance for the completion of development and construction of the Lumwana Project ("Lumwana") located in the North Western Province of the Republic of Zambia (refer to the press release of December 1, 2006 and subsequent press releases). This completes the funding of the Lumwana Copper Project which remains on schedule and budget for commissioning in Q2-2008.

The Facility is being provided by a syndicate of European, African and Australian based Commercial Lenders, Developmental Finance Institutions and Export Credit Agencies, (together "the Lenders") and includes asset backed finance for the mining fleet and capitalised interest.

The process for first drawdown under the Facility has now commenced following satisfaction of all material conditions precedent and completion of the equity expenditure as required by the Lenders.

Commenting on achieving financial close, Craig Williams Equinox President and CEO said "we are very pleased to have achieved financial close and commenced debt drawdown. I wish to thank all those concerned in achieving this critical milestone in the development of Africa's largest copper mine. We will continue to meet our remaining milestones at Lumwana, one of only a select few major new copper mines expected to be brought into production next year".

Lumwana, owned 100% by Equinox, is located in the North Western Province of the Republic of Zambia. It is anticipated that the Lumwana mine will produce an average of 169,000 tonnes of copper metal per year contained in concentrates for the first 6 years of its 37 year mine life.

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

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 October 2006 (the "Technical Report"), prepared by Michael Davis, Process Manager, 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.

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.

ARBN 108 066 986

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