Equinox Minerals Limited

Equinox Minerals Limited

March 11, 2005 08:18 ET

Equinox Announces $8.6 Million Equity Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EQUINOX MINERALS LIMITED

TSX, ASX. SYMBOL: EQN

MARCH 11, 2005 - 08:18 ET

Equinox Announces $8.6 Million Equity Offering

TORONTO, ONTARIO--(CCNMatthews - March 11, 2005) - NOT FOR DISTRIBUTION
TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Equinox Minerals Limited (TSX:EQN)(ASX:EQN) ("Equinox") is pleased to
announce that it has entered into an agreement with Sprott Securities
Inc. ("Sprott") under which Sprott, as lead underwriter on behalf of a
syndicate of underwriters including TD Securities Inc. and Paradigm
Capital Inc., has agreed to purchase from the Company 14,403,900 common
shares of the Company at a price of $0.60 per share for gross proceeds
of $8,642,340. The Common Shares will be sold on an underwritten private
placement basis. The transaction is expected to close on or before March
29, 2005 and is subject to regulatory approval.

The net proceeds from the offering will be used for working capital and
to fund Equinox's obligations under the recently announced Front End
Engineering and Development ("FEED") contract with GRD Minproc Limited
regarding the first phase of development of the Company's Lumwana copper
project in Zambia

Forward Looking Statements

This press release may contain "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
Toronto and Australian securities authorities. The independent
feasibility study, prepared by Aker Kvaerner, Golder Associates and
Investor Resources Ltd has been disclosed in the Technical Report dated
April 2004, and is compliant with the JORC Code and National Instrument
43-101. Unless otherwise indicated, technical information contained in
this release is based on information compiled by a "Qualified Person"
who is either a corporate member of the Australasian Institute of Mining
and Metallurgy, Australian Institute of Geoscientists or the CIM. With
respect to statements relating to exploration activities, the Qualified
Person is Mr Michael Richards, an employee of the Company.

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

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Equinox Minerals Limited
    Craig R Williams
    President and Chief Executive Officer
    +61 (0) 8 9322 3318
    or
    Equinox Minerals Limited
    Michael Klessens
    V.P. Finance and CFO
    +61 (0) 8 9322 3318
    or
    Equinox Minerals Limited
    Kevin van Niekerk
    V.P. Investor Relations/Corporate Development
    +1 (416) 865 3393
    equinox@equinoxminerals.com
    www.equinoxminerals.com