Equinox Minerals Limited

Equinox Minerals Limited

March 29, 2005 12:55 ET

Equinox Announces Closing of $8.6 Million Underwritten Equity Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EQUINOX MINERALS LIMITED

TSX, ASX. SYMBOL: EQN

MARCH 29, 2005 - 12:55 ET

Equinox Announces Closing of $8.6 Million Underwritten
Equity Offering

TORONTO, ONTARIO--(CCNMatthews - March 29, 2005) - NOT FOR DISTRIBUTION
TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

(all figures in Canadian dollars unless otherwise stated)

Equinox Minerals Limited (TSX:EQN)(ASX:EQN) ("Equinox") is pleased to
announce that it has today closed the underwritten private placement
common share offering as announced on March 11, 2005. The total offering
was for 14,403,900 shares at a price of $0.60 per common share and
realized gross proceeds of $8,642,340.

A syndicate led by Sprott Securities Inc. ("Sprott") and including
Paradigm Capital Inc, and TD Securities Inc., acted as underwriters in
connection with the offering.

The net proceeds from the offering will be used for working capital and
to fund:

- the recently announced Front End Engineering and Development ("FEED")
contract with GRD Minproc Limited regarding the first phase of
development of Equinox's Lumwana Copper Project ("Lumwana") in Zambia;

- the cost of project financing which is advancing with Equinox's bank
group; and

- general working capital.

Equinox is a Canadian-Australian listed resource company engaged
principally in the exploration and development of mineral properties in
Zambia. Equinox is advancing Lumwana towards development. Equinox has
completed a bankable feasibility study on the Measured and Indicated
Resource of 269 million tonnes of ore grading at 0.8% Cu. Equinox plans
to develop Lumwana to become a mid-tier copper mining company.

On Behalf of the Board of Directors of Equinox.

Craig R. Willaims - 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

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.

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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