Equinox Minerals Limited
TSX : EQN
ASX : EQN

Equinox Minerals Limited

February 19, 2007 20:48 ET

Equinox Increases Bought Deal Financing to Cdn$185.0 Million (Aud$202.8 Million)

TORONTO, ONTARIO--(CCNMatthews - Feb. 19, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Equinox Minerals Limited (TSX:EQN) (ASX:EQN) (the "Company") is pleased to announce that the Company has reached an agreement with a syndicate of underwriters co-led by Sprott Securities Inc. and CIBC World Markets Inc. and including Dundee Securities Corporation, GMP Securities L.P., Paradigm Capital Inc., Raymond James Ltd., RBC Capital Markets Inc., TD Securities Inc. and Laurentian Bank Securities Inc. (collectively, the "Underwriters") in respect of its bought deal announced on February 16, 2007 to increase the total size of the offering to Cdn$185 million (Aud$202.8 million). Under the agreement, the syndicate will now purchase from the Corporation 92.5 million units ("Units") at a price of Cdn$2.00 per Unit for gross proceeds of Cdn$185 million (the "Offering"). Each Unit shall consist of one common share in the capital of the Company and one-quarter of one common share purchase warrant. Each full warrant shall be exercisable for one common share at an exercise price of $2.30 per share for a period of 14 months following closing of the Offering.

The Underwriters have the option to purchase up to an additional 13,125,000 Units at the issue price at any time prior to 30 days following the closing date for additional gross proceeds of Cdn$26.25 million (Aus$28.78 million). The Company will file a preliminary short form prospectus in all of the provinces and territories of Canada for the purpose of qualifying the Units for distribution to the public as soon as possible and the offering is scheduled to close on or about March 6, 2007. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the securities regulatory authorities.

The net proceeds from the Offering will be used to fund ongoing costs associated with the development of the Company's Lumwana Project in Zambia (including village, hedging, interest and debt service costs prior to commissioning).

The Company will also use funds to undertake a feasibility study on the treatment of the Lumwana uranium ore, the funding of ongoing exploration for both copper and uranium in Zambia and general working capital purposes.

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 and construction is on schedule for commissioning in Q2 2008.

The Units offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

ARBN 108 066 986

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