Equinox Minerals Limited

Equinox Minerals Limited

October 05, 2005 16:00 ET

Equinox Recommences Exploration Activity at Lumwana and Regionally Across Zambia

TORONTO, ONTARIO--(CCNMatthews - Oct. 5, 2005) -


Equinox Minerals Limited (TSX:EQN)(ASX:EQN) is pleased to announce the recommencement of exploration activities at the Company's Lumwana Project in the North Western Province of Zambia ("Lumwana") and also announces the initiation of a systematic regional exploration program on the Company's Zambezi Project tenements elsewhere in Zambia.

In late 2004, Equinox demonstrated the success of its exploration strategy with the announcement of the 'blind' discovery at Chimiwungo North, the first new discovery in the Lumwana region in over 40 years. Modern geological concepts utilized by Equinox at Lumwana include the application of high-resolution aero-magnetics and detailed induced polarization ("IP") geophysical surveys. Equinox will apply these modern exploration techniques and concepts in a strategy to maximize its opportunity in some of the most prospective parts of the Central African Copperbelt.

Year to date, Equinox has been focussing its efforts and funding on the definitive engineering and final design work required for the development of Lumwana mine, including a 12,500 m geotechnical drilling program for mine and plant infrastructure. This program has now been completed, enabling the redeployment of personnel and equipment into exploration of priority targets for additional resource discovery and definition.

Exploration programs commencing in Zambia in early October will include the following:

(1) Lumwana Mining Licence Exploration:

The Lumwana Mining Licence covers 1,355 km2 (Figure 1) and currently hosts the Malundwe and Chimiwungo copper deposits. This tenement includes 27 highly prospective copper and uranium exploration targets, only two of which have been evaluated by Equinox to date, one being the discovery at Chimiwungo North. The close proximity of these targets to the proposed Lumwana mine site provides logistical synergies and further validates target importance.

The Lubwe prospect is located 13 kilometres northeast of the proposed Lumwana plant site and is hosted by the same stratigraphic sequence as Chimiwungo. In the 1960s, Roan Selection Trust identified extensive geochemical anomalism at Lubwe and drilling (31 widely spaced holes) outlined a substantial zone of copper mineralization. Equinox has primarily used IP, supported by geochemistry and aeromagnetics, to define the Lubwe targets on which a 2,500 m RC drilling program has commenced.

Please click on the following link to view Figure 1;


(2) Zambezi Project:

Apart from Lumwana, Equinox controls 100% of prospective tenements covering 19,300 km2 located predominantly in North Western Zambia and on the Copperbelt, referred to as the Zambezi Project (see Equinox Announcement June 14, 2005).

Please click on the following link to view Figure 2;


The Kitwe-Mwekere properties cover an area of 3,170 km2 of the Copperbelt (Figure 2), adjoining many of the current major Copperbelt mining operations. The most highly prospective targets within these tenements, including the Ngala, Ndola West and Mwekere prospects, occur along the Lower Roan sequence which extends for approximately 90 km along the border between Zambia and the Democratic Republic of Congo ("DRC"). Equinox controls most of this target sequence on the Zambian side of the border, between the leases surrounding the Bwana Mkubwa Mine (First Quantum Minerals) in the southeast, to the Mufulira Mine (Mopani Copper Mines) in the northwest. This sequence is also host to a number of recent discoveries, including the Frontier (previously Lufua) and Nina prospects - both First Quantum and located within 2 km on the DRC side of the border.

At Mwekere, in the 1960s, Roan Consolidated Mines Limited identified two zones of significant copper mineralization. Equinox will commence a 1,500 m drilling program to test this target in October/November 2005 as a first step in re-evaluating the potential of this region. Further evaluation of the Kitwe-Mwekere project and other Zambezi properties will be conducted in 2006.

Commenting on the recommencement of exploration activities in Zambia, Craig R. Williams, President and Chief Executive Officer of Equinox said "the opportunity to apply modern geological concepts, which Equinox has demonstrated successfully at Lumwana, to the heartland of the Central African Copperbelt is particularly exciting. Considering how limited copper exploration has been in this area since the mid-1970s and given the renaissance in copper mining clearly occurring once again in Zambia, we are obviously very keen to get to work".

Equinox is a Canadian-Australian listed resource company engaged principally in the exploration and development of mineral properties in Zambia, and exploration in Australia and Peru. Equinox has completed a Bankable Feasibility Study at its 100% owned Lumwana Project in Zambia which is scheduled to produce an average of 125,000 tpa (275 million lbs/year) of copper over an 18 year mine life, with over 140,000 tpa (310 million lbs/year) of copper being produced in the initial 5 year period. With 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. Williams - President & Chief Executive Officer

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.

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