First Quantum Minerals Ltd.
LSE : FQM
TSX : FM

First Quantum Minerals Ltd.

November 08, 2010 16:13 ET

First Quantum Announces Intention to Sell Equinox Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

First Quantum Minerals Ltd ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) announced today that it has engaged RBC Capital Markets and BMO Capital Markets to act as agents to solicit purchasers for its approximate 16% equity interest in Equinox Minerals Limited (TSX:EQN)(ASX:EQN) ("Equinox"), consisting of approximately 113.8 million Equinox common shares. 

First Quantum intends to deploy the net proceeds from the transaction into the advancement of its diversified pipeline of growth projects. First Quantum currently has three significant development projects underway - the Ravensthorpe nickel project in Australia, scheduled for commissioning in 2011; the Kevitsa nickel-copper-PGE project in Finland, scheduled for commissioning in 2012; and the Sentinel deposit in Zambia, which is being advanced towards a development decision. First Quantum also has a definitive agreement to acquire Antares Minerals Inc., owner of the Haquira deposit in Peru, one of the world's major undeveloped copper deposits.

This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. The securities referred to in this news release have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933.

On Behalf of the Board of Directors
of First Quantum Minerals Ltd.
G. Clive Newall
President
 
12g3-2b-82-4461
Listed in Standard and Poor's

For further information visit our web site at www.first-quantum.com.

Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated timing and amounts of future production, including the ability to complete the acquisition of Antares Minerals Inc., estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.

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