First Quantum Minerals Ltd.

First Quantum Minerals Ltd.

March 01, 2005 11:00 ET

First Quantum Minerals Announces Sale of Anvil Mining Shares; US $16 Million Gain to be Booked in First Quarter, 2005


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRST QUANTUM MINERALS LTD.

TSX SYMBOL: FM
OTC Bulletin Board SYMBOL: FQVLF
LSE SYMBOL: FQM

MARCH 1, 2005 - 11:00 ET

First Quantum Minerals Announces Sale of Anvil Mining
Shares; US $16 Million Gain to be Booked in First
Quarter, 2005

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2005) - First
Quantum Minerals Ltd. (TSX:FM)(OTCBB:FQVLF)(LSE:FQM) announced that it's
wholly owned subsidiary company, International Quantum Resources
Limited, has sold its equity ownership stake in Anvil Mining Limited
("Anvil") (TSX:AVM)(ASX:AVM). The sale consisted of 4,029,617 common
shares for net proceeds of US $22 million. First Quantum continues to
hold 296,631 warrants to purchase 296,631 Anvil common shares at a price
of US $0.92 per share. The warrants, which have an expiry date of
January 15, 2006, are held for investment purposes and the shares issued
on exercise may be sold in the future. A gain on the sale of
approximately US $16 million will be booked in the first quarter of 2005.

Philip Pascall, Chairman and CEO commented, "We have enjoyed an
excellent relationship with Anvil since acquiring this equity stake.
First Quantum's financial and technical support has helped Anvil grow
into a profitable expanding copper producer in the Democratic Republic
of Congo (DRC). With First Quantum's own considerable opportunities in
the region, this interest in Anvil has increasingly become less
important and therefore no longer deemed a core asset. With its
excellent portfolio of assets, there is now strong market interest in
Anvil as a financially sound growing copper producer in the DRC. First
Quantum has arranged that the shares are placed with institutional
investors in the United Kingdom and Canada. We wish Anvil the best in
its future endeavors."

As a result of the sale of the Anvil shares, Philip Pascall will step
down from Anvil's Board of Directors in the near future.

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

Sedar Profile #00006237

Certain of the information contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including but not limited to those with respect to the
prices of gold, copper and sulphuric acid, estimated future production,
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. Such factors include, among others, the
actual prices of copper, gold 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 British Columbia Securities Commission and the United States
Securities and Exchange Commission.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    First Quantum Minerals Ltd.
    Geoff Chater or Bill Iversen
    (604) 688-6577 or Toll Free: 1-888-688-6577
    (604) 688-3818 (FAX)
    info@first-quantum.com
    www.first-quantum.com
    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.