First Quantum Minerals Files Amended NI 43-101 Technical Report for Its Cobre Panama Project

TORONTO, ONTARIO--(Marketwired - July 22, 2015) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) reports that it has today filed on SEDAR an amended National Instrument 43-101 ("NI 43-101") Technical Report for its Cobre Panama project.

The amendments are to correct inconsistencies in the Cobre Panama NI 43-101 Technical Report dated June 30, 2015 filed on SEDAR on July 16, 2015 regarding the capital cost of the project which implied that the pre-acquisition and pre-mining costs of the project were in addition to the total estimated capital cost of $6.4 billion.

Since that is not the case, the following changes were made in the amended Technical Report to remove the inconsistencies:

1. Page 21
   1. 1-11 Capital and operating cost estimates - sentence re-worded to remove inconsistency.
   2. Table 1- 5 Development capital cost provisions - 3^rd column amended to show capital incurred post-acquisition costs to 30/12/2014.

2. Page 196
   1. 21.1.1 Project development capital - clarifying sentence added.
   2. Table 21-1 Development capital cost provisions - 3^rd column amended to show capital incurred post-acquisition costs to 30/12/2014.

3. Page 206
   1. 22.3 - Cashflow model - clarifying sentence added.

4. Page 207
   1. Table 22-1 Mineral Reserves undiscounted cashflow model summary - 3^rd and 4^th columns for Operating Costs have been amended to remove reference to mining expenditures prior to 2017.

5. Page 208
   1. Table 22-2 Undiscounted cashflow model sensitivity analysis - amended with corrected cash flow.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President

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