Scandinavian Minerals Limited
TSX : SGL
FRANKFURT : W3M

Scandinavian Minerals Limited

June 17, 2008 12:56 ET

Scandinavian Receives Court Approval for First Quantum Arrangement

TORONTO, ONTARIO--(Marketwire - June 17, 2008) - Scandinavian Minerals Limited (TSX:SGL)(FRANKFURT:W3M) (the "Corporation") is pleased to announce today that it has obtained final court approval from the Ontario Superior Court of Justice (Commercial List) approving the previously announced proposed Plan of Arrangement (the "Arrangement"), pursuant to which all of the Corporation's common shares will be acquired by FQML Scandinavia Inc., a wholly-owned subsidiary of First Quantum Minerals Limited ("First Quantum") for $9.00 in cash and 0.01 of a First Quantum share for each common share of the Corporation. The Arrangement was approved by special resolution of the Corporation's shareholders at the special meeting of the Corporation's shareholders held June 12, 2008.

The Arrangement is expected to close on June 18, 2008.

About Scandinavian Minerals

The Corporation is a Canadian public company listed on the Toronto Stock Exchange under the symbol "SGL" and on the Frankfurt Freiverkehr market under the symbol W3M. The Corporation's current focus is the development of its 100%-owned Kevitsa nickel-copper-PGE project in Northern Finland.

For further information on First Quantum please visit www.first-quantum.com.

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