Equinox Minerals Limited

Equinox Minerals Limited

March 22, 2007 10:11 ET

Uranium Bankable Feasibility Commenced by Equinox

TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) -


Equinox Minerals Limited (TSX:EQN)(ASX:EQN) ("Company") has commenced a Bankable Feasibility Study ("UFS") on the uranium resources which occur within, and adjacent to, the Lumwana Copper Project ("Lumwana") orebodies that are currently being developed in the North Western province of Zambia.

The Company completed a Bankable Feasibility Study in 2003 ("2003-BFS") at Lumwana which included work on the extraction of the uranium mineralization to produce uranium oxide ("Yellowcake"), an evaluation of the Lumwana uranium resources (which entailed resource definition and metallurgical test work) and the design and costing of a separate process plant specifically for the extraction and processing of Lumwana uranium ore.

With Lumwana now fully permitted and under construction and in light of the robust and strengthening long-term uranium market, the Company has commenced the UFS to review and update the 2003-BFS.

Uranium Feasibility Study

To this end, the Company is pleased to announce that Ausenco Limited ("Ausenco") (ASX symbol: "AAX") has been contracted to manage and implement the UFS. A four phase program has been designed for the UFS to:

- Review the 2003-BFS uranium study including resources/reserves, metallurgy and process plant design;

- Conduct a further metallurgical testwork program;

- Design a processing plant and infrastructure to produce Yellowcake on-site; and

- Prepare capital and operating cost estimates with an accuracy of +15%.

Ausenco, in joint venture with Bateman Engineering NV, are currently engaged for the EPC construction contract on the Lumwana copper project. In preparation to execute this new contract, Ausenco has assembled a team with considerable uranium expertise that will work in parallel with their construction team already on-site at Lumwana. The UFS has commenced and is anticipated to be completed in Q1-2008.

Lumwana Uranium Resources

Uranium within the Malundwe and Chimiwungo copper deposits occurs as discrete uranium-enriched zones that will be separately mined during the copper mining operation. Lumwana Uranium Mineral Resources have been estimated at 9.5 million tonnes grading 0.093% U3O8 Indicated, and 2.6 million tonnes of 0.042% U3O8 Inferred, for a combined total of 21.4 million pounds of contained U3O8 (see Company press release May 02, 2005). The Lumwana uranium resource has been estimated using a 0.01% uranium cut-off grade and is consistent with JORC/NI43-101 requirements, as detailed in the Technical Report (October 2006) on www.sedar.com. An infill drilling program will be conducted as part of the UFS to facilitate mine design and develop proven and probable reserves.

Equinox President and CEO, Craig Williams commented that "the positive long-term outlook for uranium has the potential to further enhance the economics of the Lumwana Project if a uranium by-product is economically viable. The Company is evaluating this potential and considering alternatives for realizing any uranium development option. This Uranium Feasibility Study will however not impact on Equinox's current construction schedule for the commissioning of the Lumwana Project in Q2-2008."

Lumwana, owned 100% by Equinox, is located in the North Western Province of the Republic of Zambia. It is anticipated that the Lumwana mine will produce an average of 169,000 tonnes of copper metal per year contained in concentrates for the first 6 years of its 37 year mine life.

On Behalf of the Board of Directors of Equinox:

Craig R. Williams, President & Chief Executive Officer

For information on Equinox and technical details on the Lumwana Project please refer to the company website at www.equinoxminerals.com

Cautionary Language and Forward Looking Statements

This press release contains "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 Canadian and Australian securities authorities. Technical information in this release is summarized or extracted from the ''Amended Technical Report on the Lumwana Copper Project, North West Province, Republic of Zambia'' dated October 2006 (the ''Technical Report''), prepared by Michael Davis, Process Manager, Ausenco Ltd. (''Ausenco''), Ross Bertinshaw, Principal of Golder Associates Pty Ltd. (''Golder''), Tim Miller, Director, of Investor Resources Finance Pty Ltd (''IRF''), and Robert Hanbury, Associate Director, of Knight Piesold Pty Ltd. (''Knight Piesold''), each of whom is a ''Quali?ed Person'' in accordance with National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Readers are cautioned not to rely solely on the summary of such information contained in this release, but should read the Amended Technical Report which is posted on Equinox's website (www.equinoxminerals.com) and filed on SEDAR (www.sedar.com) and any future amendments to such report. Readers are also directed to the cautionary notices and disclaimers contained herein. All currency in this release is U.S. dollars unless otherwise stated.

ARBN 108 066 986

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