First Quantum Minerals Reports 2007 Copper Production of 226,693 Tonnes: Financial News

First Quantum Minerals Reports 2007 Copper Production of 226,693 Tonnes
Tuesday January 22, 2008 1:00 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 22, 2008 -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (Toronto:FM.TO - News)(LSE:FQM.L - News) announced that 2007 copper production was 226,693 tonnes a 24% increase over 2006. Copper production in the fourth quarter of 2007 was a record 72,746 tonnes. 2008 copper production is forecast to grow by a further 37% to 310,000 tonnes.

 

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                  First    Second     Third    Fourth     Total   Forecast
                Quarter   Quarter   Quarter   Quarter      2007       2008
Operation       (tonnes)  (tonnes)  (tonnes)  (tonnes)  (tonnes)   (tonnes)
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Kansanshi        35,400    36,253    41,159    51,012   163,824    181,000
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Guelb Moghrein    6,446     7,050     8,101     7,158    28,755     33,000
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Frontier              -         -         -     8,712     8,712     84,000
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Bwana Mkubwa      4,557     6,676     8,305     5,864    25,402     12,000
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Total            46,403    49,979    57,565    72,746   226,693    310,000
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Note: Fourth quarter figures are unaudited and may be subject to final
      adjustment.

"We are very pleased with the fourth quarter 2007 production results. The Kansanshi mine continues to show quarterly production volume growth which is expected to continue into 2008. The Frontier mine startup has performed in line with expectations and production should continue to improve into 2008 as the mine reaches steady state production levels. Overall we expect to see approximately 37% production growth in 2008 over 2007 levels," commented Philip Pascall, Chairman and CEO, First Quantum.

Further information will be published in the Company's yearend operating and financial results.

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

Certain information contained in this news release are "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 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 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 Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.