First Quantum Minerals Publishes Resource for Guelb Moghrein Copper-Gold Mine in Mauritania: Financial News

First Quantum Minerals Publishes Resource for Guelb Moghrein Copper-Gold Mine in Mauritania
Tuesday February 12, 2008 1:00 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 12, 2008 -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (Toronto:FM.TO - News)(LSE:FQM.L - News) is pleased to announce the completion of an independent mineral resource estimate for the Mauritania Copper Mines S.A. ("MCM") Guelb Moghrein copper-gold mine in Mauritania, Northwest Africa. First Quantum holds an 80% interest in MCM.

Independent Mineral Resource

The independent mineral resource estimate includes the results of an infill and exploration drilling program conducted by MCM between May and September 2006. The program included 28 diamond core holes totaling 4,011 meters. A total of 2,047 half core samples were assayed for copper and gold at two offshore independent laboratories (SGS, Lakefield, Canada, and Genalysis Laboratory Services Pty Ltd., Maddington, Western Australia). Data verification was undertaken by Snowden Mining Industry Consultants Ltd. ("Snowden") in accordance with normal industry practices.

The mineral resource is quoted at a cut off grade (COG) of 0.75% copper. No COG was applied to gold and the gold grades represent those associated with the copper mineralization.

 

Guelb Moghrein Occidental Deposit Mineral Resource (as at end July 2007(1))

------------------------------------------------------------------------
                 Copper       Ore                    Contained Contained
Resource            COG    tonnes    Copper    Gold     copper      gold
Classification       (%)      (Mt)       (%)   (g/t)       (Kt)       (t)
------------------------------------------------------------------------
Sulphide
Measured           0.75     12.38      1.59    1.38     197.10     17.09
Indicated          0.75     20.64      1.44    0.93     296.36     19.27
Total Sulphide     0.75     33.02      1.49    1.10     493.47     36.37(2)
------------------------------------------------------------------------
Oxide
Measured           0.75      0.36      2.87    2.41      10.31      0.87
Indicated          0.75      0.01      2.46    1.81       0.33      0.02
Total Oxide        0.75      0.37      2.85    2.39      10.64      0.89
------------------------------------------------------------------------
(Sulphide & Oxide)
Total Measured
 & Indicated       0.75     33.39      1.51    1.12     504.11     37.26
------------------------------------------------------------------------
(Sulphide & Oxide)
Inferred           0.75      2.45      1.37    0.73      33.51      1.78
------------------------------------------------------------------------

(1) The mineral resource statement details remaining in-situ material at
    the Occidental deposit. Additional optimization work is being
    undertaken by MCM to define in-pit mineral resources and reserves.

(2) Total Sulphide Measured and Indicated contained gold equals 1.17
    million ounces

Guelb Moghrein Project Overview

Guelb Moghrein is located near the town of Akjoujt in the interior of Mauritania. Akjoujt is linked to the capital, Nouakchott, via a 250 kilometer paved road. Nouakchott has an international airport, with regular flights to Paris and Las Palmas, and port facilities.

Guelb Moghrein exploits copper and gold bearing sulphide ore from the Occidental open-pit. The new measured and indicated mineral resources for the Occidental deposit, total 33.02 million tonnes of sulphide ore, grading 1.49% total copper and 1.10 grams/tonne of gold, at a cut-off of 0.75% copper; effective from the end of July 2007. This mineral resource represents the remaining in-situ material at the Occidental deposit. A small resource of oxide ore is present which will continue to be stockpiled separately for potential processing in the future.

The Occidental deposit at Guelb Moghrein is considered to be an example of the Iron Oxide Copper Gold (IOCG) type deposit that, in terms of its structure and mineralogy, has common features with other IOCG deposits elsewhere in the world. The mineralization is predominantly hosted by ferromagnesian carbonates (FMC). The copper-gold mineralization is hosted primarily within chalcopyrite and pyrrhotite. Magnetite becomes abundant outside the sulphide rich zones of the FMC. The Occidental deposit extends approximately 600 meters along strike and dips to the southwest at 30 degrees to 40 degrees. The eastern and western flanks of the Occidental deposit are fault bounded and the deposit is open at depth.

Mining commenced in April 2006. The current mining rate is two million tonnes of ore per year at a strip ratio of 3:1 (waste:ore). Sufficient ore is stockpiled to satisfy production feed for a period of one month. Commissioning of the copper flotation plant commenced in July 2006 and commercial production began in October 2006. The plant currently produces approximately 12,000 tonnes of concentrate per month at a grade 25% copper, with credits received for gold in concentrate. The gold flotation circuit and carbon-in-leach plant is currently being upgraded and will be fully operational by mid-2008. This will result in additional gold production.

There is considerable exploration potential on both the Guelb Moghrein Mining Concession and on Guelb Moghrein's substantial Exploration Permits. In February 2007 an exploration program commenced with the objective of locating additional copper-gold mineralization. Diamond drilling has been underway on exploration targets at Guelb Moghrein since August, 2007.

NI 43-101 and Qualified Persons

The resource estimate was compiled by Snowden on behalf of MCM in accordance with the standards specified in National Instrument 43-101. The site visit in July 2007 was undertaken by Mr. C. J. Bargmann FGS (CGeol) MAusIMM, Principal Consultant. The resource estimate and report compilation was undertaken by Mr. C. J. Bargmann and Dr. S. C. Dominy FGS (CGeol) FAusIMM (CP), Principal Consultant/General Manager. Both Qualified Persons ("QP") are employees of Snowden and hold no interests in First Quantum or its associated companies. The QP's have read and consent to the content of this News Release.

The associated technical report will be filed on SEDAR within 45 days of this news release.

Further Work

MCM will use the new mineral resource estimate for Guelb Moghrein to support long term planning goals and allow for several expansion options to be fully evaluated. Mineral reserves will be announced in due course.

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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.