2010 PRODUCTION

First Quantum Minerals REPORTS 2010 PRODUCTION OF

322,700 TONNES OF COPPER AND 191,400 OUNCES OF GOLD

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today reported production of 75,600 tonnes of copper and 48,600 ounces of gold for the fourth quarter and 322,700 tonnes of copper and 191,400 ounces of gold for the year ended December 31, 2010. Copper production was in line with the Company's guidance and reflects new monthly and quarterly records at the Kansanshi operation.

Finished copper inventory at December 31, 2010 decreased to approximately 36,700 tonnes of copper (Kansanshi 27,200 tonnes, Frontier 1,200 tonnes (at dispatch port), Guelb Moghrein 8,300 tonnes), from the September 30, 2010 level of 37,000 tonnes.

Note: Production and stockpile numbers are preliminary and subject to final adjustment.

Further information will be published in the Company's report on operating and financial results for the year 2010 which is scheduled for release during the week of March 14, 2011.

On Behalf of the Board of Directors 12g3-2b-82-4461

of First Quantum Minerals Ltd. Listed in Standard and Poor's

G. Clive Newall

President

For further information visit our web site at www.first-quantum.com

North American contact: Sharon Loung, Director, Investor RelationsTel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected] United Kingdom contacts: Clive Newall, PresidentTel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]or

Brian Cattell/James Devas, Maitland

Tel: +44 207 379 5151 Fax: +44 20 7379 6161 E-Mail: [email protected] E-Mail [email protected]

Certain information contained in this news release constitutes "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 Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.