1st Mar 2005 15:47
First Quantum Minerals Ld01 March 2005 NEWS RELEASE 05-02 March 1, 2005 www.first-quantum.com -------------------------------------------------------------------------------- FIRST QUANTUM MINERALS ANNOUNCES SALE OF ANVIL MINING SHARES -US $16 MILLION GAIN TO BE BOOKED IN FIRST QUARTER, 2005- First Quantum Minerals Ltd. (TSX Symbol "FM", LSE Symbol "FQM") announced thatit's wholly owned subsidiary company, International Quantum Resources Limited,has sold its equity ownership stake in Anvil Mining Limited ("Anvil") (TSX-AVMand ASX-AVM). The sale consisted of 4,029,617 common shares for net proceeds ofUS $22 million. First Quantum continues to hold 296,631 warrants to purchase296,631 Anvil common shares at a price of US $0.92 per share. The warrants,which have an expiry date of January 15, 2006, are held for investment purposesand the shares issued on exercise may be sold in the future. A gain on the saleof approximately US $16 million will be booked in the first quarter of 2005. Philip Pascall, Chairman and CEO commented, "We have enjoyed an excellentrelationship with Anvil since acquiring this equity stake. First Quantum'sfinancial and technical support has helped Anvil grow into a profitableexpanding copper producer in the Democratic Republic of Congo (DRC). With FirstQuantum's own considerable opportunities in the region, this interest in Anvilhas increasingly become less important and therefore no longer deemed a coreasset. With its excellent portfolio of assets, there is now strong marketinterest in Anvil as a financially sound growing copper producer in the DRC.First Quantum has arranged that the shares are placed with institutionalinvestors in the United Kingdom and Canada. We wish Anvil the best in itsfuture endeavors." As a result of the sale of the Anvil shares, Philip Pascall will step down fromAnvil's Board of Directors in the near future. On Behalf of the Board of Directors 12g3-2b-82-4461of First Quantum Minerals Ltd. Listed in Standard and Poor's"G. Clive Newall" Sedar Profile #00006237G. Clive NewallPresident For further information visit our web site at www.first-quantum.com United Kingdom contact: Clive Newall, President1st Floor, Mill House Mill Bay Lane Horsham West Sussex RH12 1TQ United Kingdom Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: clive.newall@first-quantum.com. or Carina Corbett, 4C Communications Ltd, Tel: + 44 20 7907 4761 North American contact: Geoff Chater or Bill Iversen Suite 450-800 West Pender Street, Vancouver, British Columbia, Canada V6C 2V6 Tel: (604) 688-6577 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: info@first-quantum.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FQM.L