Exercise Options in Kalumbila Minerals

First Quantum Minerals Ltd. ("First Quantum", TSX Symbol "FM", LSE Symbol "FQM") today announced that its wholly-owned subsidiaries, Kiwara Limited ("Kiwara") and Kiwara Resources Zambia Limited ("KiwaraZambia") exercised options granted to them by LM Engineering Ltd. ("LM Engineering") to purchase 10% of the issued share capital of Kalumbila Minerals Limited ("Kalumbila") (being total of 670,000 ordinary shares, the "Option Shares"), the holder of Prospecting Licence 267 which hosts the Kalumbila and Kawako copper and nickel prospects in North West province, Zambia. As consideration for the Option Shares, Kiwara has paid LM Engineering an aggregate of GBP5,910,000 and issued 20,400 new common shares (the "New First Quantum Shares") in the capital of First Quantum today.

As a result of the exercise of options, First Quantum will now hold 95% of the issued share capital of Kalumbila. In addition, First Quantum holds options (through Kiwara Zambia) to acquire the remaining 5% interest in Kalumbila.

An application was made today to the London Stock Exchange plc for the New First Quantum Shares to be admitted to trading on the Official List. Furthermore, application has been made to the Toronto Stock Exchange (the "TSX") for the New First Quantum Shares to be admitted to trading on the TSX. These shares will rank pari passu with First Quantum's existing common shares. The New First Quantum Shares will be admitted to trading on the Official List and the TSX at 8.00 a.m. local time on 15 February 2010.

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

of First Quantum Minerals Ltd. Listed in Standard and Poor'sG. Clive Newall

President

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

North American contact: Sharon Loung 8th Floor, 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8 Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected] United Kingdom contact: Clive Newall, President 1st 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: [email protected] Or Simon Hockridge

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.