FIVE-FOR-ONE STOCK SPLIT

FIRST QUANTUM MINERALS BOARD OF DIRECTORS APPROVES

A FIVE-FOR-ONE STOCK SPLIT

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today announced that its Board of Directors has approved a five-for-one stock split of the Company's issued and outstanding common shares and has called a special meeting of its shareholders to consider and vote on the resolution.

The stock split is subject to approval by the Company's shareholders, receipt of any necessary regulatory approvals, including that of the Toronto Stock Exchange and the filing by the Company of articles of amendment. Shareholders will have the opportunity to vote on the resolution at a special meeting of shareholders to be held in Vancouver, British Columbia on July 29, 2011, at a time and location to be disclosed.

If approved, each shareholder will receive four additional common shares for each common share held on the stock split record date.

Subject to shareholder approval, the stock split record date is anticipated to be August 11, 2011. Assuming shareholder approval of the stock split and the record date, according to the rules of the Toronto Stock Exchange, the Company's common shares will start trading on a subdivided basis at the opening of the business on August 9, 2011, being the second trading day prior to the stock split record date. Further details in respect of the proposed stock split will be contained in a management information circular to be mailed to shareholders for the special meeting.

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]