12th Nov 2007 07:01
First Quantum Minerals Ld12 November 2007 NEWS RELEASE 07-12 November 12, 2007 www.first-quantum.com FIRST QUANTUM MINERALS' FRONTIER COPPER MINE ACHIEVES COMMERCIAL PRODUCTION First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM",LSE Symbol "FQM") is pleased to announce that it has determined November 2nd2007 as the date that its Frontier copper mine in the Democratic Republic ofCongo ("DRC") achieved commercial production as defined under Canadian GAAP.The Company generally considers production "commercial" when between 65% and 70%of design capacity is reached continuously for a period of at least one weekwith metallurgical recoveries approaching forecast levels. Ore throughput atthe process plant is currently 15,000 tonnes (design capacity - 22,000 tonnes)of ore per day. The Frontier mine is forecast to produce 8,000 tonnes of copper in concentratein 2007 and 75,000 tonnes of copper in concentrate in 2008. Philip Pascall, Chairman & CEO commented, "The Frontier mine could not have beensuccessfully developed without the DRC Government's initiative of supportinginvestment in the mining industry. Frontier will provide an important economicengine for the Katanga province providing employment for the local people,support for local businesses as well as a solid tax base for the National andProvincial Governments. First Quantum's US $226 million investment in Frontierrepresents the Company's long term commitment to the DRC as investors in themining sector." Frontier is located 10 kilometres northeast of Sakania in south eastern DRC, and45 kilometers north of Ndola, Zambia on the Zambian Copperbelt. The mineconsists of open pit mining and processing of primary sulphide ore to producecopper in concentrate. The current measured and indicated sulphide resource ata 0.35% copper cut-off totals 182.1 million tonnes grading 1.16% total copperwhich contains 2.1 million tonnes of copper. During the 19 year mine life,Frontier is expected to produce 1.43 million tonnes of copper in concentrateaveraging 75,000 tonnes of copper in concentrate per year. The Companypublished a Technical Report on December 21st, 2006, which contained the currentmineral resource estimate verified by a qualified person and is thereforecompliant under National Instrument 43-101. The Technical Report can be viewedon SEDAR (www.sedar.com) On Behalf of the Board of Directors 12g3-2b-82-4461of First Quantum Minerals Ltd. Listed in Standard and Poor'sG. Clive NewallPresident For further information visit our web site at www.first-quantum.com North American contact: Geoff Chater 8th Floor, 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8 Tel: (604) 688-6577 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 Harriet Pask or Sarah MacLeod Hogarth Partnership Ltd. Tel: +44 (0) 20 7357 9477 The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information contained in this news release "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995 andforward-looking information under applicable Canadian securities legislation.Such forward-looking statements or information, including but not limited tothose with respect to the prices of gold, copper, cobalt and sulphuric acid,estimated future production, estimated costs of future production, the Company'shedging policy and permitting time lines, involve known and unknown risks,uncertainties, and other factors which may cause the actual results, performanceor achievements of the Company to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements or information. Such factors include, among others,the actual prices of copper, gold, cobalt and sulphuric acid, the factualresults of current exploration, development and mining activities, changes inproject parameters as plans continue to be evaluated, as well as those factorsdisclosed in the Company's documents filed from time to time with the Alberta,British Columbia, and Ontario Securities Commissions, the Autorite des marchesfinanciers in Quebec, the United States Securities and Exchange Commission andthe London Stock Exchange. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FQM.L