17th Oct 2006 08:01
First Quantum Minerals Ld17 October 2006 NEWS RELEASE 06-21 October 17, 2006 www.first-quantum.com FIRST QUANTUM'S GUELB MOGHREIN COPPER-GOLD MINE IN MAURITANIA BEGINS COMMERCIAL PRODUCTION (All figures expressed in United States dollars) First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM",LSE Symbol "FQM") is pleased to announce that it has determined October 5th2006, as the date that its Guelb Moghrein Copper-Gold Mine in Mauritania reachedand commenced commercial production for GAAP purposes. In determining thatcommercial production had been reached for this purpose it was necessary for thesulphide circuit to have run at above 65% of original design capacitycontinuously for a period of at least one week. The process plant is currentlyproducing at a rate of approximately 1,650 tonnes of copper in concentrate permonth versus a design output of 2,500 tonnes of copper in concentrate per month.Copper production has not yet reached design output due to a faulty pinionwhich has delayed the commissioning of the No. 1 SAG mill. A replacement pinionis currently being installed. Current gold production is approximately 2,800ounces per month which is 52% of design output. Gold production will increasein step with increased copper concentrate volumes and gold recovery willincrease with the final commissioning of the carbon-in-leach (CIL) gold plant. Philip Pascall, Chairman & CEO commented, "Bringing the Guelb Moghrein mine intoproduction could not have been achieved without the Government of the IslamicRepublic of Mauritania's initiative of supporting new investment in the miningindustry. The successful development of Guelb Moghrein is a credit to ourproject team and mine management team. Furthermore, Guelb Moghrein establishesFirst Quantum's capability to develop mineral deposits outside of the Copperbeltregion." Guelb Moghrein is located 250 kilometres northeast of the nation's capital,Nouakchott, near the town of Akjoujt, in Mauritania. It consists of an open pitmineable copper/gold deposit. The Company remains unable to release anengineering report on the project, as the Company is not treating the historicalresource statement as a current mineral resource estimate verified by aqualified person and therefore compliant under National Instrument 43-101. TheCompany expects to publish a compliant National Instrument 43-101 resourceduring the first quarter of 2007. Forward Looking Statements 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 Alternative Investment Market operated by the London Stock Exchange. On Behalf of the Board of Directors 12g3-2b-82-4461of First Quantum Minerals Ltd. Listed in Standard & Poor'sSedar Profile #00006237G. Clive NewallPresident For further information visit our web site at www.first-quantum.com North American contact: Geoff Chater or Bill Iversen 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, 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: [email protected]. or Carina Corbett, 4C-Burvale, Tel: + 44 20 7907 4761 The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FQM.L