Issuance of Shares

First Quantum Minerals Ltd. ("First Quantum", TSX Symbol "FM", LSE Symbol "FQM") announces that today, it will issue 37,326 new common shares (the "New First Quantum Shares") in the capital of First Quantum to an unrelated third party. First Quantum has agreed to issue the New First Quantum Shares as partial consideration for certain assets that First Quantum purchased from the third party, pursuant to an asset purchase agreement dated February 11, 2010.

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 TSX at 8:00 a.m. local time on September 7, 2010 and on the Official List at 8.00 a.m. local time on September 8, 2010.

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 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

Hogarth Partnership Ltd. Tel: +44 (0) 20 7357 9477

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.