Issue of Equity

First Quantum Minerals Ltd. ("First Quantum", TSX Symbol "FM", LSE Symbol "FQM") announces that 125,679 new common shares (the "New Shares") in the capital of First Quantum have been issued in connection with a listing of depositary receipts by First Quantum on the Lusaka Stock Exchange in Zambia (the "LuSE"). The New Shares, together with 7,700 common shares in the capital of First Quantum purchased on the open market, will underlie the depositary receipts of First Quantum, issued and listed on the LuSE on July 20, 2011.

The New Shares will rank pari passu with First Quantum's existing common shares. First Quantum has received conditional approval from the Toronto Stock Exchange (the "TSX") for listing of the New Shares on the TSX and has made application to the London Stock Exchange plc for the admission of the New Shares to trading on the Official List. The New Shares will be admitted to trading on the TSX at 8:00 a.m. local time on July 20, 2011 and on the Official List at 8.00 a.m. local time on July 20, 2011.

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] Kingdom contacts: Clive Newall, PresidentTel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]

Brian Cattell/James Devas, Maitland

Tel: +44 207 379 5151 Fax: +44 20 7379 6161 E-Mail: [email protected] E-Mail [email protected]

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.