Q2 Production

First Quantum Minerals REPORTS Q2 2010 PRODUCTION OF

85,400 TONNES OF COPPER AND 51,400 OUNCES OF GOLD

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today reported second quarter production of 85,400 tonnes of copper and 51,400 ounces of gold. Copper production was lower than planned principally due to management's decision to cut-back capital investment at the Frontier mine during the quarter. This decision was a consequence of the uncertainty regarding the Frontier mine following the legal proceedings instigated by the Democratic Republic of Congo ("RDC") state-owned mining agency, Société de Développement Industriel et Minier du Congo ("Sodimico"). Full details of the proceedings and the RDC Supreme Court of Justice decision were reported by the Company on May 23, 2010. The Company will continue to manage the capital investment at Frontier in this manner until a satisfactory clarification of the decision by the Supreme Court is received. As a result, the Company's total copper production estimate for 2010 has been revised to 360,000 tonnes.

Finished copper inventory at June 30, 2010 increased to approximately 40,300 tonnes of copper (Kansanshi 20,600 tonnes, Frontier 10,400 tonnes, Guelb Moghrein 8,800 tonnes and Bwana Mkubwa 500 tonnes), from the March 31, 2010 level of 29,500 tonnes. The increase from Q1 is mainly due to the change in accounting necessary for sales to MetalCorp, the Company's wholly-owned metal marketing division, which was established in February, 2010. Whereas previously sales were recorded at the mine gate, sales by MetalCorp are recorded when delivered to independent third-party purchasers.

Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.

Further information will be published in the Company's second quarter operating and financial results scheduled for release during the week of August 10, 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.