Q3 2010 PRODUCTION

First Quantum Minerals REPORTS Q3 2010 PRODUCTION OF

76,600 TONNES OF COPPER AND 46,700 OUNCES OF GOLD

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today reported third quarter production of 76,600 tonnes of copper and 46,700 ounces of gold. Lower year-over-year copper production was principally due to the suspension of operations at the Frontier mine following the unjustified withdrawal of its mining permits by the Democratic Republic of Congo mining registry; a four-day shutdown of the sulphide circuit at the Kansanshi mine; and abnormally wet weather at Guelb Moghrein.

The Company's updated production forecast for 2010 is for 322,000 tonnes of copper and 195,000 ounces of gold. For 2011, the forecast is for 305,000 tonnes of copper and 210,000 ounces of gold. The Company also expects to begin nickel production in 2011 with the commissioning of the Ravensthorpe project planned for the second half of the year.

Finished copper inventory at September 30, 2010 decreased to approximately 36,900 tonnes of copper (Kansanshi 21,800 tonnes, Frontier 6,600 tonnes, Guelb Moghrein 8,100 tonnes and Bwana Mkubwa 400 tonnes), from the June 30, 2010 level of 40,700 tonnes.

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

Further information will be published in the Company's third quarter operating and financial results scheduled for release during the week of November 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, Director, Investor Relations Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected] United Kingdom contacts: Clive Newall, President 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 E-Mail: [email protected] 

or

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.