Structural Failure to Atmospheric Leach Tank

FIRST QUANTUM MINERALS REPORTS A FAILURE IN THE ATMOSPHERIC LEACH TANKAT ITS RAVENSTHORPE NICKEL OPERATION

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today reported that a structural failure has occurred to the atmospheric leach tank at its Ravensthorpe nickel operation in Western Australia.

The tank, situated after the autoclaves in the circuit, contained acid-leaching nickel in slurry. The spill, resulting from the failure, has been contained within the plant's protective bunded area. All personnel have been accounted for and no injuries have been reported. The plant is currently shut down and, on the basis of information received to date, no adverse environmental effects are anticipated. Investigations to determine the cause are being undertaken.

At this point, the Company is unable to provide estimates on the length of the shutdown or the impact on the operation's production.

Further updates will be provided as information becomes available.

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