UPDATES KANSANSHI RESOURCES AND RESERVES

FIRST QUANTUM MINERALS UPDATES KANSANSHI RESOURCES AND RESERVES

Increases in Measured and Indicated Resources of 18%; Contained Copper of 50%

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM")today announced an updated resources and reserves estimate, as at December 31, 2009, for the Kansanshi copper-gold mine in Zambia. 

Key Updates:

·; Using a 0.3% cut-off grade, the Measured and Indicated categories and the contained copper increase by approximately 18% and 50%, respectively.

·; Significantly increased Proved and Probable mineral reserves can support a minelife of approximately 13 years at a throughput rate of 24 million tonnes per year.

·; The minelife increases to 20 years when the Inferred mineral resource is considered.

·; The overall strip ratio increases marginally to 2.2:1 compensated by the increase in head grade to 1.16% total copper.

The update reflects current geological information developed from delineation drilling that began in 2008 and continued through 2009 and the operational experience gained since mining activities commenced in 2004. Delineation drilling is planned to continue throughout 2010 targeting specific areas categorized in the new resource as Inferred.

Mineral Resource Estimate

The mineral resource estimate as at December 31, 2009 has been verified by independent geologist Gayle Hanssen of the consulting group Digital Mining Services (Pvt) Ltd., Harare, Zimbabwe. Gayle Hanssen is a Qualified Person for the purpose of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101"). The estimate has been made in accordance with the standards specified in NI 43-101.

The mineral resource estimate reflects the new geological interpretation and resource estimate performed during December 2009.

Table 1

Mineral Resource - Combined MAIN and NW Deposits - as at December 31, 2009

Notes:

1) The classification of the mineral resource is based on the relative distribution of the copper mineralization. Gold is generally considered to be of a lower classification categorydue to the relatively smaller data set and the sporadic or "nugget" occurance. However it is necessary to include all gold values in the mineral resource estimate to allow for effective actual production forecasts.

2) The presence of gold can be fully supported by actual values of gold produced at Kansanshi over the past five years.

Mineral Reserve Estimate

The mineral reserve estimate as at December 31, 2009, has been delineated and verified by independent consulting Mining Engineer, Nick Journet of DumpSolver Pty Ltd., Perth, Australia, who is a Qualified Person for the purpose of NI 43-101. The final pit designs utilized to identify the mineral reserves have been developed and verified by independent consulting Mining Engineer, Anthony Cameron of A&J Cameron and Associates, Perth, Australia, who is a Qualified Person for the purpose of NI 43-101. The estimate has been made in accordance with the standards specified in NI 43-101.

The mineral reserve estimate reflects the recoverable portion of the Indicated and Measured mineral resource and have been derived using current and predicted economic and physical values over the estimated life of mine based on a copper price of US$2.00 per pound and gold price of US$800 per ounce.

The mineral reserves are defined by the current final pit designs which have been based on a formal mining optimization assessment utilizing "Whittle 4D mining optimization software".

Table 2

Mineral Reserves - Combined MAIN and NW Deposits - as at December 31, 2009

Overall cut-off grade - 0.28% total copper

Summary - Combined Main and NW mineral reserves (including gold):

Total tonnes: 304,500,000

Total copper: 1.16%

Acid soluble copper: 0.81% (Leach and mixed ore only)

Gold: 0.17 grams per tonne

Strip ratio (waste tonnes : ore tonnes): 2.18

Life of mine using mineral reserves: approx. 13 years (based on ore feed rate of 24 million tonnes per year)

Notes:

1) There is less geological confidence associated with gold, which is due to the smaller data set plus the sporadic or "nugget" occurrence.

2) Based on the historical production of gold at Kansanshi, it is necessary to include it in the mineral reserves to allow effective mine planning, design and scheduling. However the reduced level of geological confidence should be acknowledged.

3) The mineral reserves are included in the mineral resources.

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 statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to future price of copper or gold, estimation of mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, and our goals and strategies. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions about the price of copper and gold, anticipated costs and expenditures and our ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

See our annual information form and our quarterly and annual management's discussion and analysis for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of the factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made herein, are qualified by this cautionary statement.