First Quantum Minerals Reports Q1 2011 Production of 74,900 Tonnes of Copper and 49,100 Ounces of Gold
NEWS RELEASE 11-07 April 19, 2011 www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS Q1 2011 PRODUCTION OF 74,900 TONNES OF COPPER AND 49,100 OUNCES OF GOLD
First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”, LSE Symbol “FQM”) today reported Q1 2011 production of 74,900 tonnes of copper and 49,100 ounces of gold. Lower overall copper production, compared to Q1 2010, reflects the forced shutdown of operations at the Frontier mine in the Democratic Republic of Congo in August 2010.
| First Quarter | ||||
|---|---|---|---|---|
| Operation | 2011 | 2010 | 2011 | 2010 |
| Copper (tonnes) | Gold (ounces) | |||
| Kansanshi | 64,800 | 53,583 | 30,600 | 24,272 |
| Guelb Moghrein | 10,100 | 8,405 | 18,500 | 20,370 |
| Frontier | - | 20,786 | - | - |
| Bwana Mkubwa | - | 2,288 | - | - |
| Total | 74,900 | 85,062 | 49,100 | 44,642 |
Finished copper inventory at March 31, 2011 increased to approximately 40,100 tonnes of copper (Kansanshi 28,900 tonnes, Guelb Moghrein 11,100 tonnes, Frontier 100 tonnes (at dispatch port)), from the December 31, 2010 level of 37,000 tonnes.
Note: Production and stockpile numbers are preliminary and subject to final adjustment.
Further information will be published in the Company’s report on operating and financial results for the quarter which is scheduled for release during the week of May 09, 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 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 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.