First Quantum Minerals Granted Interim Measures Orders in International Arbitration Regarding the Kolwezi Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/27/10 -- First Quantum Minerals Ltd. ('First Quantum' or the 'Company') (TSX: FM)(LSE: FQM) today announced that the International Chamber of Commerce Tribunal (the 'Tribunal') appointed to hear the international arbitration regarding the Kolwezi project has ruled on an interim measures application filed by First Quantum's subsidiary CMD, the IFC (International Finance Corporation) and the Industrial Development Corporation of South Africa ('IDC'), which was heard on October 12, 2010.

Specifically, the Tribunal ordered that the DRC and Gecamines cannot enforce directly or indirectly the March 10, 2010 decision of the DRC Court of Appeal which includes the US$12 billion damages judgment issued by the DRC Court of Appeal against KMT and CMD, maintaining the temporary Order issued on August 19, 2010. This ruling impacts the ongoing efforts by the DRC to enforce the Court judgment through the appointment of a Liquidator and means that the DRC cannot liquidate First Quantum's assets in the country in payment of the damages claim.

Reported statements suggesting the DRC has won the case or now has a right to transfer the Kolwezi assets are completely without foundation. The ICC Tribunal has made no rulings on the merits of the case and the hearing of the arbitration is not scheduled until early 2012. The Tribunal in fact concluded that CMD, IFC and IDC established prima facie that they have valid claims on the merits. Further, the Tribunal did not grant any orders with respect to the transfer of the Kolwezi tailings permit, which had already been transferred to a British Virgin Islands registered company in August 2010. The Tribunal has also directed the parties not to engage in a media campaign with respect to the arbitration. The Company intends to respect that Order and therefore will not comment further on the details of the decision.

Clive Newall, President of First Quantum said: 'The Tribunal's ruling on interim orders is a significant development for First Quantum because it upholds the previous decision that the US$12 billion damages judgment cannot be enforced by the DRC or Gecamines. Whilst we believe this is an important step forward, it is important to be clear that the merits of the arbitration itself will not be heard by the Tribunal for some time.

While we have provided this update to correct misinformed reports on the interim measures and to inform our shareholders, we do not intend to engage in a media debate in relation to the arbitration and hope representatives of the DRC will respect the Tribunal's order in this regard.'

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President

12g3-2b-82-4461

Listed in Standard and Poor's

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 Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.

Contacts:

First Quantum Minerals Ltd. - North American Contact

Sharon Loung

Director, Investor Relations

(647) 346-3934 or Toll Free: 1 (888) 688-6577

(604) 688-3818 (FAX)
sharon.loung@fqml.com


First Quantum Minerals Ltd. - United Kingdom Contact

Clive Newall

President

+44 140 327 3484

+44 140 327 3494 (FAX)
clive.newall@fqml.com
www.first-quantum.com


Hogarth Partnership Ltd. - United Kingdom Contact

Simon Hockridge

+44 (0) 20 7357 9477
shockridge@hogarthpr.co.uk


Maitland - United Kingdom Contact

Brian Cattell

+44 207 379 5151

+44 20 7379 6161 (FAX)
bcattell@maitland.co.uk


Maitland - United Kingdom Contact

James Devas

+44 207 379 5151

+44 20 7379 6161 (FAX)
jdevas@maitland.co.uk