First Quantum Minerals Reports Q1 2011 Production of 74,900 Tonnes of Copper and 49,100 Ounces of Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/19/11 -- First Quantum Minerals Ltd. ('First Quantum' or the 'Company') (TSX: FM)(LSE: 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.
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First Quarter
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Operation 2011 2010 2011 2010
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Copper Gold
(tonnes) (ounces)
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Kansanshi 64,800 53,583 30,600 24,272
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Guelb Moghrein 10,100 8,405 18,500 20,370
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Frontier - 20,786 - -
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Bwana Mkubwa - 2,288 - -
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Total 74,900 85,062 49,100 44,642
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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 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
Maitland - United Kingdom Contact
Brian Cattell/James Devas
44 207 379 5151
44 20 7379 6161 (FAX)
jdevas@maitland.co.uk / bcattell@maitland.co.uk