first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

0.0%

Jan 8 3:00 PM EDT

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To: Stephen O who wrote (349)	8/27/2003 12:59:47 PM
From: Stephen O	Read Replies (1) of 385

First Quantum Minerals Ltd. (TSX Symbol "FM", LSE Symbol "FQM") is pleased to announce that its 100% owned Bwana Mkubwa SX/EW facility produced 2,656 tonnes of LME Grade "A" copper cathode in July. It is forecast that monthly design output of 2,500 tonnes (30,000 tonnes per year) of LME Grade "A" copper cathode will be achieved on an ongoing basis. "Achieving expanded design output of 2,500 tonnes of cathode copper is an important milestone in the history of Bwana Mkubwa. Established in 1998 as a facility to treat copper tailings, Bwana Mkubwa has been redesigned and expanded to treat conventional oxide ores from our Lonshi mining operation in the DRC. With Lonshi's high-grade copper reserves as feedstock, Bwana Mkubwa's future as a low cost producer is secure. Utilizing Lonshi reserves alone means that the expanded facility has at least a seven year life at these production levels. The facility is also now capable of treating most oxide ore types that exist within the Copperbelt. This capability offers First Quantum the opportunity to pursue additional sources of oxide feed both through acquisition and exploration with the goal of expanding copper production further at Bwana Mkubwa. We believe that the future of the Copperbelt is dependent upon fresh capital investment in the discovery and development of new copper deposits. First Quantum is at the forefront of this renaissance through its investments in Bwana Mkubwa, the Kansanshi project near Solwezi and the Lonshi mine in the DRC." commented Philip Pascall, Chairman and CEO of First Quantum. 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" Sedar Profile #00006237 G. Clive Newall

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