NEWS RELEASE
First Quantum Announces Strong Third Quarter Production
September 17, 1998 Trading Symbol: FM
First Quantum is pleased to announce significant growth in third quarter mine production to August 31st, 1998 from the Bwana Mkubwa Copper Mine in Zambia and the Connemara Gold Mine in Zimbabwe. Relative to second quarter mine production, copper cathode and gold production increased 180% and 74% respectively, while surplus sulphuric acid production increased slightly.
Production Statistics 3rd Qtr Ending
August 31, 1998 2nd Qtr Ending
May 31, 1998
Bwana Mkubwa Copper Mine Copper Cathode 2,126 tonnes 760 tonnes
Surplus Sulphuric Acid 6,901 tonnes 6,670 tonnes
Connemara Gold Mine Gold 3,247 ounces 1,869 ounces
At the Bwana Mkubwa Copper Mine, copper cathode production has now reached full capacity of approximately 820 metric tonnes per month. All surplus sulphuric acid production is currently being sold to a major local copper company.
At the Connemara Gold Mine, significant advances in recovery techniques have resulted in substantial gold production increases during the third quarter. Further metallurgical refinements have been initiated and higher production levels are anticipated for the fourth quarter.
These third quarter production results clearly demonstrate First Quantum's capability of bringing the Bwana Mkubwa Copper Mine into production on schedule, on budget, and at anticipated production levels. Financial statements covering the third quarter ending August 31, 1998 will be released in mid October.
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