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Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: Robert Douglas who wrote (361)	10/4/2001 1:50:16 PM
From: Stephen O	Read Replies (1) \| Respond to of 2131

FIRST QUANTUM MINERALS LTD ("FM-T;FQVLF-0") - Increases Lonshi Resource To 295,000 Tonnes Of Copper First Quantum Minerals Ltd. is pleased to announce a 390% increase in the copper resource at its effective 85% owned Lonshi copper deposit. The open pit resource has grown from 60,000 tonnes (132 million pounds) to 295,000 tonnes (650 million pounds) of contained copper. Campaign open pit mining operations are currently underway at Lonshi and processing of Lonshi ore via blending with existing Bwana Mkubwa tailings is expected to begin in November, 2001. Based upon the substantial resource upgrade at Lonshi, an expansion of the SX/EW facilities at Bwana Mkubwa to a production capacity of 30,000 tonnes (66 million pounds) of LME grade copper cathode per year is being considered. Construction would take approximately twelve months to complete. Lonshi Resource - October 1, 2001 //st Category Tonnes Copper Grade Contained Copper Contained Copper (%) (tonnes) (pounds) Measured 2,391,716 6.73 160,915 355 million Indicated 2,739,767 4.89 133,975 295 million Total 5,131,483 5.75 294,890 650 million //et Mineralization at Lonshi is hosted within an average 15 metre thick package of weathered Roan clastics and distal units which outcrop on surface and dip to the east at 38 degrees. The deposit remains open along strike and to depth. An initial drill program established an oxide copper open pit resource of approximately one million tonnes grading 6% copper or 60,000 tonnes (130 million pounds) of contained copper. A second phase resource definition drilling program totaling 6,441 metres (including sterilization drilling) has been completed along a strike length of 800 metres and to an average depth of 65 metres. The resource is based upon the results of 5,747 metres of drilling in 138 drill holes (91 reverse circulation, 10 diamond core, 37 Aircore) utilizing a 2% copper cut-off grade. Metallurgical testing on Lonshi ores indicates that they are highly amenable to direct acid leaching and demonstrate a recovery rate of approximately 86%. The new resource estimate has been prepared and classified in accordance with the standards established under National Policy 43-101. Assay Procedures Assays were carried out at First Quantum Minerals' Bwana Mkubwa Mine Laboratory ("BMML") with appropriate quality control procedures. Composite samples were checked by Independent Metallurgical Laboratories ("IML") and Analabs in Perth, Australia where the sampling precision and accuracy between IML, Analabs and BMML results were determined to be excellent. Two diamond drill holes were drilled to twin reverse circulation drill holes in the second phase of drilling. Results from the first twin hole were as follows: //st Drill Hole ID Drill Hole Type Intercept Copper Grade Laboratory (metres) (%) BMCL43 Reverse Circulation 13.0 7.36 BMML LD4 Core 13.8 7.34 BMML LD4 Core 13.8 7.41 Alfred Knight //et Mike Parker, BSc Project Geologist at the Lonshi Project, with more than 16 years experience in the mining industry, is the Qualified Person responsible for the design and conduct of the work performed. Further updates on the Bwana Mkubwa expansion and the development of the Lonshi copper deposit will be announced in the near term. On Behalf of the Board of Directors of First Quantum Minerals Ltd. G. Clive Newall