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Gold/Mining/Energy : first quantum minerals FM on TSE -- Ignore unavailable to you. Want to Upgrade?

To: DRT who wrote (219)	2/21/1998 4:35:00 PM
From: Roberth	Respond to of 385

Current price targets using my TA are as follows: Resistance plateau 5.00 Temporary resistance 4.50 Max peak 5.25 Re-entry valley 4.10 Support plateau 3.70

To: DRT who wrote (219)	3/10/1998 2:17:00 PM
From: Lloyd McGregor	Read Replies (1) \| Respond to of 385

News release today, is this the start of the next run up for FM? First Quantum Minerals Ltd - Interests in two DRC tailings dumps being acquired First Quantum Minerals Ltd FM Shares issued 15576979 1998-03-09 close $4.2 Tuesday Mar 10 1998 Mr G. Clive Newall reports First Quantum has signed two agreements with La Generale des Carrieres et des Mines (Gecamines) for the re-treatment of four large copper/cobalt tailings dumps in the Democratic Republic of Congo. The agreements cover the Kingamiambo and Luilu tailings dumps in the famous Kolwezi district as well as the Shituru and Panda tailings dumps at Likasi. The government of the DRC has approved these agreements. FQM will acquire a 51% interest in the four dumps and Gecamines will retain 49%. FQM will finance the feasibility study and the development of the tailings projects which is repayable from 85% of net income. As described previously, the Luilu tailings dump is derived from the Luilu hydro-metallurgical plants which treat both oxide and sulphide copper-cobalt concentrates from Kamoto, Dima and Kolwezi concentrators. The tailings of the Kingamiambo sulphide come from the treatment of mixed ores at the Kolwezi concentrator, mined during the period of 1952 to 1976. The Shituru tailings come from the hydro-metallurgical plants that started production in 1930 and treat both oxide and sulphide copper-cobalt concentrates from a variety of sources. The Panda tailings were derived from the processing of relatively rich ores between the years 1921 and 1951. Historical data originating from Gecamines suggest that these tailings projects contain approximately: Luilu Tailings Dump - 15 million tonnes grading between 2 - 4% copper and 0.2 - 0.4% cobalt; Kingamiambo Tailings Dump - 17 million tonnes grading between 1 - 3% copper and 0.2 - 0.3% cobalt; and Shituru and Panda Dumps - contain a combined resource in excess of 20 million tonnes grading between 2 - 4% copper and 0.2 - 0-3% cobalt. Prior to these agreements being signed, FQM completed a 3,052 metre, 331 hole reverse circulation drilling program on the Kingamiambo and Luilu sites. Approximately 2,315 samples were collected by an independent contractor and are currently being analyzed. Check sampling, block modelling geostatistics, metallurgical testing, bulk density measurements and volume calculations for resource estimates are expected to be completed shortly. A drilling program at Shituru and Panda will start at the beginning of the dry season in May 1998. The success of the Bwana Mkubwa copper mine undergoing commissioning in Zambia illustrates the capacity of First Quantum to develop similar projects in the African copperbelt. The management of FQM and Gecamines considers these projects of utmost priority and looks forward to working together in bringing these projects into production as soon as possible. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com