First Quantum Minerals Reports 2008 Copper Production of 334,400 Tonnes

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 7, 2009 -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (Toronto:FM.TO - News)(LSE:FQM.L - News) today reported copper production of 334,400 tonnes for 2008, a 48% increase over the 2007 level. Copper production in the fourth quarter of 2008 totaled 95,600 tonnes.

 

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                                   2008
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Operation           Fourth Quarter         Year
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                                 (tonnes)
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Kansanshi                   62,000      215,300
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Guelb Moghrein               8,200       33,100
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Frontier                    24,900       80,200
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Bwana Mkubwa                   500        5,800
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Total                       95,600      334,400
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Stockpiles of copper concentrate at December 31, 2008 totaled approximately 17,800 tonnes of copper in concentrate (Kansanshi 15,800 tonnes, Frontier 100 tonnes and Guelb Moghrein 1,900 tonnes), a decrease of over 10% or 2,100 tonnes from the September 30, 2008 level of 19,947 tonnes.

Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.

Further information will be published in the Company's fourth quarter and twelve months operating and financial results.

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
     (604) 688-6577 or Toll Free: 1-888-688-6577
     (604) 688-3818 (FAX)
     Email: sharon.loung@fqml.com
      
     First Quantum Minerals Ltd. - United Kingdom Contact
     Clive Newall
     President
     +44 140 327 3484
     +44 140 327 3494 (FAX)
     Email: clive.newall@fqml.com
     Website: http://www.first-quantum.com
      
     Hogarth Partnership Ltd.
     Simon Hockridge
     +44 (0) 20 7357 9477