FQM.L Regulatory News (FQM)

22 Jan 2008 18:05

First Quantum Minerals Ld22 January 2008 NEWS RELEASE 08-01 January 22, 2008 www.first-quantum.com FIRST QUANTUM MINERALS REPORTS 2007 COPPER PRODUCTION OF 226,693 TONNES 2008 COPPER PRODUCTION FORECAST TO RISE BY 37% TO 310,000 TONNES First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM",LSE Symbol "FQM") announced that 2007 copper production was 226,693 tonnes a 24%increase over 2006. Copper production in the fourth quarter of 2007 was arecord 72,746 tonnes. 2008 copper production is forecast to grow by a further37% to 310,000 tonnes. First Second Third Fourth Total Forecast Quarter Quarter Quarter Quarter 2007 2008Operation (tonnes) (tonnes) (tonnes) (tonnes) (tonnes) (tonnes) Kansanshi 35,400 36,253 41,159 51,012 163,824 181,000Guelb Moghrein 6,446 7,050 8,101 7,158 28,755 33,000Frontier - - - 8,712 8,712 84,000Bwana Mkubwa 4,557 6,676 8,305 5,864 25,402 12,000 Total 46,403 49,979 57,565 72,746 226,693 310,000 Note: Fourth quarter figures are unaudited and may be subject to finaladjustment. "We are very pleased with the fourth quarter 2007 production results. TheKansanshi mine continues to show quarterly production volume growth which isexpected to continue into 2008. The Frontier mine startup has performed in linewith expectations and production should continue to improve into 2008 as themine reaches steady state production levels. Overall we expect to seeapproximately 37% production growth in 2008 over 2007 levels." commented PhilipPascall, Chairman and CEO, First Quantum. Further information will be published in the Company's yearend operating andfinancial results. On Behalf of the Board of Directors 12g3-2b-82-4461of First Quantum Minerals Ltd. Listed in Standard and Poor'sG. Clive NewallPresident For further information visit our web site at www.first-quantum.com Contact: Clive Newall, President 1st Floor, Mill House Mill Bay Lane Horsham West Sussex RH12 1TQ United Kingdom Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: clive.newall@fqml.com. Or Harriet Pask or Sarah MacLeod Hogarth Partnership Ltd. Tel: +44 (0) 20 7357 9477 Certain information contained in this news release "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995 andforward-looking information under applicable Canadian securities legislation.Such forward-looking statements or information, including but not limited tothose with respect to the prices of gold, copper, cobalt and sulphuric acid,estimated future production, estimated costs of future production, the Company'shedging policy and permitting time lines, involve known and unknown risks,uncertainties, and other factors which may cause the actual results, performanceor achievements of the Company to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements or information. Such factors include, among others,the actual prices of copper, gold, cobalt and sulphuric acid, the factualresults of current exploration, development and mining activities, changes inproject parameters as plans continue to be evaluated, as well as those factorsdisclosed in the Company's documents filed from time to time with the Alberta,British Columbia, and Ontario Securities Commissions, the Autorite des marchesfinanciers in Quebec, the United States Securities and Exchange Commission andthe London Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange