FQM.L Regulatory News (FQM)

1.

Name of the issuer

FIRST QUANTUM MINERALS LTD.

2.

State whether the notification relates to (i) a

transaction notified in accordance with DTR 3.1.2 R,

(ii) a disclosure made in accordance

LR 9.8.6R(1) or

(iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

2(i) above

3.

Name of person discharging managerial

responsibilities/director

MARTIN ROWLEY

4.

State whether notification relates to a person

connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

NOT APPLICABLE

5.

Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a nonbeneficial

interest 1

HOLDING

6.

Description of shares (including class), debentures or derivatives or financial instruments relating to shares

A. APRIL $80 PUT OPTIONS

B. APRIL $94 CALL OPTIONS

IN RESPECT OF COMMON SHARES OF NO PAR VALUE

7.

Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

JAEGER INVESTMENTS PTY LTD.

8.

State the nature of the transaction

MARKET PURCHASE AND SALE

9.

Number of shares, debentures or financial

instruments relating to shares acquired

A. 25,000

10.

Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

0.031%

11.

Number of shares, debentures or financial

instruments relating to shares disposed

B. 25,000

12.

Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

0.031%

13.

Price per share or value of transaction

A. CAD $1.35 PER SHARE

B. CAD $1.60 PER SHARE

14.

Date and place of transaction

23 MARCH 2010; TORONTO STOCK EXCHANGE

15.

Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

16.

Date issuer informed of transaction

237,001 SHARES; 0.3%

29 MARCH 2010

17.

Date of grant

18.

Period during which or date on which exercisable

19.

Total amount paid (if any) for grant of the option

20.

Description of shares or debentures involved (class and number)

21.

Exercise price (if fixed at time of grant) or

indication that price is to be fixed at the time of exercise

22.

Total number of shares or debentures over which options held following notification

23.

Any additional information

24.

Name of contact and telephone number for queries

D A STEVENS; 01403 273484 OR 07711 171534

Name of authorised official of issuer responsible for making notification

D. A. STEVENS

Date of notification ____30 MARCH 2010________________________________

(1)

An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2)

An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3)

An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4)

An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.