FQM.L Regulatory News (FQM)

1.

Name of the issuer

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).

FIRST QUANTUM MINERALS LTD

2 (i)

3.

Name of person discharging managerial

responsibilities/director

4.

State whether notification relates to a person

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

MARTIN ROWLEY

N/A

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

6.

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

HOLDING

COMMON SHARES WITHOUT PAR VALUE

7.

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

8.

State the nature of the transaction

JAEGER INVESTMENTS PTY LTD., NOMINEE COMPANY OF MARTIN ROWLEY

DISPOSITION OF SHARES ON PUBLIC MARKET

9.

Number of shares, debentures or financial

instruments relating to shares acquired

10.

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

11.

Number of shares, debentures or financial

instruments relating to shares disposed

12.

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

100,000 SHARES

0.14%

13.

Price per share or value of transaction

14.

Date and place of transaction

PRICES RANGING BETWEEN CDN$17.00 AND $18.27

TRANSACTIONS DURING THE PERIOD NOVEMBER 24 - 26, 2008 ON THE 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

THROUGH JAEGER INVESTMENTS PTY LTD. - 250,000 SHARES (0.36%)

DECEMBER 1, 2008

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

NONE

CANADA - CHRISTOPHER LEMON OR TIANA JOHNSON - TEL + 604 688 6577

UK - DAVID STEVENS - TEL 01403 273484

Name of authorised official of issuer responsible for making notification

CHRISTOPHER LEMON, GENERAL COUNSEL AND CORPORATE SECRETARY

Date of notification __________DECEMBER 1, 2008 _________________________________

(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.