FQM.L Regulatory News (FQM)

(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.

1.

Name of the issuer

2.

State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1) (a); or (ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or (iii) both (i) and (ii)

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

SEE SCHEDULE ATTACHED

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 OF NO 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

SEE SCHEDULE ATTACHED

GRANT OF PERFORMANCE STOCK UNITS AND RESTRICTED STOCK UNITS PURSUANT TO THE COMPANY'S LONG TERM INCENTIVE PLAN.

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)

SEE SCHEDULE ATTACHED

SEE SCHEDULE ATTACHED

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)

N/A

N/A

13.

Price per share or value of transaction

14.

Date and place of transaction

N/A

JULY 1, 2008

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

SEE SCHEDULE ATTACHED

JULY 3, 2008

17.

Date of grant

18.

Period during which or date on which exercisable

N/A

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

N/A

CHRISTOPHER LEMON, GENERAL COUNSEL AND

CORPORATE SECRETARY (604) 688-6577

Name of authorised official of issuer responsible for making notification

CHRISTOPHER LEMON, GENERAL COUNSEL AND CORPORATE SECRETARY

Date of notification ___________JULY 3, 2008___________