FQM.L Regulatory News (FQM)

13 Dec 2007 07:01

First Quantum Minerals Ld13 December 2007 NEWS RELEASE 07-16 December 12, 2007 www.first-quantum.com FIRST QUANTUM MINERALS DISCUSSES DRC BORDER CLOSURE First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM",LSE Symbol "FQM") announces receipt of a letter dated November 28, 2007, fromthe Governor of the Province of Katanga, Democratic Republic of Congo ("DRC"),the Honorable Moise Katumbi, ordering the closure of the DRC border to theexport of copper ores and exploration core samples by First Quantum from theLonshi mine to Zambia. Furthermore, First Quantum was advised not to shipcopper concentrate from its Frontier mine in the DRC to Zambia. Consequently theFrontier concentrate storage shed has filled up with product resulting in plantoperations having to be suspended on December 11. First Quantum has been working with the Governor's office to ensure that allissues raised are addressed. At the Lonshi mine the issues include;communicating details about the mining of the final remaining oxide ore and themine's various social programs. At the Frontier mine the issues include;improving the measurement procedures for concentrate movement on the DRC side ofthe border and communicating the export procedures already agreed to with therelevant DRC Government authorities to the Governor's office. Subsequently, the issues regarding concentrate movements from Frontier have beenresolved and the transportation of concentrate from the DRC to Zambian smelterfacilities will commence shortly. Furthermore, plant operations at Frontier areexpected to recommence in a few days after reduction of the concentratestockpile. The restart of Lonshi Mine ore shipments is awaiting finalauthorization from the DRC authorities. The mining operations at both the Frontier Mine and the Lonshi Mine havecontinued unaffected. Additional information will be published when available. 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 North American contact: Geoff Chater 8th Floor, 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8 Tel: (604) 688-6577 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: info@fqml.com United Kingdom contact: Clive Newall, President1st 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 The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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