FQM.L Regulatory News (FQM)

8 Nov 2006 08:01

First Quantum Minerals Ld08 November 2006 NEWS RELEASE 06-22 November 8, 2006 www.first-quantum.com FIRST QUANTUM MINERALS UPDATES THE COPPER RESOURCE AND REPORTS RESULTS FROM A TECHNICAL REPORT ON THE FRONTIER COPPER PROJECT (All figures expressed in United States dollars) First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM",LSE Symbol "FQM") is pleased to announce the results of a technical report (the"Report"), dated October, 2006, for development of its 95% owned Frontier copperproject located in Haut Katanga Province, Democratic Republic of Congo ("DRC").The Report was compiled by Dan Ryan a project manager and engineer employed byFirst Quantum and contains the results of an independent engineering study ("Study") prepared by Intermet Engineering Pty Ltd. together with independentreports provided by Gayle Hanssen of Digital Mine Services, and Tony Cameron ofA & J Cameron and Associates Ltd. In addition, First Quantum is pleased topublish the results of an updated independent copper resource estimate completedat the Frontier project by Gayle Hanssen of Digital Mining Services, Harare,Zimbabwe. Economic Highlights The following results are on a 100% project basis, excluding debt financing. Copper Price ($/lb) 1.50 2.00 2.50 3.00Pre-tax IRR ( % ) 24 58 92 124Pre-tax NPV ( 10% ) ($M) 213 739 1,299 1,858Pre-tax NPV (12% ) ($M) 156 605 1,083 1,561Net cash flow after capital and before tax ($M) 957 2,365 3,862 5,360Payback period ( years ) 3.6 1.5