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FIRST QUANTUM MINERALS LTD. ANNOUNCE ISSUANCE OF NEW FIRST

QUANTUM SHARES

VANCOUVER, BC - February 1, 2010 - First Quantum Minerals Ltd. (“First Quantum”, TSX Symbol “FM”, LSE Symbol “FQM”) today announced that following the successful completion of the acquisition of Kiwara PLC, an application was made on Friday January 29, 2010 to the London Stock Exchange plc for the New First Quantum Shares to be admitted to trading on the Official List. Furthermore, application has been made to the TSX for the New First Quantum Shares to be admitted to trading on the TSX. These shares will rank pari passu with First Quantum`s existing ordinary shares.  1,864,960 New First Quantum Shares will be admitted to trading on the Official List and the TSX at 8.00 a.m. local time on 1 February 2010.

Any capitalised term used but not defined in this announcement is as defined in the shareholder circular relating to the Scheme dated 18 December 2009 (the “Scheme Document”).

On Behalf of the Board of Directors OF First Quantum
                                                
G. Clive Newall
Executive Chairman
Listed in Standard and Poor’s

Forward Looking Information

This announcement is not intended to and does not constitute, or form part of, an offer or an invitation to purchase or sell any shares of either First Quantum or Kiwara or any other securities pursuant to the Scheme or otherwise. The offer to acquire the entire issued share capital of Kiwara by First Quantum (the “Offer) is made solely by the Scheme Document which contains the full terms and conditions of the Offer, including details of how the Offer may be accepted and the Scheme approved.

The availability of the Offer to persons not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. Persons who are not resident in the United Kingdom, or who are subject to the laws of any jurisdiction other than the United Kingdom, should inform themselves about and observe any applicable requirements. Further details in relation to overseas sharehol ders are set out in the Scheme Document.

This announcement has been prepared in accordance with English law, the AIM Rules and the JSE Listings Requirements and information disclosed may not be the same as that which would have been prepared in accordance with the law of jurisdictions outside England. The Offer is subject to the applicable rules and regulations of the Financial Services Authority, LSE, and the JSE.

This announcement and the information contained herein are not an offer of securities for sale in the United States.  Neither Kiwara nor First Quantum securities may be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither Kiwara nor First Quantum intend to register an offering of their respective securities in the United States or to conduct a public offering of any of their respective securities in the United States.

Neither Kiwara nor First Quantum’s securities have been or will be registered under the applicable securities laws of any state or jurisdiction of USA, Republic of Ireland and Japan and, subject to certain exceptions, may not be offered or sold within USA, Republic of Ireland and Japan or to or for the benefit of any national, resident or citizen of USA, Republic of Ireland and Japan.

Certain statements in this announcement may constitute “forward-looking statements”. Such forward-looking statements or information include but are not limited to statements or information with respect to the estimation of mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, and our goals and strategies.  Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget” , “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the beliefs and expectations of the First Quantum directors and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of First Quantum.  These and other factors could adversely affect the outcome and financial effects of the plans and events described herein.  As a result, you are cautioned not to place undue reliance on such forward-looking statements.  First Quantum, its advisors and its members, directors, officers and employees disclaim any obligation to update thei r view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law.  With respect to forward-looking statements and information contained herein, First Quantum has made numerous assumptions including among other things, assumptions about unanticipated costs and expenditures and our ability to achieve our goals.  Although their respective managements believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate.  Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially differ ent from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

See First Quantum’s annual information form and quarterly and annual management’s discussion and analysis for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information.  Although First Quantum has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended.  Also, many of the factors are beyond First Quantum’s control.  Accordingly, readers should not place undue reliance on forward-looking statements or information.  First Quantum undertake no obligation to reissue or update forward-looking statements o r information as a result of new information or events after the date hereof except as may be required by law.  All forward-looking statements and information made herein, are qualified by this cautionary statement.

Nothing in this announcement is intended, or is intended to be construed, as a forecast, projection or estimate of the future financial performance of First Quantum.

 

Contact

First Quantum Minerals Ltd.
North American contact:
Sharon Loung
8th Floor - 543 Granville Street
Vancouver, BC Canada   V6C 1X8
Tel.: (647) 346-3934 Fax: (604) 688-3818
Toll Free: 1 (888) 688-6577
E-Mail: sharon.loung@fqml.com
www.first-quantum.com

Or

United Kingdom contact:
Clive Newall, President
1st 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

Simon Hockridge
Hogarth Partnership Ltd.
Tel: +44 (0) 20 7357 9477

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