First Quantum Minerals Provides Update on its 2009 Operating Plans, Outlook and Current Financial Position

VANCOUVER, BRITISH COLUMBIA -- Feb. 13, 2009 - (All figures expressed in US dollars)

First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM) (LSE: FQM) today provided an update on its 2009 operating plans, production and cost outlook and current financial position.

Following the sharp fall in commodity prices in the second half of 2008, First Quantum initiated a review of all parts of its business to identify prudent measures to protect the Company's core activities and financial resources, improve its operating cost profile through this period of low copper prices and emerge stronger when economic conditions improve. This update details the actions implemented and those planned to take effect during 2009. Also included are updates on the Company's current financial position, including the impact of provisional pricing and the extent of asset impairments and recent developments in Zambia and the Democratic Republic of Congo ("DRC").

Note: All figures in this update related to 2008 are preliminary and subject to final adjustment and audit.

Highlights in the 2009 operating plans include:

• Production expected to rise - copper up 10% to 380,000 tonnes and gold up over 100% to 240,000 ounces

The higher production follows the successful ramp-up at the Frontier mine (DRC), completion of capacity expansions at the Guelb Moghrein mine (Mauritania) and the Kansanshi mine (Zambia) and various other measures.

• Planned capital expenditure reduced to $190 million

The 2009 capital expenditure program is reduced to $190 million from approximately $430 million in 2008. The 2009 program will be limited to committed capital projects - the development of the Kolwezi copper-cobalt mine in the DRC, the expansion of Guelb Moghrein and a few smaller projects at Kansanshi. Each of these projects is expected to result in low-cost production when complete. Other projects, including a decision to proceed to full development of the Kevitsa project in Finland, have been deferred pending improvement in market conditions.

• Significant reduction in operating costs to a target of $0.80 per pound

Measures to achieve a target average C1 cost for the year of $0.80 have already been implemented and significant cost reductions, aided by declining input costs, are starting to be realized.

• Major reductions in exploration and overhead costs

The 2009 exploration budget has been reduced to $10 million from approximately $28 million in 2008. Senior management and the Board are making a personal contribution to the efforts to lower costs with a 20% cut in salaries and fees.

• Initiated a short-term hedging program, largely limited to the next six months, to protect against possible further falls in commodity prices

Defensive strategy of hedging up to 50% of targeted copper production for the six-month period ended July 31, 2009.

• Dividend policy to be reviewed

First Quantum has a long-term commitment to paying dividends. Following the finalization of the 2008 results, the Board will be reviewing the final payment for 2008 in light of the prevailing market conditions and outlook.

First Quantum's financial position remains sound:

• The Company's net cash stood at approximately $236 million at January 31, 2009
• The revolving credit facility of $250 million has been renewed

As reported on January 12, 2009, the Company's $250 million revolving loan facility with Standard Chartered Bank was renewed for a 12-month period.

• The steep decline in the copper price in Q4 2008 resulted in a negative provisional pricing adjustment to consolidated revenue of approximately $213 million in the quarter
• Review of carrying values of assets resulted in an impairment adjustment of approximately $296 million related to listed investments, based on current market prices, and inventories at the Bwana Lonshi division

There are no impairment adjustments against operating or development assets.

Progress being made on local issues in Zambia and DRC:

• The Zambian Government announced a number of amendments to the mining tax regime in its 2009 Budget

The Company is currently evaluating the effect of these amendments.

• The DRC Government has publicly stated their intention to complete the revisitation process by the end of February

Discussions between the Company and the Government are continuing.

"The global economic slowdown and the continuing weakness in financial markets have created a challenging environment for the entire resource industry," said First Quantum's Chairman and CEO, Philip Pascall. "For First Quantum, this has come at a time when we are able to benefit from low-cost projects either underway or recently completed and easily implement mine planning changes. These changes enhance the mines' ability to generate surplus cash even when copper prices are at current low levels. The positive effects of the benefits and the mine planning changes have already been seen in the operating performance over the last few months."

"While we believe the steps taken are sufficient to ensure the long-term integrity and success of the Company, we also recognize that the current operating and financial environment is uncertain and volatile. Further measures may be required in due course. We will continue to demonstrate the flexibility and discipline that have underpinned First Quantum's success to date," Mr. Pascall concluded.

FOURTH QUARTER 2008 ITEMS

Provisional pricing

In 2008, approximately half of First Quantum's copper production was sold in concentrate, and half as cathode.

Under the industry standard for the structure of copper sales agreements, virtually all of the First Quantum's concentrate sales and some of its cathode sales are provisionally priced based on the prevailing London Metal Exchange ("LME") cash price in the shipment month. The provisional prices paid are then finalized based on a contractually specified future month's average quoted LME official price. The sales that are subject to final pricing are often settled in a subsequent quarter.

As a significant portion of First Quantum's concentrate and cathode sales at any quarter end remain subject to final pricing, the quarter end forward price is a major determinant of recorded revenues and the average copper price for that period.

At September 30, 2008, 62,931 tonnes of copper were provisionally priced at $3.08 per pound ($6,797 per tonne). These amounts differ from those previously reported as approximately 16,000 tonnes of concentrate from Frontier were incorrectly classified as settled during Q3, but in fact remained provisionally priced at the time.

The average price of provisionally priced sales that were finalized during Q4 or were still provisionally priced at the end of Q4 averaged $1.55 per pound ($3,417 per tonne). The resulting total adjustment to the Q3 copper sales due to provisional pricing decreased consolidated revenues by approximately $213 million.

At December 31, 2008, 79,293 tonnes of copper were provisionally priced at $1.33 per pound ($2,932 per tonne) and subject to final pricing over the period January to June 2009.

Of the total year end provisionally priced tonnage, 58,268 tonnes have already been priced out and finalized at an average price of $1.54 per pound ($3,395 per tonne). The effect on the Company's Q1 2009 revenue to date is a favourable adjustment of approximately $27 million.

The average LME cash price for January 2009 was $1.46 per pound ($3,221 per tonne).

The official LME closing cash settlement price on February 12, 2009 was $1.52 per pound ($3,350 per tonne).

Impairment adjustments

Following the end of the 2008 year, the Company conducted a review of the carrying values of its assets.

The Company prepared cash flow forecasts for each operating mine and development project using price assumptions reflecting prevailing commodity prices and analysts' consensus forecasts, current life-of-mine plans and forecast operating cost profiles. The long-term price assumptions used were $1.75 per pound of copper, $7.32 per pound of nickel and $12.50 per pound of cobalt. No impairment was identified for any of the Company's mines or projects. In fact, sensitivity analysis indicated these projects are robust at lower commodity prices.

The review of carrying values for investments was based on current market prices for listed investments and other data for unlisted investments. For listed investments, an impairment writedown of approximately $254 million to reflect recent market trading prices was identified. This adjustment will be recorded in the financial statements partly as a transfer from comprehensive loss to net earnings and will not change the value of shareholders' equity from that otherwise reported.

Using a short-term copper price of $1.50 per pound, the Company reviewed current assets and identified a writedown to net realizable value in inventory of ore and stores and consumables at the Bwana Lonshi Division amounting to approximately $42 million. This anticipated adjustment will be recorded in net earnings in Q4 2008.

PRODUCTION AND CI COST OUTLOOK

Following the company-wide review conducted in Q4 2008, the operating plans at each mine have been adjusted, supply contracts renegotiated, supplier credit terms improved, working capital management tightened and some exploration and capital expenditure delayed and deferred. These changes are being supplemented by other measures to optimize costs rather than production. In addition, costs are benefiting from price reductions for key inputs, particularly diesel and sulphur which declined significantly in the fourth quarter.

Kansanshi

At the Kansanshi copper-gold mine in Zambia, the volume of material mined is being reduced by approximately 40% by increasing the cut-off grades for both oxide and sulphide ores. This has significantly reduced both mining and processing unit costs. The recently installed 35,000 tonne per year electrowinning tankhouse, the four million tonne per year concentrator expansion and the HPL facility are all giving Kansanshi considerable processing flexibility. As a result, Kansanshi's average C1 cost is expected to decline to approximately $0.80 per pound of copper in 2009 and copper production is expected to rise to 244,000 tonnes in 2009 from 215,300 tonnes in 2008. Gold production for 2009 is expected to total 140,000 ounces from 54,000 ounces in 2008.

Guelb Moghrein

At the Guelb Moghrein copper-gold mine in Mauritania, there has been a program to upgrade the primary mining fleet, and this will soon be complete. The new fleet will have fewer vehicles, be more fuel efficient and require less maintenance. Power is a significant cost element at Guelb Moghrein and the power expense is being reduced by greater use of heavy fuel oil ("HFO"). The project for introducing new and larger HFO power sets will start installation in the next few months. The new sets should be more reliable and by early 2010 will be using HFO only. In addition, with the new gold scavenger circuit now in operation, Guelb Moghrein is expected to increase its gold production significantly in 2009. The plant expansion to 3.8 million tonnes per year, which is expected to start commissioning in Q3 2009, will also result in economies of scale.

As a result of these changes, Guelb Moghrein's copper production is expected to rise to 38,000 tonnes from 33,100 tonnes in 2008 and gold recoveries are expected to increase to over 100,000 ounces in 2009 from 60,000 ounces in 2008. C1 costs are expected to decline significantly depending on the prevailing gold price and the operating efficiencies of the new gold circuit and plant expansion.

Frontier

The Frontier copper mine in the DRC completed a full year of successful operations and produced 80,200 tonnes of copper in concentrate in 2008. For 2009, production is targeted to rise to 98,000 tonnes.

Frontier's average C1 cost is expected to decline to approximately $0.90 cents per pound in 2009, mainly as a result of:

• Optimizing grade and tonnage to minimize mining operating cost;
• Efficiency improvements in the process plant;
• Greater use of local smelters, thus reducing realization charges; and
• Redeployment of personnel.

Management estimates that Frontier's C1 cost could fall further with increased availability of local smelting capacity on competitive terms. Capacity availability will be determined by the production levels of other Zambian mines.

EXPLORATION

After reviewing the group's exploration program, management has curtailed activities in 2009 to focus on brownfield expansion opportunities and the Kevitsa project in Finland. As a result, the budget for the 2009 program has been set at $10 million and reflects:

• Reductions in key input costs (such as drilling, assays and consumables) that have been negotiated with contractors;
• Existing exploration targets now focused on high grade / high value mineralization with near-term production potential; and
• Significant overhead reductions as a result of staff rationalization and redeployment. The three exploration groups in the Copperbelt are being centralized into one team based in Lubumbashi.

Zambian/DRC projects have been scaled back to the high priority targets in the Pedicle District of the DRC around Frontier and Lonshi. At Frontier, after recent success in drilling high grade sulphide mineralization immediately south of Frontier, exploration will be limited to developing these resources and the massive sulphide style targets recently defined in and around Kipushi.

In Mauritania, the Company now has its own RC drilling rig and sample preparation laboratory which boosts its exploration capability and lowers costs. Exploration is now focused on delineating encouraging targets already identified.

In Finland, development drilling continues to extend the Kevitsa ore system. An updated resource model will be ready in Q3 2009. A recent review of geophysics and geology at Kevitsa has established good potential for Cu-Ni-PGE massive sulphides and a drill rig is currently testing these targets.

While reducing overall exploration expenditure substantially, the Company is aware that some excellent opportunities are now becoming available. These will be carefully assessed against First Quantum's existing prospects as future value creating opportunities.

OTHER COSTS

The Company's cost structure is reducing in a number of areas, including a 20% reduction in senior management salaries and Board fees. Although modest in the context of the overall revenues and costs of the business, this demonstrates the personal commitment of the Board and management to ensure the strength and success of the Company.

FUNDING AND CAPITAL EXPENDITURE

Renewal of revolving loan facility

As reported on January 12, 2009, the Company's existing $250 million revolving loan facility with Standard Chartered Bank was renewed. The renewed facility matures in January 2010, bears interest at LIBOR plus 4.5% and is available for general corporate purposes. The loan is secured by a first ranking mortgage over investments owned by the Company.

Capital expenditure

The capital expenditure program for 2008 was approximately $430 million comprising $144 million for the development of the Kolwezi project, $100 million at Kansanshi, $55 million for the Company's mining division, $54 million at Guelb Moghrein, $55 million at Frontier, $8 million at Bwana Lonshi and $13 million at Kevitsa. In 2009, the program is expected to total approximately $190 million and will concentrate on committed capital projects - mainly the development of the Kolwezi project and the expansion of the Guelb Moghrein mine, which will both be lower cost producers when completed.

Details of the 2009 program are as follows:

• Planned capital expenditure at Kolwezi of approximately $84 million. When in production, Kolwezi's C1 costs are expected to be in the lower cost quartile. Commissioning is now expected to commence in Q3 2010. However, timing the completion of the project depends on the revisitation process, global economic conditions and availability of debt financing. Debt financing options are being considered for this project and will be pursued once the revisitation process is completed;
• Completion in Q4 2009 of the production capacity expansion at Guelb Moghrein at a cost of $60 million. The expanded operation is expected to maintain longer-term copper production at significantly lower C1 costs despite falling copper grades after 2009 due principally to the anticipated higher gold production levels;
• Construction of a diesel power station at Kansanshi has now been deferred as power supply in Zambia has improved significantly. The remaining capital projects at Kansanshi, all aimed at improving efficiency and cost reduction, have an estimated capital budget of $20 million;
• The decision to proceed with the development of the Kevitsa project in Finland has been deferred until later in 2009, and existing contracts for the supply of equipment have been renegotiated or cancelled. Drilling and geophysics carried out during 2008 and continuing in 2009 have shown that the project has considerably more upside potential than was previously thought and the resource is now being properly defined. Total capital planned for Kevitsa in 2009 is $5 million; and
• Sustaining capital and other minor capital projects at the various operations amounting to approximately $20 million.

Hedging program

The Board is confident that the reduced capital program described above is sustainable at current commodity prices given the cost saving measures initiated and falling input costs. However, the world economic outlook remains uncertain and volatile and commodity prices could materially deteriorate. The Company has therefore initiated the defensive strategy of hedging up to 50% of targeted copper production for the six-month period ended July 31, 2009 to protect this downside risk.

The Company has used a producer put and call option; zero premium cost strategy so that a floor price at the put option price is achieved and upside participation is capped at the call option strike level. The hedged price is between the put and call option strikes.

To date, 63,500 tonnes have been hedged for the months of February 2009 through July 2009 inclusive at an average put strike of $1.45 per pound ($3,190 per tonne) and an average call strike of $1.61 per pound ($3,547 per tonne).

The program will be reviewed on a rolling monthly basis throughout 2009 depending on market conditions.

ZAMBIAN MINING TAX REGIME AMENDMENTS

On January 30, 2009, the Minister of Finance of the Government of the Republic of Zambia ("GRZ") handed down the country's 2009 Budget. As expected, the budget contained amendments to the mining tax regime introduced in April 2008, including:

• Abolition of the windfall taxes;
• Increase in capital allowances back to 100%;
• Removal of hedging gains/losses quarantine; and
• Reduction in customs duty on heavy fuel oil.

These amendments are intended to take effect on April 1, 2009.

The Budget Statement did not alter various other tax changes introduced for the 2008 year which First Quantum maintains are in excess of those permitted under its Development Agreement and for which it has rights of recovery. The Company is currently evaluating the effect of the 2008 and 2009 amendments on its business and continues to be engaged in discussions with the GRZ.

THE DRC REVISITATION PROCESS

During 2007, the Government of the DRC announced a review of over 60 mining agreements entered into over the last decade with foreign companies. The Kolwezi mining convention was included in this review. First Quantum and its contributing partners in the Kolwezi project, the Industrial Development Corporation of South Africa and the International Finance Corporation, have obtained legal advice that the Kolwezi mining convention is valid and binding and that all terms have been complied with. The Kolwezi mining convention provides a dispute resolution mechanism through international arbitration.

Over the past months, First Quantum and its contributing partners attended several meetings with Gecamines (the state-owned mining agency of the DRC) and Government representatives on the review of the Kolwezi mining convention. No agreement has been reached to date but the Company is encouraged that the process appears to be nearing conclusion as according to recent media statements by Deputy Prime Minister, Emile Bongeli, it is intended that the talks with all mining companies will be completed "before the end of the month (February 2009)".

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to future price of copper or gold, 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 result s "may", "could", "would", "might" or "will" be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions about the price of copper and gold, anticipated costs and expenditures and our ability to achieve our goals. Although our management believes 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 different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

See our annual information form and our 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 we have 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 our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or 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 qualif ied by this cautionary statement.

CONTACT INFORMATION:

First Quantum Minerals Ltd. - North American Contact
Sharon Loung
(604) 688-6577 or Toll Free: 1-888-688-6577
Fax: (604) 688-3818
Email: sharon.loung@fqml.com

or

First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
Fax: +44 140 327 3494
Email: clive.newall@fqml.com
Website: www.first-quantum.com

or

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

or

Renmark Financial Communications Inc.
Henri Perron : hperron@renmarkfinancial.com
Christine Stewart : cstewart@renmarkfinancial.com
Montreal - Tel.: 514 939-3989 / Fax: 514 939-3717
Toronto - Tel.: 416 644-2020 / Fax: 416 644-2021
www.renmarkfinancial.com