VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2011) -

(All figures expressed in US dollars, unless otherwise noted)

First Quantum Minerals Ltd. ("First Quantum" or the "Company") (News - Market indicators)(LSE:FQM) today announced its results for the three months ended March 31, 2011. The complete financial statements and management discussion and analysis are available for review at www.first-quantum.com and should be read in conjunction with this news release.

The Company's results are now being prepared in accordance with International Financial Reporting Standards ("IFRS"). The changes in accounting policies have been applied consistently to the comparative period unless otherwise noted. See "Regulatory disclosures" for further discussion.

FIRST QUARTER HIGHLIGHTS

Strong production, higher metal prices and lower unit cost

43% increase in gross profit despite the loss of production following the forced shut down of operations at the Frontier mine in the Democratic Republic of Congo ("RDC") on August 27, 2010. The increase in profitability was assisted by a 42% higher realized copper price and a 5% lower unit cost of production.

• 21% increase in copper production from the Kansanshi and Guelb Moghrein mines due to mining fleet and plant expansions.
• 10% increase in total gold production resulting from circuit improvements at both mines.

Development projects advancing on schedule

• Pre-commissioning activities at the Ravensthorpe project remain on schedule to commence in Q2 2011.
• Updated resource and reserve estimates for the Kevitsa project are significantly higher than estimates at the time of acquisition. The project remains on schedule to achieve commercial production in mid 2012.
• At the Trident project, mining licences were granted in April covering the entire Trident project and the Environmental Impact Assessment ("EIA") was submitted in January for the Sentinel deposit.
• Exploration activities continue at a high rate with over 35 drill rigs active on the Company's projects in Zambia, Mauritania, Peru and Finland.

Operational outlook for 2011 maintained

• Production of 300,000 tonnes of copper and 200,000 ounces of gold.
• Average C1 cost of $1.15 per pound of copper.
• Nickel production to commence with the commissioning of the Ravensthorpe project in the second half of 2011.

REVENUES

On conversion to IFRS, the Company now recognizes provisional pricing and derivative adjustments in cost of sales rather than in revenues.

Copper sales volumes decreased 13% year-over-year to 70,665 tonnes. The primary reason for the decrease was the forced shut down of operations at Frontier at the end of August 2010. In addition, lower sales of Guelb Moghrein's concentrate resulted from an increase in material produced which requires blending prior to final sale. Gold revenues increased by 24% over Q1 2010 to $53.7 million. The increase resulted from a higher realized gold price.

The Q1 2011 average realized copper price was significantly higher than Q1 2010 due to an increase in the average LME copper price. TC/RC and freight charges decreased in Q1 2011 due to the reduction in the proportion of copper in concentrate sold to copper cathode sold.

During Q1 2011, the metal marketing division had revenues of $25.4 million and finished goods inventory of $50.8 million related to external purchases and sales.

SEGMENTED OPERATING RESULTS

Kansanshi's total copper production increased 21% from Q1 2010 despite a challenging rain season. The improved performance was mainly due to mining fleet expansions and plant developments which resulted in significantly higher mine production and plant throughput.

Production from the sulphide circuit was higher than the prior year as a decrease in throughput was more than offset by ore grades and recoveries. Improvements to the sulphide circuit are ongoing but some downtime was experienced during the quarter as crusher circuit optimization work was conducted.

Another strong quarter was turned in by the mixed ore circuit as higher throughput and recoveries offset lower ore grades. The higher throughput was achieved from exceptional milling performance and minimal circuit downtime while recoveries benefitted from a favourable blend of sulphide and oxide ore processed.

Production from the oxide circuit increased year-over-year as a result of higher throughput and ore grades. This was partially offset by lower recoveries due to higher sulphide content in the material processed.

Gold production was up by 26% compared to Q1 2010. This was attributed to higher overall throughput and increased recoveries as a result of improvements to the gold circuit.

Kansanshi's cash unit cost of production (C1) decreased from Q1 2010 due to an increased gold credit which was partially offset by marginally higher processing costs. The cost of ore processed was lower than the comparative period, despite an increase in waste stripping, due to the recent mine fleet additions and improved pit maintenance during the rain season. Processing costs were impacted by increases in input costs offset partially by improved overall plant circuit performance.

Outlook for 2011

Mining production rates are expected to increase as new mining equipment is introduced during the year. This higher capacity will allow for additional ore production, waste stripping and mine cutbacks, providing greater operational flexibility. Optimization works on the sulphide circuit to derive the required throughput gains expected from the installation of secondary crushing capacity is ongoing.

Guelb Moghrein's copper production improved 20% from Q1 2010 due to the recent throughput and mine fleet expansions. Gold production decreased 9% due to lower gold grades which was offset partially by increased recovery and throughput.

Guelb Moghrein's average cash cost of production (C1) was significantly higher than Q1 2010 due to a lower gold credit and higher prices for diesel and fuel oil in Q1 2011. The gold credit was impacted by the increase in copper concentrate inventory held at March 31, 2011 which contains approximately 19,260 ounces of gold.

Guelb Moghrein's Q1 2011 gross profit decreased from the level in Q1 2010 due to the impact of lower copper and gold sales volumes. This resulted from the production of some concentrate which requires blending prior to sale.

Outlook for 2011

Optimization of the 3.8 million tonne per annum expansion will continue during 2011 with the focus on increasing throughput and metal recoveries. The blend of mine feed will be enhanced to ensure ore quality is within practical operational limits.

COSTS AND EXPENSES

General and administrative costs increased year-over-year due to elevated legal and other costs related to the RDC matters ($6.0 million) and a higher complement of employees to develop and manage the expanded pipeline of projects.

Exploration expenses in Q1 2011 include $14.3 million incurred at the Trident project in Zambia and exploration costs at the recently acquired Haquira project in Peru. See "Exploration" for further discussion.

Net finance costs decreased in Q1 2011 due to lower total debt balances outstanding as at March 31, 2011. On conversion to IFRS, the convertible bond interest costs are capitalized to the Kevitsa and Ravensthorpe projects resulting in significantly lower interest expense in comparison to the previously reported Canadian GAAP financial statements.

Income taxes are higher on increased profitability and a decrease in the proportionate earnings contribution from Guelb Moghrein, which is operating under a tax holiday until February 2012. Kansanshi's effective tax rate also increased from 30% in Q1 2010 to 43% in Q1 2011. See "Other items" for further discussion on Zambian taxes.

FINANCIAL POSITION AND LIQUIDITY

Operating cash flows before changes in working capital were consistent with Q1 2010 as the increase in earnings was partially offset by the cash realization of derivative liability positions outstanding from Q4 2010. Working capital movements during Q1 2011 resulted in an increase in cash of $162.6 million. This increase was largely due to a lower accounts receivable balance and a higher current taxes payable balance at March 31, 2011.

Cash outflows from financing activities include a $60.3 million payment against the Corporate revolving credit and term loan facility and a further reduction in short-term debt resulting from the timing of financing by the metal marketing division in Q1 2011.

The Company's continued development at Ravensthorpe and Kevitsa resulted in a cash outflow for investing activities of $126.6 million. Capital investments also continued at Kansanshi and Guelb Moghrein related to the mining fleet additions and plant expansions. Investing activities in Q1 2010 included the acquisitions of Ravensthorpe and Kiwara.

During Q1 2011, the Company signed a $250.0 million project loan secured over the assets and offtake agreements of the Kevitsa project. This loan was available to draw from May 6, 2011.

As at March 31, 2011, the Company had the following contractual obligations outstanding:

INVENTORY

Finished copper inventory increased by 3,368 tonnes to 40,121 tonnes as at March 31, 2011 with an average cost of approximately $1.42 per pound ($3,123 per tonne). This increase is due largely to a higher volume of Guelb Moghrein's concentrate which requires blending prior to sale. Approximately 16,500 tonnes of Kansanshi's copper in concentrate was in the process of being treated or stockpiled for treatment at the Mufulira smelter as at March 31, 2011. Included in the total finished goods inventory balance, but not in the table above, is 5,509 tonnes of third party material purchased for resale by the metal marketing division.

COMPREHENSIVE INCOME

In Q1 2011, the Company recognized other comprehensive income of $0.3 million related to the increase in fair value of its investment in Regulus Resources Inc., acquired as part of the Antares Minerals Inc. acquisition in 2010.

EQUITY

At the date of this report, the Company has 86,179,039 shares outstanding. In addition, the Company's outstanding bonds are convertible into 8,866,820 shares.

DEVELOPMENT ACTIVITIES

Ravensthorpe nickel project, Australia

Multi-discipline engineering and design for the Ravensthorpe process plant is complete with project efforts focused on expediting the balance of equipment deliveries and on-site works. Construction of the new plant elements is progressing on schedule for completion and commissioning commencement in Q2 2011. The environmental and project management approval processes continued with approvals outstanding for the new generating facility and recommencement of operations.

Re-commissioning of the existing plant continues with the first areas handed over to operations. Seawater was successfully pumped from the sea water inlet to the plant at the end of March 2011. Upgrade and modification work scheduling indicates that process plant areas will commence systematic pre–commissioning during Q2 2011, to be followed by approximately six months of plant commissioning and ramp-up.

The operations recruitment program is continuing and is on schedule. Ravensthorpe is expected to produce an average of 39,000 tonnes of nickel annually for the first five years after commencement of operations. The expected average annual production is 28,000 tonnes over the total life of mine of 32 years.

Kevitsa nickel/copper/PGE project, Finland

Detailed design activities have been completed for specific engineering disciplines and the balance of the remaining detailed design is expected to be completed during Q2 2011. Equipment is being delivered to site including the first deliveries of crushers, mills and flotation cells. Delivery of equipment will continue and increase during Q2 2011 as weather conditions improve. 

There are approximately 350 construction workers on site, which will gradually increase to a planned peak in excess of 400. Plant site earthworks are substantially complete, concrete work and structural steel work is well underway, and the mills installation has commenced. Construction of a number of infrastructure items is either completed or well advanced, including the access road, the incoming power line and switchyard and the water pipeline.

The significant increase in the Kevitsa ore reserve (See "Exploration" for discussion) means that at the currently planned processing rate of 5.0 million tonnes ("Mt") per annum, the mine life would be extended to over 30 years. Taken together with the potential for further resources to be recovered, the Company is currently scoping opportunities to scale up production to 7.5-10 Mt per annum. An EIA is in process with the view to applying for a revised environmental permit later in 2011. In addition, an application has been made to expand the current mining lease to accommodate further infrastructure that may be required.

Kevitsa has an initial annual production target of 10,000 tonnes of nickel and 20,000 tonnes of copper. Commercial production is targeted for mid 2012.

Trident project, Zambia

In April 2011, large scale mining licenses for the development of the Trident project were received from the Government of the Republic of Zambia. The licences give the Company the exclusive rights to carry out mining operations on the full area of interest at Trident for a period of 25 years. See "Exploration" for further discussion on the Company's exploration program at the Trident project.

Based on an internally-generated resource estimate, the Company is proceeding with the design of a project that will initially produce 150,000 tonnes of copper in concentrate annually then rising up to 300,000 tonnes of copper in concentrate. Once the resource drilling is complete, the production target may be increased further. A National Instrument 43-101 compliant resource statement for the Sentinel deposit is expected in mid 2011.

Subject to final permits, results of the on-going resource and mine studies and approval by the Company's Board of Directors, it is expected that the initial design and construction phases could commence during 2011 with commercial production in early 2014.

It should be noted that the potential quantities and grades and other technical parameters presented in this document in relation to the Trident project are conceptual in nature only. There has been insufficient exploration to define a NI-43-101 compliant resource and it is uncertain whether further exploration will result in the Sentinel deposit being delineated as a mineral resource and whether the Sentinel deposit will be developed into a mine.

Kansanshi copper/gold operation, Zambia

Kansanshi has commenced phase one of a two phase project which has the intention of expanding the annual copper production capacity from the current 250,000 tonnes to 400,000 tonnes of copper by 2015. Phase one is expected to increase annual production capacity to approximately 285,000 tonnes. It is focused on expanding the annual treatment capacity of the oxide circuit by about 20% to 8.5 Mt and building in flexibility to allow for the mixed and sulphide circuits to be switched as needed to suit mining activity. The expansion will include the use of relocated equipment from the recently closed Bwana Mkubwa copper SX/EW plant as well as new installations. This phase of the expansion project is scheduled for completion during Q4 2011.

Construction of phase two is expected to start in the second half of 2012 with commissioning targeted for the first half of 2014. This phase of the expansion will focus on the construction of a new concentrator with a planned annual throughput of 25 Mt of ore. As a result, Kansanshi's total annual production capacity is expected to increase to approximately 400,000 tonnes of copper. The capital budget for phase two is projected to be in the range of approximately $350 million.

Potential copper smelter, Zambia

Currently, Kansanshi's concentrate production is treated at smelters in Zambia, but from time to time, due to limited capacity, copper concentrate is sold to third parties for export sale. Due to the substantial increase in production expected from the Kansanshi mine together with anticipated new production in Zambia including from the Sentinel deposit, an evaluation is currently underway to determine the economics and options for building and operating a copper smelter near Kansanshi. This evaluation is expected to be completed in the second half of 2011.

Exploration

Exploration activities continued at a high rate during Q1 2011 with ongoing drill programs in Zambia, Finland, Peru and Mauritania.

Trident

Up to sixteen core drills are active on the Trident project which comprises the Sentinel copper deposit and the Enterprise and Intrepid targets. Over 140,000 metres of drilling has been completed in more than 380 holes on Sentinel since the Company commenced work in April 2010. A broad grid of 200 x 200 metre spaced holes is currently being in-filled to 200 x 100 metres which should provide necessary confidence for resource classification and reserve definition of the core of the deposit. Strong results at the western end of the property will move the focus westwards and may provide an attractive area of near surface resources for commencement of mining. Drilling is scheduled to complete definition of the main Sentinel copper resource in May 2011 and resource modeling and optimization studies are planned for Q3 2011. Drilling emphasis will then move to the eastern end of the deposit where, despite lower and more variable copper grades, nickel and cobalt intercepts in recent and historical drilling make this area an attractive target for further work.

Five drills have continued testing the Enterprise nickel prospect twelve kilometres to the northwest of Sentinel. Forty-five core holes have now been completed on a series of sections over approximately 1,100 metres of strike. Mineralization has been intercepted on most sections and some impressive intercepts of width and grade appear to relate to strongly altered zones around intersections of faults and carbonaceous stratigraphy. Establishing continuity of the high grade zones in this unusual hydrothermal nickel system will require a substantial amount of detailed drilling. Drilling has also recently commenced on other regional targets to the northeast of Sentinel.

Kevitsa

On March 30, 2011, the Company issued updated resource and reserve estimates for the Kevitsa project. In summary the highlights include;

• 46% increase in measured and indicated resource ("M&I") to 240 Mt at 0.30% nickel and 0.41% copper in measured and indicated categories plus an additional 35 Mt at 0.29% nickel and 0.36% copper in the inferred category
• 50% increase in mine reserve to 160.6 Mt by utilizing the updated M&I resource and the modified mine design results in a strip ratio of 3.0:1

Much of this additional resource is relatively near surface and represents an increase of 143% over the 66 Mt reserve at the time of acquisition. Recent drilling of conductive targets at depth around Kevitsa has returned network sulphide intercepts towards the lower contact of host pyroxenite unit. This supports potential for high grade sulphide accumulations within the intrusion. Further holes are now in progress to test additional geophysical targets along the basal contact zone.

Regional exploration in the area north of Kevitsa is returning encouraging results. Twenty-two geophysical targets have been tested by base of till drilling in 2,400 shallow holes. Several Cu-Ni-PGE anomalies coincident with magnetic features are highlighted. Three targets are currently being tested by diamond core drilling with seven holes completed. Disseminated and net textured magmatic Cu-Ni sulphides have been reported in several holes.

Haquira

The Company commenced integration of the Haquira exploration project in Peru after the acquisition of Antares Minerals Inc. was completed in December 2010. Haquira is one of the world's major undeveloped copper deposits with excellent potential for the development of a large-scale copper mine. Haquira has reported measured and indicated resources of 3.7 Mt of contained copper equivalent and inferred resources of 2.4 Mt of contained copper equivalent.

Infill and extension drilling on the main Haquira prospect commenced in Q1 2011 with two to four rigs active during the period. A major geology campaign including detailed mapping, re-logging, structural and mineralogical analysis is underway. Results of this program will be used to generate a new geological model for the current deposit as well as develop a robust exploration model for the considerable exploration potential highlighted on the property and further afield. Detailed airborne magnetic and electro-magnetic surveys are planned for the Q2 2011 and preparations are underway for expansion of the drilling capacity in mid 2011. A budget of over $30 million has been allocated to the drill programs. An updated reserve and resource estimate and the environmental impact assessment are expected in mid 2012 when detailed project design will commence.

Kansanshi

A major program of resource development and exploration drilling is underway at Kansanshi. The program will include 140,000 metres of core drilling focused on extensions of the current Kansanshi resource around the Main Pit and Northwest Pit as well as resource definition on the Southeast Dome prospect and a series of systematic regional drill traverses over the entire Kansanshi Dome (approximately 10 x 6 kilometres). Fourteen drill rigs are expected to be on site by the end of Q2 2011, evenly split between the resource development and near mine exploration programs. Current exploration drilling on the Southeast Dome prospect continues to return consistent results and resource modeling will be undertaken in Q2 2011. An updated reserve and resources estimate incorporating results from the overall program is expected to be released in 2012.

Guelb Moghrein

Up to three exploration drill rigs have been active in Mauritania testing near mine and regional targets. Several extensive but low grade intercepts have been recorded in core holes near Guelb Moghrein and appear to represent an anomalous halo to the main mineral system. Drilling has also been testing large geochemical targets recently defined through regional broad scale soil sampling.

OTHER ITEMS

RDC – Disputes

The Company has reported extensively through press releases and prior MD&A's on its disputes with the RDC government. As reported, the illegal actions taken by the RDC government have resulted in the cessation of construction of the Company's Kolwezi project in September 2009, the suspension of operations at the Frontier mine in August 2010, and suspension of all of the Company's exploration activities in the RDC, including the Lonshi underground mine.

The Company believes there is no legal basis for the cancellation of the Kolwezi project and that the Company's subsidiary, Congo Mineral Developments Limited ("CMD"), and the Kolwezi project's other contributing partners, the Industrial Development Corporation of South Africa ("IDC") and the International Finance Corporation ("IFC"), continue to have a valid and binding contract with the RDC and Gécamines (a state-owned mining agency). However, in 2010, following the developments and actions against the Kolwezi project, the Company fully impaired the Kolwezi net assets. CMD, the IDC and IFC commenced international arbitration on February 1, 2010 at the International Chamber of Commerce (ICC) in Paris. A Tribunal has been appointed and a final decision is expected in the latter part of 2012.

As a consequence of local RDC legal proceedings the Company received official notification of a RDC Court of Appeal judgment on April 7, 2010 confirming a March 10, 2010 award of US$12 billion in damages against CMD and Kingamyambo Musonoi Tailings SARL ("KMT"). The Company believes this judgment has no legal basis and is without merit. As part of an interim measures award granted by the ICC arbitration tribunal, the RDC and Gécamines cannot enforce directly or indirectly the March 10, 2010 decision of the Court of Appeal, including the US$12 billion damages judgment. In addition, the judgment would not be enforceable against the Company outside of the RDC.

On August 27, 2010, the Company announced the suspension of operations at the Frontier mine. This suspension followed the withdrawal of Frontier's exploitation permit by the RDC government and a demand that Frontier stop all mining and exports and leave the mining title areas. In addition, all further exploration activities at the Company's Lonshi mine were stopped at the demand of the RDC government. In 2010, as a result of these actions, the Company fully impaired the Frontier and Lonshi net assets. 

On October 1, 2010, the Company commenced international arbitration in respect of Frontier and Lonshi under the facilities of the International Centre for Settlement of Investment Disputes ("ICSID") in Washington D.C., United States of America. The timing of any decision and award in the arbitration proceedings is not known at this time, but could take years.

The Company will continue to pursue all available avenues to recover the value of its RDC assets, including through international arbitration. The timing of any judgments, or negotiated or arbitrated settlements is not known at this time.

Sodimico

The state-owned mining agency, Société de Développement Industriel et Minier du Congo ("Sodimico") obtained a judgment against Compagnie Miniere De Sakania SPRL ("Comisa") and the Company on March 12, 2010 from the Tribunal de Commerce of Lubumbashi and the Company was notified of the judgment on April 5, 2010. The judgment orders Comisa and the Company to pay to Sodimico $17.3 million for the value of studies made by Sodimico over the perimeters of titles held by Comisa and a further $40.0 million as additional unknown damages. The court found, based on documents provided by Sodimico, that Comisa acquired the rights over the Lonshi deposits "at the operation stage" and "therefore there is no doubt that it must have used the results of the geological and mining studies made by Sodimico". Comisa filed an appeal of the judgment, which, after several delays, is set to be heard on July 15, 2011. The Company believes that Sodimico cannot enforce payment of the judgment amount against Comisa, and therefore no liability has been recorded as at March 31, 2011.

Zambian taxation

The Government of the Republic of Zambia ("GRZ") announced in January 2008 a number of proposed changes to the tax regime in the country in relation to mining companies. These changes included a windfall tax on copper sales revenue; a variable profit tax; a concentrate export levy of 15%; an increase in the royalty rate to 3%; an increase in the income tax rate to 30%; and other changes including changes in the timing of deductibility of capital allowances and streaming of hedging losses and gains. These changes were passed by Parliament in March 2008 and the majority of changes took effect from April 1, 2008. 

Under the President elected in October 2008, the GRZ reviewed these tax changes and proposed that the windfall tax be removed, the deductibility of capital allowances be reinstated to 100% in the period of expenditure and to allow hedging income be part of mining income for tax purposes. These changes were passed by Parliament in March 2009 and the majority of changes took effect from April 1, 2009. These enacted changes were not retroactive to April 1, 2008. 

The Company, through its Zambian subsidiaries, is party to Development Agreements with GRZ for its existing operations which provide an express right to full and fair compensation for any loss, damages or costs (including interest) incurred by the Company by reason of the government's failure to comply with the tax stability guarantees set out in the Development Agreements, and rights of international arbitration in the event of any dispute. Based on legal advice on its rights under the Development Agreements, the Company recorded a receivable from the GRZ for an amount it regarded as reasonable expected ultimate repayment of taxes in excess of that permitted under the Development Agreements. However, in November 2010, the GRZ required payment of all back taxes outstanding pursuant to the 2008 and 2009 legislation. The Company's Zambian subsidiaries have agreed to pay the back taxes by June 2011 as required, without prejudice. Given the changes in circumstances, the receivable was assessed for impairment at December 31, 2010. In 2010, the Company recorded an impairment of the entire receivable amount of $299.0 million, of which $59.8 million was attributable to the non-controlling interest. 

Until resolved differently with the GRZ, the Company is recognizing taxes in excess of the Development Agreement as a tax expense with no associated receivable, resulting in an effective tax rate of approximately 43%.

On April 14, 2011 Kansanshi made a payment of $125.0 million, which included $80.0 million in taxes that were not due under the Development Agreement.

Hedging program

As at March 31, 2011, the following derivative positions were outstanding:

a) Provisional pricing and derivative contracts

A portion of the Company's metal sales are sold on a provisional pricing basis and are subject to adjustment as a result of changes in market prices subsequent to the recognition of sales revenues. In order to mitigate the impact of these adjustments on net income, the Company enters into derivative contracts to directly offset the pricing exposure on the provisionally priced contracts. The provisional pricing gains or losses and offsetting derivative gains or losses are both recognized as a component of cost of sales. Derivative assets are presented in other assets and derivative liabilities are presented in other liabilities with the exception of copper and gold embedded derivatives which are included with accounts receivable.

As at March 31, 2011, substantially all of the company's metal sales contracts subject to pricing adjustments were hedged by offsetting derivative contracts.

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

G. Clive Newall, President

12g3-2b-82-4461

Listed in Standard and Poor's

Forward-Looking Statements

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 US and Canadian securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the future price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, estimated future production, estimation of mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, the Company's hedging policy, 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.

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, gold, nickel, PGE, cobalt and sulphuric acid, 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 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 qualified by this cautionary statement.