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Mer 4 Mai 2011 00:19
FIRST QUANTUM MINERALS HOLDS GROUNDBREAKING CEREMONY FOR TRI
TRIDENT PROJECT
CONFIRMS RECEIPT OF MINING LICENCES
(All figures expressed in US dollars, unless otherwise noted)
First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”, LSE Symbol “FQM”)
announced today that a groundbreaking ceremony for the Trident project in Kalumbila, Northwestern Province, Zambia,
was held on April 29, 2011. The ceremony was attended by Zambia’s President Rupiah Banda, traditional leaders led by
Senior Chief Musele, senior government officials and local residents.
In his speech, President Banda noted First Quantum’s growth in Zambia, its investment in several social projects, its
status as the country’s largest single taxpayer and the positive impact of the mining industry on the country’s economy.
President Banda also reiterated his government’s commitment to making Zambia a preferred destination for capital
investments by international investors.
In his remarks, First Quantum’s Chairman and CEO, Mr. Philip Pascall, reaffirmed the Company’s long-term commitment
to the Government and people of Zambia and the project’s positive impact to the country’s economy through the creation
of more than 2,000 direct jobs and by providing a catalyst for large-scale infrastructure development in the region.
Update on the Sentinel Deposit
The Company also confirmed that it has, through its wholly-owned subsidiary Kalumbila Minerals Limited, received the
relevant large scale mining licences for development of the Trident project from the Government of the Republic of
Zambia. The Trident project comprises the Sentinel copper deposit and the Enterprise and Intrepid targets. The licences
give First Quantum the exclusive rights to carry out mining operations on the full area of interest at Trident for a period of
25 years.
The receipt of the licences is a major step forward in First Quantum’s plans to develop the Sentinel deposit on which it has
conducted an extensive drill program since April 2010 and developed a comprehensive internal study.
To date, over 140,000 metres of drilling has been completed in more than 380 holes. The program is scheduled to
complete definition drilling of the main 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, some reasonable nickel and cobalt intercepts in recent and historical drilling make this area an attractive
target for further work.
Based on its internally-generated resource estimate, First Quantum is proceeding with the design of a project that could
produce annually 150,000 tonnes of copper initially then rising up to 300,000 tonnes of copper. Once the resource drilling
is complete, the production target may be increased further. First Quantum expects to have a National Instrument 43-101
compliant resource statement available 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 Sentinel deposit are conceptual in nature only. There has been insufficient exploration to define a NI-43-101
First Quantum Minerals Ltd. 11-10
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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.
About the Trident Project
The Trident project lies approximately 140 kilometres west of the town of Solwezi and 150 kilometres from the Company’s Kansanshi mine in Northern Zambia. It comprises the Sentinel copper deposit and the Enterprise and Intrepid targets. The project was acquired by First Quantum in January 2010 through the purchase of Kiwara PLC for approximately $279 million.
