PROVIDES MINERAL RESOURCE AND RESERVE ESTIMATES FOR ITS SENT

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ggaultie

Messages: 121

Inscription: Lun 7 Sep 2009 19:01

Message Lun 26 Mar 2012 08:23

PROVIDES MINERAL RESOURCE AND RESERVE ESTIMATES FOR ITS SENT

FIRST QUANTUM MINERALS PROVIDES MINERAL RESOURCE AND RESERVE ESTIMATES FOR ITS SENTINEL COPPER PROJECT, ZAMBIA

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today issued the mineral resource and reserve estimates for its Sentinel copper project in Zambia. The project is part of the Trident project that is located approximately 150 kilometres west of the Company's flagship Kansanshi mine.

Highlights:

· An estimated measured and indicated ("M&I") resource of 1,027 million tonnes ("Mt") @ 0.51% copper ("Cu"), using a 0.2% Cu cut-off, containing 5.2 Mt of Cu.

· An estimated recoverable proved and probable mineral reserve of 774 Mt @ 0.50% Cu, using a 0.2% Cu cut-off, containing 3.9 Mt of Cu.

· A strip ratio of 2.2:1.

· A mine life estimated to be in excess of 15 years with potential to increase with planned delineation drilling and future successful exploration.



"These independent third-party estimates confirm those of our exploration team and justify our plans to develop Sentinel into a state-of-the-art facility capable of producing up to 300,000 tonnes of copper in concentrate annually. Our strategy is to develop this facility over a two-year timeframe at the same time as a new copper smelter in Zambia that would process all of Sentinel's concentrate production, eliminating the need to export concentrate to offshore smelters."



"Altogether, we estimate Sentinel and the smelter project will require a capital investment of over US$2.4 billion, including an extensive infrastructure development program, and create approximately 2,400 direct jobs for Zambians."



"We plan to fully activate the development of Sentinel on conclusion of commercial negotiations that are currently underway," noted Mr. Philip Pascall, First Quantum's Chairman and CEO.



Qualified Persons

Sentinel's maiden mineral resource estimate has been developed and the data has been verified by G. White, BSc(Hons), FAusIMM, FGS - Principal Geologist, of CSA Global (UK) an independent consultant and a Qualified Person for the purpose of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101").



The mineral reserves have been developed and the data has been verified by independent consultants N. Journet of DumpSolver Pty Ltd and A. Cameron of AJ Cameron and Associates, both Qualified Persons for the purpose of NI 43-101.



The mineral resource and reserve estimates have been made in accordance with the standards specified in NI 43-101.



Mineral Resource

The mineral resource estimate utilized over 172,000 metres of diamond drill core in 514 holes completed since the purchase of the project in February 2010. The mineral resource is reported at a 0.2% Cu cut-off and grade was estimated using Ordinary Kriging and Uniform Conditioning into a block model within constraining mineralized wireframes based on a 0.15% Cu cut-off.
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ggaultie

Messages: 121

Inscription: Lun 7 Sep 2009 19:01

Message Lun 26 Mar 2012 08:25

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Table 1: Sentinel Copper Project - Mineral Resource Estimate



Sentinel Copper Project

Grade and Tonnage Tabulation as at 22 March 2012

Class
Material
Tonnage (Mt)
Cu (%)



Measured
Oxide
4.1
0.67

Mixed
20.7
0.51

Fresh
489.2
0.55



Indicated
Oxide
25.0
0.53

Mixed
22.8
0.43

Fresh
465.5
0.47

Total M&I
1027.3
0.51



Inferred
Mixed
2.9
0.38

Fresh
162.3
0.42

Total Inferred
165.6
0.42


Notes: The estimated mineral reserves are included in the mineral resources estimate.
Differences may occur due rounding errors.



Mineral Reserve

The initial mineral reserve estimate has been derived using the M&I mineral resource as defined in Table 1. The optimized final mine design has been developed using economic and operational parameters suited for large-scale open cut mining and processing operations in Zambia, and has considered a copper price of $3.00 per pound.



The mineral reserves contained within the final mine design is shown in Table 2.



Table 2: Sentinel Copper Project - Mineral Reserve Estimate



Sentinel Copper Project

Open Pit Reserves as at 22 March 2012

Class
Material
Tonnage (Mt)
Cu (%)



Proved
Mixed
20.6
0.48

Sulphide
455.2
0.53

Sub-total
475.8
0.52



Probable
Mixed
20.0
0.42

Sulphide
278.4
0.47

Sub-total
298.4
0.47

Reserve
Total
774.2
0.50


Notes: The mineral reserve shown in Table 2 is reported at a cut-off grade of 0.2 % Cu.

The total waste contained within the final mine profile is 1727Mt which results in an overall strip ratio of 2.2:1 (waste:ore).



Mine Life

The mine life is estimated to be in excess of 15 years. Future delineation drilling planned to target the inferred portion of the resource and future exploration at Sentinel have the potential to increase the mineral reserve and hence mine life.



Technical Disclosure

The mineral resource and mineral reserve estimates are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), as the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council as permitted by NI 43-101.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. There can be no assurance that those portions of mineral resources that are not mineral resources will ultimately be converted into mineral reserves.

John Gregory, an employee of the Company, is the Qualified Person under NI 43-101 who approved the scientific or technical information contained in this document and except as otherwise noted has verified the technical data disclosed in this document.



About the Trident Project

The Trident project includes the Sentinel copper deposit, the Enterprise nickel target and several other exploration prospects. It is located approximately 150 kilometres west of Solwezi in north-west Zambia and was obtained through the acquisition of Kiwara PLC in February 2010. 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 First Quantum the exclusive rights to carry out mining operations on the full area of interest at Trident for a period of 25 years.

Retourner vers About Kansanshi - First Quantum Minerals

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