First Quantum Confirms Receipt of Written Confirmation of Of

[LesCrozes]

May 9, 2012
First Quantum Confirms Receipt of Written Confirmation of Offer for Electricity Tariff and Board Approval for Construction of the Sentinel Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2012) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today announced that it has received a written confirmation of an offer from Zambia Electricity Supply Corporation Limited ("Zesco"), for the connection and supply of power to the proposed Sentinel copper project in Zambia at a mutually-agreeable electricity tariff level. The Company's Board of Directors has accepted these commercial terms in principle and as a result, has formally approved the construction of the project.

"Electric power is particularly important to this project and we are very pleased to be starting full-scale development activities within the original timeframe at the beginning of the dry season for completion in late 2014. Sentinel is planned to be a substantial copper operation, with an expected annual production capacity of up to 300,000 tonnes of copper, and be a major contributor to the Zambian economy through the creation of more than 2,000 direct jobs for Zambians."

"Our very large investment demonstrates our long-term commitment to Zambia and its people," noted Philip Pascall, Chairman and CEO of First Quantum.

About the Sentinel Copper Project

The Sentinel copper project in Zambia is part of the Trident project that is located approximately 150 kilometres west of the Company's flagship Kansanshi mine. Its maiden mineral resource and reserve estimate was released in March 2012. An estimated measured and indicated resource of 1,027 million tonnes ("Mt") at 0.51% copper grade, containing 5.2 Mt of copper has been delineated, inclusive of an estimated recoverable proven and probable mineral reserve of 774 Mt at 0.50% copper grade, containing 3.9 Mt of copper. The life of mine strip ratio is anticipated to be 2.2:1 and the estimated mine life is in excess of 15 years. Large-scale mining licenses for the development of the Trident project, including the Sentinel project, were received from the Government of the Republic of Zambia in April 2011.

Project capital costs for Sentinel are estimated at US$1.7 billion.

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

G. Clive Newall, President