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Press release from Marketwire

First Quantum Minerals Reports Sale of Its Shareholding in Equinox

Tuesday, November 09, 2010

First Quantum Minerals Reports Sale of Its Shareholding in Equinox09:55 EST Tuesday, November 09, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2010) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESFirst Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today reported that it has sold its non-core shareholding of 114,132,300 common shares in Equinox Minerals Limited. The Company intends to deploy the net proceeds from the transaction of approximately C$653 million into the advancement of its diversified pipeline of growth projects. First Quantum currently has three significant development projects underway - the Ravensthorpe nickel project in Australia, scheduled for commissioning in 2011; the Kevitsa nickel-copper-PGE project in Finland, scheduled for commissioning in 2012; and the Sentinel deposit in Zambia, which is being advanced towards a development decision. First Quantum also has a definitive agreement to acquire Antares Minerals Inc., owner of the Haquira deposit in Peru, one of the world's major undeveloped copper deposits which is scheduled to complete in early December 2010.On Behalf of the Board of Directors of First Quantum Minerals Ltd. G. Clive Newall, President12g3-2b-82-4461Listed in Standard and Poor'sCertain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated timing and amounts of future production, including the ability to complete the acquisition of Antares Minerals Inc., estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.FOR FURTHER INFORMATION PLEASE CONTACT: Sharon LoungFirst Quantum Minerals Ltd. - North American ContactDirector, Investor Relations(647) 346-3934 or Toll Free: 1 (888) 688-6577(604) 688-3818 (FAX)sharon.loung@fqml.comORClive NewallFirst Quantum Minerals Ltd. - United Kingdom ContactPresident+44 140 327 3484+44 140 327 3494 (FAX)clive.newall@fqml.comwww.first-quantum.comORBrian CattellMaitland - United Kingdom Contact+44 207 379 5151+44 20 7379 6161 (FAX) DevasMaitland - United Kingdom Contact+44 207 379 5151+44 20 7379 6161 (FAX)