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First Quantum Minerals Announces New Drill Results From Lufua Prospect
11/10/03
VANCOUVER, British Columbia, Nov 10, 2003 (BUSINESS WIRE) --
First Quantum Minerals Ltd. (TSX:FM) (LSE:FQM) is pleased to announce the results of a further 9 reverse circulation drill holes completed at its wholly owned Lufua prospect (Lufua), Haut Katanga Province, Democratic Republic of Congo (DRC). A total of 29 holes, (LURC 40-68) have been drilled since the current program began in July 2003, and drilling will continue through the remainder of the dry season, which ends in late November. Results will be announced for these holes in due course.
The location of the holes drilled to date, as well as for the 13 diamond holes announced previously, are shown on the accompanying maps (https://www2.cdn-news.com/database/fax/2000/FMMap10.pdf and https://www2.cdn-news.com/database/fax/2000/FMMap11.pdf) (www.first-quantum.com). Drilling difficulties resulted in some of the initial holes failing to reach planned depth. This situation was rectified from hole LURC 50 onwards.
--------------------------------------------------------------------Lufua Drill Intersections greater than 0.5%TCu-------------------------------------------------------------------- Azimuth/ Acid Inclin Hole Inter Total Soluble -ation Depth Ore From To -val Copper CopperHole (degrees) (metres) Type (metres)(metres)(metres) (%) (%)--------------------------------------------------------------------LURC 40 -90 102 oxide 16 35 19 1.25 0.81--------------------------------------------------------------------LURC41 225/-60 78 oxide 40 66 26 0.80 0.68 66 78 12 assays awaited Hole abandoned in mineralization--------------------------------------------------------------------LURC42 -90 104 oxide 23 104 81 1.79 1.34 Hole abandoned in mineralization--------------------------------------------------------------------LURC43 -90 101 No significant results--------------------------------------------------------------------LURC44 -90 107 oxide 64 97 33 1.90 1.62 Hole abandoned in mineralization--------------------------------------------------------------------LURC45 -90 134 oxide 48 107 59 1.98 1.56(Redrill of and oxide 119 134 15 0.51 0.37 LURC44) Hole abandoned in mineralization--------------------------------------------------------------------LURC46 225/-75 195 all 36 130 94 1.75 1.15 Including oxide 36 86 50 2.01 1.80 mixed 86 130 44 1.46 0.43--------------------------------------------------------------------LURC47 225/-60 144 oxide 10 21 11 0.71 0.66 and sul -phide 60 144 84 2.10 0.04 Hole abandoned in mineralization--------------------------------------------------------------------LURC48 225/-60 197 sul -phide 61 75 14 1.25 0.08 and sul -phide 116 197 81 1.00 0.02--------------------------------------------------------------------
Lufua is located within 2 km of the Zambian border, and the paved highway that parallels it, roughly equidistant between the city of Ndola (35 kilometres) and the Mopani Mines smelter at Mufulira (30 kilometres). It is also approximately 45 kilometres from First Quantum's Bwana Mkubwa SX/EW facility. The main railway from the Copperbelt in Zambia to Lubumbashi in the DRC passes within 5 km of the property.
Alan Stephens, Vice President of Exploration commented, 'These results confirm the significance of the Lufua mineralization, with impressive copper grades intersected over substantial widths starting from close to surface, and we anticipate continuing encouragement from our ongoing drill program. Our understanding of the controls to mineralization at Lufua will benefit us in our search for new deposits in the Copperbelt.'
Drilling at Lufua was carried out by SDS Drilling, a subsidiary of Boart Longyear Inc. First Quantum personnel, supervised the chain of custody from the drill site to the laboratory, and conducted all sampling. All samples were split and prepared to normal industry standards and assayed for total copper and ambient temperature acid soluble copper at Scientific Services (Pty.) Ltd in Capetown, South Africa. Appropriate standards, blanks and duplicates were employed. Alan J. Stephens, FIMMM, Vice President of Exploration for First Quantum, a geologist with more than 28 years of experience was responsible for the design and conduct of the program, and is the qualified person for the purposes of NI 43-101.
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 Sedar Profile #00006237
Certain of the information contained in this news release constitute 'forward-looking statements'within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the prices of gold, copper and sulphuric acid, estimated future production, 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. Such factors include, among others, the actual prices of copper, gold 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 British Columbia Securities Commission and the United States Securities and Exchange Commission.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: First Quantum Minerals Ltd.
First Quantum Minerals Ltd.Geoff Chater, 604-688-6577 or Toll Free: 888-688-6577Fax: 604-688-3818orBill Iversen, 604-688-6577 or Toll Free: 888-688-6577Fax: 604-688-3818Email: info@first-quantum.comWebsite: www.first-quantum.com