First Quantum Minerals Ltd. provided the following update on its nickel assets in Australia, Finland and Zambia.

Highlights:

The Company's advanced nickel projects, Ravensthorpe and Kevitsa, are scheduled to be in commercial operation in 2011 and 2012, respectively. Together, these projects are expected to produce approximately 49,000 tonnes of nickel annually, which would place First Quantum among the top 10 nickel producers in the world.

Ravensthorpe project, Australia:

• The plant is performing well and ramping up as planned towards commercial operations before the end of 2011.
• First production of nickel contained in mixed hydroxide was achieved on October 4, 2011.
• Re-constructed plants consistently achieving design throughputs.
• Both Atmospheric Leach and Pressure Acid Leach plants have been successfully brought on line.
• A short video showing commissioning activities is available for viewing on www.first-quantum.com.

Kevitsa project, Finland:

• The project is over 90% complete and on schedule to begin pre- commissioning in December 2011.
• Commercial operation is expected to start in mid 2012.
• Approvals are being sought to increase the initial annual throughput capacity by 50% to 7.5 million tonnes.
• The ongoing extensive resource drill program continues to deliver encouraging results.

Enterprise target, Zambia:

• Eight rigs are currently on site in a focused drill program.
• To date, 140 holes for 49,750 metres have been completed to an average depth of about 350 metres, over an area of approximately 2.2 kilometres by 1 kilometre.
• Strong, thick intercepts of 2% to 3% nickel have been reported from the centre of the target; peripheral holes are generally thinner reporting intercepts of 0.5% to 1% nickel.
• An area covering 950 metres by 600 metres containing strong intercepts has been defined. This mineralized area is open to the south west.
• In anticipation of the establishment of a substantial nickel resource at Enterprise, the neighbouring Sentinel copper concentrator is being designed to incorporate a nickel concentrator facility with a capacity of between 40,000 and 70,000 tonnes of nickel per year.

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