First Quantum Finalizes Agreement With ZCCM Holdings Plc On The Acquisition Of The 7.5 Billion Pound Kansanshi Copper Deposit.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 16, 2002

First Quantum (TSE:FM.) (LSE:FQM) (OTC Bulletin Board:FQVLF) First Quantum Minerals Ltd. (TSE Symbol "FM", LSE Symbol "FQM") is pleased to announce the signing of an amended Definitive Purchase Agreement ("Agreement") with ZCCM Investment Holdings Plc ("ZIH") and the Government of the Republic of Zambia ("GRZ") in relation to the purchase of an 80% interest in the shares of Kansanshi Mining Plc formerly Cyprus Amax Kansanshi Plc, the Zambian company which owns the Kansanshi copper deposit. Zambian Consolidated Copper Mines ("ZCCM") holds the remaining 20% interest in Kansanshi.

Under the terms of the amended Agreement, First Quantum has paid ZIH US $2 million with a further payment of US $4 million due upon a positive development decision at Kansanshi. The payments to ZIH satisfy the original Definitive Purchase Agreement entered into by Cyprus Amax, ZHI and GRZ in January, 1997.

The Kansanshi deposit is one of the premier undeveloped copper deposits in the world. Kansanshi hosts an open pit minable resource of 267 million tonnes grading 1.28% copper containing 3.4 million tonnes (7.5 billion pounds) of copper. First Quantum has initiated a definitive bankable feasibility study ("Study") on the Kansanshi copper deposit. This Study will consider all aspects of the potential development of a new, large scale open pit mine at Kansanshi capable of producing in the range of 50,000 to 100,000 tonnes (110 million to 220 million pounds) of copper per year. The Study is progressing well and is planned to be completed by fourth quarter of 2002.

Philip Pascall, Chairman & CEO commented, "The development of Kansanshi and other low cost copper deposits will play an important role in the future of Zambia's copper industry. The construction of a long-lived, low-cost, open pit mine at Kansanshi will have a pronounced affect on the people of the Northwestern Province of Zambia and will serve as a catalyst for further development in the area. First Quantum will continue to be a leader in the exploration for new deposits in the Copperbelt, utilizing modern exploration techniques. We believe the potential of the Copperbelt remains largely untapped."

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

G. Clive Newall

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. First Quantum Minerals Ltd.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.