First Quantum Mandates Key Players In Kansanshi Copper Project Financing.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 28, 2002

First Quantum Minerals Ltd. (OTCBB:FQVLF)(TSX:FM)(LSE:FQM) is pleased to announce the signing of a mandate and indicative term sheet with Standard Bank Group and WestLB AG as "Co-Lead Arrangers and Underwriters" for a limited recourse Export Credit and Commercial debt loan facility of a minimum of US $120 million ("The Loan Facility") for the development of the Kansanshi Copper Project ("Kansanshi") located near Solwezi in Zambia. Standard Bank and WestLB were mandated after a highly competitive bidding and selection process, which clearly indicated the willingness of the project finance banking community to be involved in the debt financing of Kansanshi.

It is intended that the loan facility be structured 50% as a commercial debt facility ("Commercial Facility") and 50% as an export credit facility ("Export Credit Facility") through the Export Credit Insurance Corporation of South Africa.

In addition to this mandate, First Quantum is in advanced discussions with the European Investment Bank (EIB), the financing institution of the European Union, who have expressed a strong interest in participating in financing of the Kansanshi project. The EIB has proposed several alternatives for their participation in Kansanshi which include providing tier one project financing pari passu with the Lead Arrangers; subordinate debt and quasi-equity project participation.

Furthermore, First Quantum has received expressions of interest from a number of multi-lateral development banks, national development banks, specialized equity funds and metal off takers who are willing to provide funding, subordinated to the Loan Facility for the development of the Kansanshi project.

"WestLB was a lender for First Quantum's original Bwana Mkubwa development almost 5 years ago. Their continued confidence in our group is particularly gratifying. We are very pleased to have the Standard Bank Group together with WestLB responsible for the financing of our Kansanshi Project, as they are committed long term investors with a mandate to foster development of projects in Sub-Sahara Africa. We view their participation as an overwhelming vote of confidence for the Kansanshi deposit and the country of Zambia. First Quantum is committed to maintaining the current momentum in bringing the Kansanshi Project into production in 2004. The confidence of these Banks is integral to achieving this timetable. In addition, the Zambian government and our partners, ZCCM, have been highly supportive, to date, in taking the necessary steps to enhance the project's economics."

"As well, we recently retained the Royal Bank of Canada Capital Markets investment division to lead a US $10 million equity issue which will be used for the ongoing development of the Kansanshi project. It is our strategy to provide maximum benefit from the Kansanshi project for existing shareholders by structuring a project finance package that minimizes dilution without compromising financial prudence. The team that has already been established will ensure that the least dilutive and most efficient financing structure will be put in place for both the construction of Kansanshi and its operation after commissioning." commented Philip Pascall, Chairman, First Quantum Minerals.

About the Kansanshi Project

The Kansanshi project is located approximately 15 kilometres north of Solwezi, in the Northwest Province of Zambia. First Quantum holds an 80% interest in the project with Zambian Consolidated Copper Mines ("ZCCM") holding the remaining 20% interest. Kansanshi hosts an independently calculated open pit mineral resource of 302 million tonnes grading 1.17% copper and 0.17 grams per tonne gold containing 3.5 million tonnes (7.8 billion pounds) copper and 1.6 million ounces of gold.

An independent engineering study, completed by GRD MinProc of Australia, envisions that the Kansanshi project will be developed in two phases. Phase One (years 1-11) will focus predominantly on shallow copper oxide and mixed ores. Annual production will average 94,000 tonnes (207 million pounds) of copper and 42,000 ounces of gold. Phase One cash costs have been estimated at $0.35 per pound of copper, net of gold credits. The mineable resource for Phase One is 73 million tonnes grading 1.74% copper and 0.27 gram per tonne gold contained within the global resource of 302 million tonnes grading 1.17% copper and 0.17 gram per tonne gold.

A Definitive Feasibility Study is scheduled to be completed in the fourth quarter of 2002, which will consider all aspects of the development of a new, large scale open pit mine at Kansanshi. First Quantum's objective is to develop an operation that recognizes the changing physical nature of the Kansanshi ore body with depth, and consequently minimize capital expenditures and maximize profitability.

About Standard Bank Group

Through an expanding international network the Standard Bank Group offers a range of specialist banking services and promotes trade, investment and business flows with an emerging market focus on a worldwide basis. The bank is a leading participant in trade finance and project finance with a strong mining capability based in London. Utilizing its strengths in Africa, North and South America, the Far East and Eastern Europe, the bank offers flexible pre and post export financing for commodities and capital goods. In addition, Standard Bank London trades in precious and base metals, provides a full range of Treasury products, and is active in mining finance and advisory services. The bank is involved in the sovereign debt market and in corporate debt trading on an international basis. The Banker magazine awarded "Bank of the Year 2002 - Africa" to the Standard Bank Group.

About WestLB AG

WestLB AG is a focused European wholesale bank operating on an international scale. With Group total assets of approximately C 405 billion, WestLB is Germanys 4th largest banking group. The bank offers a wide range of products tailored specifically to the needs of major corporate clients. WestLB has been recognized by Treasury Management International magazine as "Best Bank" in the Project Finance Category while Infrastructure Journal voted them "Arranger of the Year" in Europe, the Middle East and Africa.

About European Investment Bank ("EIB")

EIB's chief remit is the balanced development of the European Union ("EU"). On average, therefore, more than two thirds of EIB's individual loans help to finance a wide range of projects in regions lagging behind in their development or contending with structural problems. Since the 1960's, the EIB has been an active participant in the cooperation policies pursued by the EU in some 150 countries outside the EU, in particular in Africa in the framework of successive EU/ACP Lome Conventions and under the Cotonou Agreement which will enter into force in early 2003. The EIB is the leading non-sovereign AAA issuer worldwide. The EIB works in close cooperation with the banking sector, both with respect to its capital market operations and lending activity. In the Zambian mining sector, EIB has already signed a EUR 14 million, 6 year facility, for Bwana Mkubwa Mining Limited, First Quantum wholly owned Zambian subsidiary company.

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

G. Clive Newall, President

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.