First Quantum Minerals Announces Resource At Lufua Project; One Million Tonnes of Contained Copper.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 31, 2004

First Quantum Minerals Ltd. (OTCBB:FQVLF) (TSX:FM) (LSE:FQM) is pleased to announce the results of an independent copper-cobalt resource estimate completed at its wholly owned Lufua prospect (Lufua), Haut Katanga Province, Democratic Republic of Congo (DRC) (see attached map: http://www2.cdn-news.com/database/fax/2000/0531fm1.pdf). First Quantum has conducted two phases of reverse circulation drilling, and one campaign of diamond drilling since shallow, first pass air core drilling initially outlined the Lufua deposit in 2002 (see attached map: http://www2.cdn-news.com/database/fax/2000/0531fm2.pdf).

Lufua Copper - Cobalt Resource

At a 0.5% total copper cut off, the resource is estimated to be as follows;

(Total copper equivalent percentage calculated at $1/lb Cu and $15/lb Co, for illustration only.)

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                                                   Acid
                                     Total      Soluble        Total
                                    Copper       Copper       Cobalt
                          Ore        Grade        Grade        Grade
Category              (tonnes)          (%)          (%)          (%)
--------------------------------------------------------------------

Measured

Oxide / Mixed      14,709,100         1.22         0.86        0.033
Sulphide           23,347,200         1.13         0.05        0.016

Total
Measured           38,056,300         1.16                     0.023
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Indicated

Oxide / Mixed       7,829,900         1.29         0.94        0.039
Sulphide           41,755,000         1.15         0.06        0.007

Total
Indicated          49,584,900         1.17                     0.012
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Measured & Indicated

Oxide / Mixed      22,539,000         1.24         0.89        0.035
Sulphide           65,102,200         1.14         0.06        0.010

Total Measured
& Indicated        87,641,200         1.17                    0.017
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                       Total                  Contained
                      Copper     Contained         Acid    Contained
                       Equiv.        Total      Soluble        Total
                       Grade        Copper       Copper       Cobalt
Category                  (%)      (tonnes)     (tonnes)     (tonnes)
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Measured

Oxide / Mixed           1.72       179,450      126,500        4,850
Sulphide                1.37       263,820            -        3,730

Total
Measured                1.51       443,270      126,500        8,580
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Indicated

Oxide / Mixed           1.88       101,000       73,600        3,050
Sulphide                1.26       480,180            -        2,920

Total
Indicated               1.35       581,180       73,600        5,970
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Measured & Indicated

Oxide / Mixed           1.77       280,450      200,100        7,900
Sulphide                1.30       744,000            -        6,650

Total Measured
& Indicated             1.42     1,024,450      200,100       14,550
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Cobalt mineralization is not uniformly distributed with the copper mineralization at Lufua, and accordingly, a discrete, higher grade cobalt resource that occurs within the resource stated above, and is not additive to it, has been estimated.

At a 0.5% total copper cut off and 0.025% total cobalt cut off, this resource is estimated to be as follows;

(Total copper equivalent percentage calculated at $1/lb Cu and $15/lb Co, for illustration only.)

--------------------------------------------------------------------
                                                   Acid
                                     Total      Soluble        Total
                                    Copper       Copper       Cobalt
                          Ore        Grade        Grade        Grade
Category              (tonnes)          (%)          (%)          (%)
--------------------------------------------------------------------

Indicated
--------------------------------------------------------------------

Oxide / Mixed       2,776,100         1.40         0.70        0.225
Sulphide            2,850,300         0.88         0.08        0.114

Total Indicated     5,626,400         1.14                     0.169
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--------------------------------------------------------------------
                       Total                  Contained
                      Copper     Contained         Acid    Contained
                       Equiv.        Total      Soluble        Total
                       Grade        Copper       Copper       Cobalt
Category                  (%)      (tonnes)     (tonnes)     (tonnes)
--------------------------------------------------------------------

Indicated
--------------------------------------------------------------------

Oxide / Mixed           4.78        38,900       19,500        6,250
Sulphide                2.59        25,100            -        3,250

Total Indicated         3.68        64,000       19,500        9,500
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Mineralization at Lufua is hosted predominantly within altered and veined Katangan metapelites, interpreted to be contained within a shallow south eastwardly plunging, north eastward dipping, overturned anticline, with the thickest mineralization developed in the nose region of this fold. Oxidation extends to variable depths across the deposit, and is strongly influenced by post mineral faulting. Higher grade cobalt mineralization is preferentially developed on the upper limb of the anticline. The deposit is open along strike to the northwest, and the upper limb is open down dip to the northeast.

Alan Stephens, Vice President of Exploration commented, "This initial resource estimate for Lufua confirms the deposit's significance for First Quantum. A 15,000 metre drill program, comprising further diamond and reverse circulation drilling is scheduled for completion by early December. Metallurgical test work is in progress and preliminary economic scoping studies are planned. The drill program is aimed at defining the ultimate size of the deposit, and at bringing the Lufua copper and cobalt resource to reserve status for use in a Bankable Feasibility Study. The discovery of Lufua demonstrates the untapped potential for the Copperbelt to host significant new deposits, and we are confident that our generative program in both Zambia and the DRC will continue to bear fruit."

Lufua is located near the town of Sakania in the DRC, within 2 km of the Zambian border, and the paved highway that parallels it, roughly equidistant between the city of Ndola (35 kilometres) to the southeast and the Mopani Copper Mines smelter at Mufulira (30 kilometres) to the northwest. 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 kilometres of the property.

The Lufua resource estimate is based on a total of 14 diamond drill holes (1,496 metres) and 43 (Phase II) reverse circulation (RC) drill holes (6,582 metres), for which total copper, acid soluble copper and total cobalt assays are available. In addition, a total of 30 shallow (Phase I) RC holes (1,584 metres) and 86 shallow air core drill holes (3,701 metres) for which only total copper and acid soluble assays are available, were utilized in the resource estimate.

The Lufua independent resource estimate was produced to JORC (Joint Ore Reserve Committee of the Australasian Code for Reporting of Mineral Resources and Reserves, September 1999.) standards, by Gayle Hanssen of Digital Mining Services, Harare, Zimbabwe, and reconciled to the standards specified in National Instrument 43-101 "Standards of Disclosure for Mineral Projects" issued by the Canadian Securities Commissions. Ms. Hanssen is a professional natural scientist of the South African Council for Natural Scientific Professions (SACNASP), an acceptable "member of a professional association" under National Instrument 43-101.

Diamond drilling at Lufua was carried out by Stanley Mining Services Ltd, a subsidiary of Layne Christensen Company, and Reverse Circulation Drilling by Stanley Mining Services, (Phase I) and SDS Drilling, a subsidiary of Boart Longyear Inc, (Phase II). Survey and Technical Services (STS), Masvingo, Zimbabwe surveyed all drill hole collars. Down hole surveys were completed on the diamond drillholes which were drilled at HQ size, with reduction to NQ as required. Half core samples were taken with individual sample intervals reflecting geology and respecting core loss, and a minimum sample interval of 0.5 metres. Core recovery was generally better than 90%. All RC samples were split to normal industry standards. First Quantum personnel conducted all sampling, and supervised the chain of custody  from the drill site to the laboratory.

All samples were prepared to normal industry standards, with diamond and Phase II RC drill hole and assayed for total copper, ambient temperature acid soluble copper and total cobalt, at Scientific Services (Pty.) Ltd in Capetown, South Africa. Phase I RC drillholes and air core holes were assayed for total copper and ambient temperature acid soluble copper at Antec Laboratories, Kwekwe, Zimbabwe. Appropriate standards, blanks and duplicates were employed. A laboratory check assaying program, comparing Scientific Services (Pty.) Ltd with Genalysis Laboratory Services Pty Ltd of Maddington, Western Australia, was performed with acceptable results.

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

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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.