First Quantum Minerals Begins Commissioning at Kansanshi Copper-Gold Mine, Zambia.

VANCOUVER, British Columbia -- ZESCO Energizes Power Line at Kansanshi

First Quantum Minerals Ltd. (TSX:FM) (LSE:FQM) is pleased to announce that the new ZESCO Limited 330KV power line linking the cities of Chingola and Solwezi has been completed and energized. A link to the new substation at the Kansanshi mine site has also been completed and the first 65KV transformer is available for use at Kansanshi.

Commissioning is underway. Waste stripping and ore stockpiling have commenced. During the remainder of 2004 and the first quarter of 2005, activation of the mill, flotation, leach, filtration, solvent extraction, and electrowinning facilities will take place as well as build-up of in circuit inventory. Commissioning will be prioritized, with the staged introduction of water and ore through the plant, commencing with the sulphide circuit, and followed by the oxide circuit. Commercial production is expected to begin in March of 2005.

Philip Pascall, Chairman and CEO commented, "We are very pleased with the on time delivery of electricity to the Kansanshi mine. We have been extremely impressed with the efforts of ZESCO, China Henan International Cooperation Group Co Limited (sub station construction) and Kalpataru Power Transmission Limited (power line construction). We are delighted with the support that we have received from President Mwanawasa and the Government of the Republic of Zambia. We recognize the importance of both the new power line and the Kansanshi mine to the people of the North-Western Province. First Quantum Minerals is a committed long term investor in Zambia and we believe that the development of new low cost copper deposits, like Kansanshi, will play an increasingly important role in the future of Zambia's copper industry."

On Behalf of the Board of Directors

of First Quantum Minerals Ltd.

Philip Pascall, Chairman & CEO

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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.