First Quantum Minerals Corrects 2005 Copper Production Estimate.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- First Quantum Minerals First Quantum Minerals Ltd. is a growing mining and metals company whose principle activities include mineral exploration, development and mining. The Company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid. Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :FM)(LSE LSE - Language Sensitive Editor :FQM FQM Fédération Québécoise des Municipalités (Canada) FQM Fédération Québécoise des Massothérapeutes FQM Food Quality Management FQM Fundamental Query and Manipulation FQM Field Quality Management ) would like to correct data contained within the Outlook Section of the Third Quarter and Nine Month Results News Release (05-12) published on November 8, 2005. The incorrect data was contained in the sentence: "Kansanshi is now expected to produce 88,000 tonnes of copper in 2005 of which 7,000 tonnes preceded commercial production." In the sentence, the pre-commercial copper production figure was incorrect and counted twice when calculating the combined production for 2005. The following table details the correct estimate of copper production for 2005.
FIRST QUANTUM MINERALS 2005 COPPER PRODUCTION ESTIMATE (tonnes)
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Pre-Commercial Commercial Combined
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Jan-April 19 Jan-Sept Oct Nov-Dec Total (1)
(actual) (actual) (actual) (estimated) (estimated)
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Bwana/Lonshi na 36,876 4,247 7,877 49,000
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Kansanshi 8,733 40,021 10,239 20,274 79,267
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Total 8,733 76,897 14,486 28,151 128,267
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Note 1: The combined total estimated copper production includes production in 2005 that was achieved prior to commercial production. Philip Pascall, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "Our Third Quarter and Nine Month Results News Release unfortunately contained an error which resulted in an over estimate of 2005 copper production at Kansanshi of 8,733 tonnes. Total combined copper production for Kansanshi in 2005 is estimated at 79,267 tonnes which includes 70,534 tonnes of commercial production. Kansanshi copper production is expected to average 145,000 tonnes per year during the period 2006-2009." On Behalf of the Board of Directors of First Quantum Minerals Ltd. Philip Pascall, Chairman & CEO 12g3-2b-82-4461 Listed in Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index Certain of the information contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 The British Columbia Securities Commission (BCSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of British Columbia. External links
The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has not reviewed and does not accept re sponsibility for the adequacy or accuracy of this release. First Quantum Minerals Ltd. (TSX:FM) (LSE:FQM) |
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