First Quantum Minerals Ltd.: BHP Billiton Exercises Right To Earn An Interest In First Quantum's Mwinilunga Project In Zambia.

Business Editors/Environment Writers

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 20, 2003

(All figures expressed in US dollars)

First Quantum Minerals Ltd. (OTCBB:FQVLF)(TSX:FM)(LSE:FQM) is pleased to report that BHP Billiton Ltd. has exercised its right under the Mwinilunga Joint Venture Agreement to earn a direct 51% participating interest in up to three separate project areas ("Project Areas"), each up to a maximum of 500 square kilometres in extent and contained within the Mwinilunga and Luamata Prospecting Licenses (8,630 square kilometers). BHP Billiton may earn their interest by completing a total of $2.4 million in exploration expenditures over a four year period. BHP Billiton can increase its interest to 70% by arranging financing (to be recovered from First Quantum's share of cash flow) of First Quantum's share of all additional expenditures necessary to bring any economic deposit found in the Project Areas to the commencement of commercial production.

Under the terms of the Joint Venture Agreement, BHP Billiton completed a $670,000 private placement (May 4, 2001) in First Quantum and a total of $625,000 from the proceeds of this private placement were used for exploration at Mwinilunga and Luamata. This expenditure was completed earlier this year with funds spent on data compilation, soil sampling and reconnaissance drilling. The objective of the exploration program is to locate large "world class" Copperbelt style copper deposits in an area largely covered by Kalahari sands. The deposits sought are typically sheet-like, frequently associated with major folds with strike and down dip dimensions being kilometric in scale.

Target areas were selected on the basis of favorable geology and structure as defined by mapping, airborne geophysics, and stream sediment geochemistry. Conventional soil sampling was utilized in areas of shallow cover, while "base of cover" sampling using Rotary Air Blast (RAB) and aircore drilling was employed in the more thickly covered areas. Results have been very encouraging with a several areas of anomalous copper geochemistry identified to date.

Details for one of the anomalies, the Musangila prospect, were announced in an October 7th 2002 press release. Musangila comprises an 8 kilometer long, plus 100 parts per million (ppm) copper soil anomaly, interpreted to lie on the limb of a major fold structure. Initial RAB drilling, has intersected strongly anomalous copper (peak 1.32% copper), and cobalt (peak 2.01% cobalt) values towards the base of Kalahari cover.

A second prospect, Kakoma 2, is a Kalahari covered target defined by limited RAB drilling. One aircore hole drilled into the limb of a tight, refolded synform returned highly anomalous copper values reaching 883 ppm from ferruginous siltstones containing gossanous streaks and lenses after sulphide. Weathered limonitic, calcareous quartzite intersected in a second hole drilled into the fold closure returned values up to 400 ppm copper. Magnetic data indicates the fold structure has a strike potential of at least 8 kilometres, much of which lies outside the drilled area.

First Quantum and BHP Billiton have agreed to a first year budget of $1,045,000 with $525,000 to be spent on follow up drill testing of geochemical targets and $520,000 to deploy BHP Billitons' proprietary FALCON(TM) airborne gravity system over the Mwinilunga license area. First Quantum and BHP Billiton anticipate that the use of this "state of the art" geophysical system at Mwinilunga will result in the improved definition of already identified target areas and in the location of additional targets for follow up drilling in the second year of the option. First Quantum will manage the exploration program at Mwinilunga.

Alan Stephens, Vice President Exploration, First Quantum commented, "We are delighted that BHP Billiton has elected to continue with an aggressive exploration program at Mwinilunga, under First Quantum management. The combination of drill testing of existing anomalies and the application of BHP Billiton's proprietary FALCON(TM) technology to this highly prospective area should result in an exciting exploration program over the next 12 to 24 months."

Alan J. Stephens, BSc(Hons), ARSM, Vice President, Exploration of First Quantum Minerals Limited, a geologist with more than 27 years experience in the mining industry, is responsible for the design and conduct of the work performed. Clive Newall, BSc(Hons), ARSM, MIMMM, President of First Quantum Minerals is the Qualified Person under NI 43-101.

On Behalf of the Board of Directors      12g3-2b-82-4461
of First Quantum Minerals Ltd.           Listed in Standard and Poor's
"G. Clive Newall"                        Sedar Profile #00006237

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.