First Quantum Minerals Provides an Update and Scoping Study Results for the High Pressure Oxidation and Leach Project at the Kansanshi Copper-Gold Mine.

VANCOUVER, British Columbia -- (All figures expressed in US dollars)

First Quantum Minerals Ltd. ("First Quantum") (TSX:FM)(LSE:FQM) is pleased to provide updated information and details of a scoping study, dated December, 2005 by Bateman Engineering Pty Ltd. ("Bateman") of Mt. Pleasant, Western Australia on the High Pressure Oxidation and Leach ("HPL") Project at First Quantum's 80% owned Kansanshi copper-gold project in Zambia.

HPL PROJECT UPDATE

The main components of HPL project are the autoclaves, an oxygen plant and an additional 35,000 tonne per annum solvent extraction and electrowinning (SX/EW) facility. The main equipment for the autoclave and oxygen plants has been successfully relocated from Turquoise Ridge in Nevada, USA and all of the equipment is now either on site or in transit to site, or undergoing refurbishment in South Africa. There will be two autoclave vessels installed at Kansanshi as part of the HPL project. One of the autoclaves is on site and has been installed on its foundation, and the second autoclave is in Zambia and is expected to arrive at Kansanshi by January 20, 2006.

Detailed design work for the HPL project has been completed, and construction commenced in 2005. Site civil works for the project are essentially complete, with only a small amount of civil work outstanding for the oxygen plant. The majority of materials have been preordered and are currently arriving on site. The structural, plate work and mechanical installation associated with the new SX/EW plant are well progressed, and are also underway for the autoclave and oxygen plant areas. Piping and electrical installation for the project will begin this month. Approximately 60% of the project capital has been committed.

Construction of the HPL project is expected to be completed such that pre-commissioning and commissioning will begin in the third quarter 2006.

BATEMAN HPL PROJECT SCOPING STUDY HIGHLIGHTS

- Project capital cost estimate of $72 million.

- Based on the acquisition of a second hand HPL facility (autoclaves, oxygen plant and cooling tower), the HPL project could be commissioned 12 months ahead of the design and construction of a new HPL plant.

- The HPL facility under construction would be capable of treating 105,000 tonnes of copper concentrates per year. With expansion of the oxygen plant, the two autoclaves would have the capacity to treat up to 200,000 tonnes of copper concentrate per year.

- Over a 5 year period, based on $1.36/lb copper in 2006, $1.20/lb 2007-2010 and $425/oz gold, an additional 67,000 tonnes of copper could be produced for an aggregate increase in revenue of $195 million. Furthermore it is anticipated that there would be a reduction of existing operating costs in the sum of $77 million. This would result in a total gross project benefit of $272 million, excluding project capital.

- The HPL project would also produce acid that would meet a part of the acid demand of the oxide leach circuit.

- In the mixed ore atmospheric leach circuit, copper leach extraction could be improved by up to 30% depending on the proportion of transition sulphide minerals in the mixed ores through the provision of heated acid and ferric sulphate ions from the autoclave effluent.

Process Summary

The sulphide flotation concentrate treated by the autoclave will contain a nominal 29% copper and 8 grams/tonne gold. The concentrate is oxidised utilising two autoclaves and copper is recovered from the autoclave effluent via the existing and expanded SX/EW circuits at Kansanshi.

The HPL process results in near total oxidation of the copper sulphide concentrate converting the sulphide sulphur to sulphates of copper and iron. This additional sulphate will replace acid currently produced for the atmospheric leach circuit, with one significant difference. The autoclave can also provide a source of ferric sulphate that will leach residual secondary copper sulphates not readily leachable by acid alone in the current circuit design. Test work has shown that, depending on the acid balance across the autoclaves, it is possible to manipulate the extent to which the iron sulphates produced from leaching chalcopyrite and pyrite in the autoclave can be hydrolysed to a mix of haematite and basic ferric sulphate. The basic ferric sulphate can then be re-leached to provide a source of ferric sulphate for the oxide leach circuit. Basic ferric sulphate provides a source of ferric ions for the atmospheric leach circuit to dissolve secondary copper sulphides. The total pressure oxidation process also provides significant waste heat that will be used to increase the atmospheric leach temperature, improving copper leach kinetics and ultimately increasing copper recovery levels.

No chloride or surfactants are required for this process.

Metallurgical Test Work

Metallurgical test work was undertaken on two composite samples comprising oxide ore and mixed ore flotation tailings from across the range of mineralogy that constitute the feed to the atmospheric leaching circuit. This data was used during the scoping study to assess the potential for recovery improvements that might be achieved in the oxide leach circuit using solutions derived from the total oxidation process. The two composites used were an oxide composite and a mixed composite. It was expected that the oxide composite would show that little advantage could be gained from the revised leaching conditions; however the mixed composite was expected to show substantial improvements in copper recovery.

Ammtec Limited, an Australian analytical, metallurgical and mineral testing services company, undertook the test work under the direction of Bateman/First Quantum based on a test work program prepared by Bateman. Bateman used Metsim software modeling of the process to identify the required leaching conditions.

Salient points identified from analysis of test results include:

1. Oxide composite:

- a small increase in copper recovery is identified, perhaps 2-3%, largely as a result of the increased leach temperature; and

- the addition of ferric ions to the leach has not improved the leach recovery as the minerals present do not require ferric ions to achieve high copper recoveries.

2. Mixed ore composite:

- a substantially larger increase in copper recovery is identified, of the order of 30%, largely as a result of the increased leach temperature; and

- as a result of the addition of ferric ion to the leach; as the secondary copper sulphide minerals do require ferric ions to achieve high copper recoveries.

Capital and Operating Cost Summary

The capital cost estimate of $72 million is based on the engineering design currently in progress, and has been estimated by Bateman, GRD Minproc and First Quantum.

The operating cost estimate was prepared using reagent consumptions and power calculations based on the final design criteria for HPL, mass balances developed from the Metsim models, and input from First Quantum including local labour rates, power costs, consumable costs in part, and transport costs specific to the project site.

Consumable costs are based in part on Bateman's in house database and in part on recent costs for reagents delivered to the Kansanshi mine site. Maintenance costs have been factored from the capital costs of each unit operation and appropriate proportions of that capital cost, based on similar operations in operating plants.

The production rate from the HPL project is limited to that of two autoclaves running at approximately 66% of maximum rated capacity in the current design configuration; this limit is imposed by the capacity of the oxygen plant. Engineering design has moved forward on the basis that the autoclave systems will be designed for the maximum throughput capability pending availability of additional oxygen.

Operating costs were determined for the major variable cost centers for the process design currently being executed by Bateman and GRD Minproc. In summary, over a 5 year period, based on $1.36/lb copper in 2006, $1.20/lb 2007-2010 and $425/oz gold, an additional 67,000 tonnes of copper could be produced for an aggregate increase in revenue of $195 million. Furthermore it is anticipated that there would be a reduction of existing operating costs in the sum of $77 million. This would result in a total gross project benefit of $272 million, excluding project capital.

The HPL project as envisioned offers a significant revenue increase derived from the additional copper production from the oxide leach circuit afforded by the ferric production from the autoclaves, a reduction in the requirement for acid production to meet oxide circuit demand allowing excess production to be sold into the local market if appropriate, and overall capital and time savings attendant on the purchase of the second hand equipment.

Ken Baxter, Msc. Std., an engineer with more than 26 years of experience, currently employed by the engineering and construction company Bateman Engineering Pty Ltd. in the capacity of Technical Manager, Copper, supervised the design and conduct of the program, and is the qualified person for the purposes of NI 43-101. The relevant portion of the data disclosed in this new release has been reviewed and verified (including relevant analytical and test data) by Mr. Baxter.

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

G. Clive Newall, President

12g3-2b-82-4461

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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 re sponsibility for the adequacy or accuracy of this release.

First Quantum Minerals Ltd. (TSX:FM) (LSE:FQM)