Update On First Quantum Minerals 7.5 Billion Pound Kansanshi Copper Deposit: GRD Minproc Limited Awarded Feasibility Study: Drill Program Underway.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 19, 2001

First Quantum Minerals Ltd. (TSE:FM.) (LSE:FQM.) is pleased to offer an update on the Kansanshi Copper Deposit in Zambia.

First Quantum holds the entitlement to an 80% beneficial interest in the Kansanshi Copper-Gold Deposit ("Kansanshi") located in Zambia. Zambian Consolidated Copper Mines ("ZCCM") will hold the remaining 20% interest in Kansanshi. The Kansanshi deposit is one of the premier undeveloped copper deposits in the world. Kansanshi hosts an open pit mineral resource of 267 million tonnes grading 1.28% copper and 0.16 gram per tonne gold containing 3.4 million tonnes (7.5 billion pounds) of copper and 1.4 million ounces of gold.

Definitive Bankable Feasibility Study Initiated

First Quantum has initiated a full definitive bankable feasibility study (the "Study") on the Kansanshi copper deposit. This Study will consider all aspects of the potential development of a new, large scale open pit mine at Kansanshi capable of producing 50,000 to 100,000 tonnes (110 million to 220 million pounds) of copper per year. The Study is planned to be completed within nine (9) months. GRD Minproc Limited of Perth, Western Australia, has been selected as project manager of the Study.

"To date, more than US $25 million has been spent on the exploration and development of the Kansanshi deposit. The work carried out by Cyprus Amax Minerals Company and Phelps Dodge Corporation is of exceptional quality and we intend to move as quickly as possible to complete the definitive bankable feasibility study. The construction of a long-lived low-cost open pit mine at Kansanshi will have a pronounced affect on the people of the Northwestern Province of Zambia and will serve as a catalyst for further development in the area" commented Rod Webster, Chief Executive Officer, Kansanshi Mines Plc.

Kansanshi Resource Statement

First Quantum has received a summary of pit-contained resources for the Kansanshi copper deposit as prepared by Independent Mining Consultants, Inc. ("IMC"). The computer based block model of Kansanshi incorporates all geologic, assay, metallurgical and geotechnical data available as of March, 2000. The resource estimate is based on a total of 381 Cyprus Amax and 112 ZCCM diamond drill holes for a total of 493 diamond drill holes comprising 100,900 metres of drilling. The resource categories calculated are consistent with Canadian National Policy 43-101.

Classification            Tonnes   Copper Grade    Contained Copper
                                             (%)               (lbs)
Measured              77,856,000          1.582         2.7 billion
Indicated            126,245,000          1.180         3.3 billion
Measured + Indicated 204,101,000          1.333         6.0 billion
Inferred              62,969,000          1.114         1.5 billion

Drill Program Underway

A US $1 million infill drill program totaling 9,500 metres is currently underway to improve definition of selected areas contained in the current resource. The drill program will also include condemnation drilling under proposed plant and facility sites. Two diamond drill rigs and a reverse circulation drill rig are currently active at the project. Drill results and additional information on the Definitive Bankable Feasibility Study will be released in the near term.

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

G. Clive Newall

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.