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First Quantum Minerals Establishes New Quarterly Copper Production Record In Third Quarter 2008

Posted on: Wednesday, 15 October 2008, 09:00 CDT

First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM)(LSE: FQM) today announced a new quarterly record copper production of 82,200 tonnes for the third quarter of 2008. The new record exceeds the production levels of the third quarter of 2007 and the second quarter of 2008 by over 22,600 tonnes and 1,200 tonnes respectively.

 ----------------------------------------------                            2008 ----------------------------------------------                                           Nine                                         Months                  Third                   Ended Operation      Quarter            September 30 ----------------------------------------------                         (tonnes) ---------------------------------------------- Kansanshi       53,400                 153,326 ---------------------------------------------- Guelb Moghrein   8,500                  24,890 ---------------------------------------------- Frontier        18,700                  55,273 ---------------------------------------------- Bwana Mkubwa     1,600                   5,304 ---------------------------------------------- ---------------------------------------------- Total           82,200                 238,793 ---------------------------------------------- 

Stockpiles of copper concentrate at the end of the third quarter totaled approximately 19,900 tonnes of copper in concentrate (Kansanshi 14,300 tonnes, Frontier 3,900 tonnes and Guelb Moghrein 1,700 tonnes), a decrease of over 30% or 8,800 tonnes from the June 30, 2008 level of 28,700 tonnes.

Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.

Further information will be published in the Company's third quarter operating and financial results.

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

G. Clive Newall, President

Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt 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 or information. Such factors include, among others, the actual prices of copper, gold, cobalt 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 Alberta, British Columbia, and Ontario Securities Commissions, the Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.

12g3-2b-82-4461

Listed in Standard and Poor's

 Contacts: First Quantum Minerals Ltd. - North American contact Sharon Loung (604) 688-6577 or Toll Free: 1-888-688-6577 (604) 688-3818 (FAX) Email: info@fqml.com  First Quantum Minerals Ltd. - United Kingdom contact Clive Newall President +44 140 327 3484 +44 140 327 3494 (FAX) Email: clive.newall@fqml.com Website: www.first-quantum.com  Hogarth Partnership Ltd. - United Kingdom contact Sarah MacLeod +44 (0) 20 7357 9477  Hogarth Partnership Ltd. - United Kingdom contact Simon Hockridge +44 (0) 20 7357 9477  

SOURCE: First Quantum Minerals Ltd.

Source: MARKET WIRE

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