First Quantum Increased Shareholding in Equinox

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Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") notes the recent filing on December 16, 2008 of insider trading reports by First Quantum Minerals Ltd. ("FQM") indicating an increase through 13 trades over a substantial period of time from January 24, 2008 to July 28, 2008.

The SEDI reports show an increase in shareholding in Equinox from the 97,556,700 common shares disclosed in FQM's early warning report filed on December 6, 2007 which at that time represented 17.27% of the then outstanding Equinox common shares on an undiluted basis. This position was subsequently diluted to 16.45% of Equinox's issued and outstanding common shares following the conversion of Equinox's outstanding warrants prior to their expiry on May 6, 2008.

Following these latest reported acquisitions; FQM holds 114,132,300 common shares representing 19.25% of the currently outstanding Equinox common shares on an undiluted basis.

This press release contains "forward-looking statements" and "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performances of Equinox, its subsidiaries and their respective projects, the future price of copper and uranium, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, estimated costs of future production, the sale of future production, capital, operating and exploration expenditures, costs and timing of the development of the Lumwana Project, the costs of Equinox's hedging policy, costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans for the Company. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Equinox and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, those factors discussed in the section entitled "Risk Factors" in the Company's annual information form, which is available at www.SEDAR.com. Although Equinox has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Equinox disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

Technical information in this release is summarized or extracted from the ''Amended Technical Report on the Lumwana Copper Project, North Western Province, Republic of Zambia'' dated June 2008 (the ''Technical Report''), prepared by Michael Davis, Process Manager, Ausenco Ltd. (''Ausenco''), Ross Bertinshaw, Principal of Golder Associates Pty Ltd. (''Golder''), Andrew Daley, Director, of Investor Resources Finance Pty Ltd (''IRF''), Daniel Guibal, Corporate Consultant (Geostatistics and Resources), of SRK Consulting (Australasia) Pty Ltd ("SRK") and Robert Hanbury, Associate Director, of Knight Pi�sold Pty Ltd. (''Knight Pi�sold''), each of whom is a ''Qualified Person'' in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Readers are cautioned not to rely solely on the summary of such information contained in this release, but should read the Amended Technical Report which is posted on Equinox's website (www.equinoxminerals.com) and filed on SEDAR (www.sedar.com) and any future amendments to such report. Readers are also directed to the cautionary notices and disclaimers contained herein. All currency in this release is U.S. dollars unless otherwise stated.

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SOURCE: Equinox Minerals Limited

Craig R. Williams (President and Chief Executive Officer), Michael Klessens (V.P. Finance and CFO), Phone: +61 (0) 8 9322 3318, Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Or Kevin van Niekerk (V.P. Investor Relations/Corporate Development), Phone: (416) 865-3393, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.