First Quantum Minerals Reports 2010 Production of 322,700 Tonnes of Copper and 191,400 Ounces of Gold

First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM)(LSE: FQM) today reported production of 75,600 tonnes of copper and 48,600 ounces of gold for the fourth quarter and 322,700 tonnes of copper and 191,400 ounces of gold for the year ended December 31, 2010. Copper production was in line with the Company's guidance and reflects new monthly and quarterly records at the Kansanshi operation.

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                     Fourth Quarter                       Year
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Operation       2010    2009    2010    2009    2010    2009    2010    2009
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                 Copper           Gold           Copper           Gold
                (tonnes)        (ounces)        (tonnes)        (ounces)
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Kansanshi     65,900  62,453  29,000  32,476 230,800 244,979 109,600  99,936
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Guelb          9,700  11,816  19,600  30,203  37,000  36,608  81,800  93,352
 Moghrein
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Frontier           -  24,259       -       -  47,500  92,353       -       -
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Bwana Mkubwa       -       -       -       -   7,400       -       -       -
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Total         75,600  98,528  48,600  62,679 322,700 373,940 191,400 193,288
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Finished copper inventory at December 31, 2010 decreased to approximately 36,700 tonnes of copper (Kansanshi 27,200 tonnes, Frontier 1,200 tonnes (at dispatch port), Guelb Moghrein 8,300 tonnes), from the September 30, 2010 level of 37,000 tonnes.

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

Further information will be published in the Company's report on operating and financial results for the year 2010 which is scheduled for release during the week of March 14, 2011.

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

G. Clive Newall, President

For further information visit our web site at www.first-quantum.com.

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
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
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First Quantum Minerals Ltd. - United Kingdom contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
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www.first-quantum.com

First Quantum Minerals Ltd. - United Kingdom contact
Brian Cattell/James Devas
+44 207 379 5151
+44 20 7379 6161 (FAX)
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SOURCE: First Quantum Minerals Ltd.

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