November 22, 2002

News Release: First Quantum arranges C$17 million financing

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

First Quantum Minerals Ltd. (TSX Symbol "FM", LSE Symbol "FQM") is pleased to announce that it has appointed RBC Capital Markets as lead agent to complete a private placement of Special Warrants of approximately C$17 million on a best efforts basis. Each Special Warrant will entitle the holder to receive one Common Share of First Quantum without payment of additional consideration. The offering is expected to be finalized in December, 2002.

The net proceeds of the offering will be used to assist in funding the development of the Kansanshi copper project in Zambia, in which the Company holds an 80% interest. Any additional net proceeds from the offering will be used for working capital and general corporate purposes. This news release shall not constitute an offer to sell shares or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from registration requirement.

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.

First Quantum Minerals Ltd.
Geoff Chater
(604) 688-6577 or Toll Free: 1-888-688-6577
(604) 688-3818 (FAX)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.first-quantum.com
or
First Quantum Minerals Ltd.
Bill Iversen
(604) 688-6577 or Toll Free: 1-888-688-6577
(604) 688-3818 (FAX)

WEBSITE This email address is being protected from spambots. You need JavaScript enabled to view it.