Category: Uncategorized
- Published: 29 November -0001
News Release: Increases Lonshi Mine Resource To 356,000 Tonnes Of Copper
First Quantum Minerals Ltd.is pleased to announce a new independently estimated copper resource at its Lonshi copper mine. The open pit resource at Lonshi has increased from 295,000 tonnes (650 million pounds) to 356,000 tonnes (785 million pounds) of contained copper. The deposit remains open to depth and additional targets have been identified within synformal geological structures along the prospective Lonshi host formations to the North and South of the existing resource.
Resource Ore Total Acid Total Acid
Category (tonnes) Copper Soluble Contained Soluble
Grade Copper Copper Contained
(%) Grade (%) (tonnes) Copper
(tonnes)
Measured (M) 6,952,310 5.01 4.22 348,311 293,387
Indicated (I) 310,088 2.62 2.25 8,124 6,977
Total (M & I) 7,262,398 4.91 4.14 356,435 300,364
Inferred 152,241 5.07 4.28 7,719 6,516
'We are very pleased with the result of our 2002 drilling campaign which added approximately 60,000 tonnes of copper to the Lonshi resource. Approximately ninety-seven percent of the resource is classified in the measured category which will allow for detailed mine planning for many years in the future. In addition, our understanding of the Lonshi deposit has improved and this has had a major impact on our exploration efforts both along strike of the Lonshi orebody and regionally within the Congo pedicle. In 2003, we will carry out additional exploration drilling for oxide mineralization along strike as well as at depth to evaluate the exciting potential of the high grade sulphide mineralization identified in 2002 (LDD2: 4 metres @ 11.92% Cu, LDD3: 2 metres @ 7.77% Cu, LDD6: 5 metres @ 6.95% Cu).'commented Alan Stephens, Vice President of Exploration.
The resource is based upon the results of 9,187 metres of drilling in 187 drill holes (134 reverse circulation, 16 diamond core, 37 Aircore) utilizing a 0.8% acid soluble copper cut-off grade. The orebody was modeled to a depth of approximately 130 metres. The resource was calculated by M.G. Hanssen of Digital Mine Services in Zimbabwe. Mike Parker, BSc., First Quantum's Project Manager at the Lonshi Mine, with more than 16 years experience in the mining industry, is the Qualified Person responsible for the design and conduct of the work performed. The new resource estimate has been prepared and classified in accordance with the standards established under National Instrument 43-101.
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.
CONTACT: TEL: (604) 688-6577 First Quantum Minerals Ltd.
TEL: (888) 688-6577 Geoff Chater or Bill Iversen
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INTERNET: www.first-quantum.com
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