Zambian Open Pit Mine Set for New Copper and Gold Production

---

The following is an advisory by Industrialinfo.com (Industrial Information Resources, Inc., Houston, Texas). The Canadian company First Quantum Minerals Limited (TSE: FM) has commissioned a full feasibility study on the establishment of a large low cost open pit copper/gold mine at their recently acquired Kansanshi deposit. Located in Zambia, the Kansanshi deposit is one of the largest untapped copper deposits in the world with a total mineral resource of 267 million tons. It is estimated to contain 3.4 million tons of copper and 1.4 million ounces of gold.

First Quantum Minerals recently acquired an 80 percent interest in the deposit from Phelps Dodge. $25 million has been spent on exploration and development on the deposit by former owners, Cyprus Amax Minerals and Phelps Dodge and mine management is keen for completion of the feasibility stage which will define the mine operational plan and financial requirements.

Managing the feasibility study is GRD Minproc from Western Australia who will be looking at the mine producing 50,000 to 100,000 tons of copper a year. The study should be completed within nine months. 80% of the beneficial interest in the copper and gold deposit is held by First Quantum with Zambian Consolidated Copper Mines holding the 20% balance.