First Quantum Minerals Ltd. Announces Issuance of Shares

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/07/10 -- First Quantum Minerals Ltd. ('First Quantum') (TSX: FM)(LSE: FQM) announces that today, it will issue 37,326 new common shares (the 'New First Quantum Shares') in the capital of First Quantum to an unrelated third party. First Quantum has agreed to issue the New First Quantum Shares as partial consideration for certain assets that First Quantum purchased from the third party, pursuant to an asset purchase agreement dated February 11, 2010.

An application was made today to the London Stock Exchange plc for the New First Quantum Shares to be admitted to trading on the Official List. Furthermore, application has been made to the Toronto Stock Exchange (the 'TSX') for the New First Quantum Shares to be admitted to trading on the TSX. These shares will rank pari passu with First Quantum's existing common shares. The New First Quantum Shares will be admitted to trading on the TSX at 8:00 a.m. local time on September 7, 2010 and on the Official List at 8.00 a.m. local time on September 8, 2010.

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

G. Clive Newall, President

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.

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Listed in Standard and Poor's

Contacts:

First Quantum Minerals Ltd.

Sharon Loung

North American Contact

(647) 346-3934 or Toll Free: 1 (888) 688-6577

(604) 688-3818 (FAX)
sharon.loung@fqml.com


First Quantum Minerals Ltd.

Clive Newall, President

United Kingdom Contact

+44 140 327 3484

+44 140 327 3494 (FAX)
clive.newall@fqml.com
www.first-quantum.com


Hogarth Partnership Ltd.

Simon Hockridge

+44 (0) 20 7357 9477