First Quantum Closes Sale of Residual DRC Assets to ENRC and Finalizes Settlement of All Claims in Relation to DRC Operations

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2012) - First Quantum Minerals Ltd. ("First Quantum" or the "Company" or "FQM") (TSX:FM)(LSE:FQM) today announced that it has closed the previously announced purchase and sale transaction with Eurasian Natural Resources Corporation PLC ("ENRC") pursuant to which First Quantum has disposed of its residual claims and assets in respect of the Kolwezi Tailings project, and the Frontier and Lonshi mines and related exploration interests, all located in the Katanga Province of the Democratic Republic of Congo ("DRC") and settled all current legal matters relating to these interests for total consideration of US$1.25 billion.

The consideration is comprised of US$750 million in cash, which was paid on closing, together with deferred consideration of US$500 million in the form of a 3-year Promissory Note with an interest coupon of 3%, which is payable annually in arrears.

Under the terms of the transaction, ENRC has acquired, with certain limited exceptions, all of First Quantum's assets and property either physically located within the DRC or relating to the operations formerly carried out by First Quantum and its subsidiaries in the DRC.

In connection with the transaction, First Quantum, ENRC, the DRC Government, International Finance Corporation and Industrial Development Corporation have also settled all disputes relating to the companies being sold and their assets and operations in the DRC and each of First Quantum, ENRC, the DRC Government, International Finance Corporation and Industrial Development Corporation have released one another in respect of all claims and judgments relating to the foregoing or to any other matter arising in the DRC on or before the date of closing.

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

G. Clive Newall, President

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