VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2012) - First Quantum Minerals Ltd. ("First Quantum" or the "Company" or "FQM") (TSX:FM)(LSE:FQM) is pleased to announce the signing of a US$1 billion senior term and revolving facilities agreement by Kansanshi Mining PLC, holder of First Quantum's 80% owned Kansanshi copper-gold project in Zambia.

The five year facility featuring flexible drawing provisions will enable execution of planned capital works at the Kansanshi project. The facility includes customary conditions precedent to first drawdown which are expected to be satisfied during Q1 2012.

The Mandated Lead Arrangers for the facility are: Standard Chartered Bank, The Standard Bank of South Africa, BNP Paribas, Citibank N.A., and African Export-Import Bank.

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

G. Clive Newall, President

12g3-2b-82-4461

Listed in Standard and Poor's

For further information visit our web site at www.first-quantum.com.

FOR FURTHER INFORMATION PLEASE CONTACT:
        First Quantum Minerals Ltd. - North American Contact
        Sharon Loung
        Director, Investor Relations
        (647) 346-3934 or Toll Free: 1 (888) 688-6577
        Fax: (604) 688-3818(FAX)
        sharon.loung@fqml.com

        First Quantum Minerals Ltd. - United Kingdom Contact
        Clive Newall
        President
        +44 140 327 3484
        Fax: +44 140 327 3494(FAX)
        clive.newall@fqml.com
        www.first-quantum.com

        Maitland - United Kingdom Contact
        Brian Cattell/James Devas
        +44 207 379 5151
        Fax: +44 20 7379 6161(FAX)
        jdevas@maitland.co.uk
        bcattell@maitland.co.uk

Source: First Quantum Minerals Ltd.