FIRST QUANTUM MINERALS REPORTS OPERATIONAL AND FINANCIAL RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2009

(All figures expressed in US dollars)

Vancouver, BC - May 13, 2009 - First Quantum Minerals Ltd. (�First Quantum� or the �Company�, TSX Symbol �FM�, LSE Symbol �FQM�) today announced its results for the three months ended March 31, 2009.  The complete financial statements and management discussion and analysis are available for review at www.first-quantum.com and should be read in conjunction with this news release.

Note: Unless otherwise indicated, all comparisons of performance throughout this report are to the comparative periods for 2008.

• 18% increase in overall copper production with higher output at all operations � Frontier 43%; Guelb Moghrein 22%; Kansanshi 16%
• 205% increase in gold production due to the commissioning of the gold plants at Guelb Moghrein and Kansanshi
• 23% reduction in the average cash unit cost of production (C1) compared to Q4 2008 due to cost saving initiatives, lower process input costs and higher gold credit
• Net profit of $10.9 million despite significantly lower copper price and hedging losses of $32.5 million after tax 
• Generated operating cash inflow before working capital movements of $85.1 million compared to a cash outflow of $147.8 million in Q4 2008
• Equity financing closed in April 2009 raising gross proceeds of CAD$345 million and  $250 million corporate revolving loan facility renewed in January 2009

Current market overview
Current leading indicators indicate the rate of weakening of the global economy may be slowing.  However, there is no consensus on the timing for a sustained improvement in economic conditions.

The copper price on the London Metal Exchange (�LME�) has recovered since December 31, 2008 with the price increasing to $2.10 per pound as at May 12, 2009; however, uncertainty remains in the near term.  The Company believes the longer term fundamentals for copper  remain sound as supply from older mines continues to be affected by declining grades and, in many cases, the development of new projects have been delayed due to the challenging global economic and credit environment.

Near term outlook

• Forecast production for 2009 remains unchanged at 380,000 tonnes of copper and 240,000 ounces of gold
• Average C1 costs for 2009 remains targeted to be $0.80 per pound with significant cost reductions now flowing from cost saving initiatives and declining process input costs; however, this target remains subject to the availability of Zambian smelter capacity.  There is a risk that if smelter capacity remains constrained, the Company would have to export more concentrate at higher costs 
• Kolwezi project construction continues with commercial start-up date scheduled for Q3 2010  
• The Guelb Moghrein expansion project is on schedule for progressive commissioning in July 2009

THIS PRESS RELEASE CONTAINS FINANCIAL STATEMENTS.  CLICK HERE TO VIEW ORIGINAL PDF VERSION TO THIS DOCUMENT.

Webcast
The Company will host an Investor Conference Call and Webcast to discuss its first quarter results on Wednesday, May 13, 2009 at 8:00 am (PST); 11:00 am (EST); 4:00 pm (GMT). The live audio webcast will be available at the Company�s website at www.first-quantum.com.

On Behalf of the Board of Directors
of First Quantum Minerals Ltd.
G. Clive Newall
President

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

North American contact: Sharon Loung
8th Floor, 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8
Tel: (604) 688-6577 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: sharon.loung@fqml.com
or
Renmark Financial Communications Inc.
Henri Perron: hperron@renmarkfinancial.com
Christine Stewart: cstewart@renmarkfinancial.com
Montreal � Tel.: 514 939-3989 / Fax: 514 939-3717
Toronto � Tel.: 416 644-2020 / Fax: 416 644-2021
www.renmarkfinancial.com

United Kingdom contact: Clive Newall, President
1st Floor, Mill House, Mill Bay Lane, Horsham West Sussex RH12 1TQ United Kingdom
Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: clive.newall@fqml.com.
or
Simon Hockridge
Hogarth Partnership Ltd. Tel: +44 (0) 20 7357 9477

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities laws.  Such forward-looking statements or information include but are not limited to statements or information with respect to future price of copper or gold, estimation of mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, and our goals and strategies.  Often, but not always, forward-looking statements or information can be identified by the use of words such as �plans�, �expects� or �does not expect�, �is expected�, �budget�, �scheduled�, �estimates�, �forecasts�, �intends�, �anticipates� or �does not anticipate� or �believes� or variations of such words and phrases or statements that certain actions, even ts or results �may�, �could�, �would�, �might� or �will� be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions about the price of copper and gold, anticipated costs and expenditures and our ability to achieve our goals.  Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate.  Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. 

See our annual information form and our quarterly and annual management�s discussion and analysis for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information.  Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended.  Also, many of the factors are beyond our control.  Accordingly, readers should not place undue reliance on forward-looking statements or information.  We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law.  All forward-looking statements and infor mation made herein, are qualified by this cautionary statement.