|
First Quantum Commences Open Pit Mining at the Lonshi Copper Deposit
Wednesday September 26, 9:05 am Eastern
Time
Press Release
SOURCE: First Quantum Minerals Ltd.
VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 26, 2001--First
Quantum Minerals Ltd. (OTCBB:FQVLF - news; TSE:FM. - news;
LSE:FQM) is pleased to announce the commencement of open
pit mining operations at the Lonshi copper deposit located
in the Democratic Republic of Congo (``DRC''), approximately
29 kilometres southeast of the Bwana Mkubwa SX-EW facility
in Zambia.
First Quantum's effective 85% owned DRC subsidiary has
been granted a Mining Concession for the Lonshi property
under current Congolese Mining Law which gives the Company
exclusive right to mine and develop the area for up to
40 years. Oxide ores will be transported into Zambia and
processed at First Quantum's Bwana Mkubwa facilities.
``The initiation of mining activities at Lonshi is a
watershed event for the future development of the Copperbelt
both in the Democratic Republic of Congo and in Zambia.
Through the cooperation and the efforts of both the Congolese
and Zambian Governments, First Quantum's vision for the
development and mining of Lonshi has become a reality.
This is a first step for First Quantum's direct involvement
in the DRC and we continue to investigate additional opportunities,
in particular, those situations where First Quantum can
leverage its infrastructure in Zambia,'' commented Philip
Pascall, Chairman and CEO.
Mineralization at Lonshi is hosted within an average
15 metre thick package of weathered Roan clastics and
distal units which outcrop on surface and dip to the east
at 38 degrees. An initial drill program established an
oxide copper open pit resource of approximately one million
tonnes grading 6% copper or 60,000 tonnes (130 million
pounds) of contained copper. A second phase resource definition
drilling program totaling 5,714 metres has been completed
along a strike length of 800 metres and to an average
depth of 65 metres. Assay results from the phase two drill
program are currently being incorporated into a new resource
calculation which is expected to result in a substantial
increase to current estimates. Metallurgical testing on
Lonshi ores indicates that they are highly amenable to
direct acid leaching and demonstrate a recovery rate of
approximately 86%.
First phase open pit mining operations at Lonshi commenced
in August and will be completed by November of this year.
An estimated 500,000 tonnes of ore grading approximately
5% copper containing 25,000 tonnes (55 million pounds)
of copper will be mined and stockpiled for future processing
at the Bwana Mkubwa facilities. Processing of Lonshi ore
via blending with existing Bwana Mkubwa tailings is expected
to begin in November, 2001.
Work has commenced, as part of a staged approach, to
allow for the treatment of Lonshi ore at Bwana Mkubwa.
Crushing, milling and pre-leach filtration facilities
necessary to process Lonshi ore are under construction.
This will result in the extension of Bwana Mkubwa's mine
life by six years at the current annual rate of 10,000
tonnes (22 million pounds) of LME grade copper cathode.
Construction is expected to be completed by January, 2002.
Subject to the successful expansion of the Lonshi resource
to 250,000 tonnes (550 million pounds) of contained copper
in oxide ores, a second construction phase is envisioned
that will expand the SX/EW facilities to a production
capacity of 30,000 tonnes (66 million pounds) of LME grade
copper cathode per year. Construction would take approximately
twelve months to complete.
Further updates on the Bwana Mkubwa expansion and the
development of the Lonshi copper deposit will be announced
as required.
On Behalf of the Board of Directors of First Quantum
Minerals Ltd.
G. Clive Newall
Certain of the information contained in this news release
constitute ``forward-looking statements'' within the meaning
of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements, including but not limited
to those with respect to the prices of gold, copper 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. Such factors include, among others, the actual
prices of copper, gold 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
British Columbia Securities Commission and the United
States Securities and Exchange Commission.
The Toronto Stock Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy
of this release. Contact:
First Quantum Minerals Ltd.
Geoff Chater or Bill Iversen, 604/688-6577 or
Toll Free: 1-888/688-6577
Fax: 604/688-3818
E-mail: info@first-quantum.com
Website: www.first-quantum.com
Back to top |
