First Quantum Minerals Ltd. Announces the Outcome of the Incentive Invitation for Convertible Bonds Due 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 29, 2011) -

(All figures expressed in US dollars, unless otherwise noted)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) is pleased to announce that holders (the "Bondholders") of $499,900,000 in principal amount of its $500,000,000, 6% Convertible Bonds due 2014 (the "Bonds") have accepted the Incentive Invitation that was made on 27 July, 2011 and which expired on 28 July, 2011 (the "Incentive Invitation").

First Quantum will accept for early conversion pursuant to the Incentive Invitation $499,900,000 in principal amount of the Bonds, representing 99.98% of the outstanding Bonds.

The accelerated conversion of the Bonds will reduce First Quantum's net debt and increase its equity thereby providing the Company with further financial flexibility.

The Company has engaged Nomura International plc as the manager for the Incentive Invitation.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, exchange or transfer the securities of the Company. The value of the Common Shares can go down as well as up and past performance cannot be relied upon as a guide for future performance.

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

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 Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.