November 17, 2003

News Release: First Quantum Minerals Initiates Porphyry Copper Exploration In Chile

First Quantum Minerals Ltd. (TSX: FM)(LSE: FQM) is pleased to announce that it has entered into an option agreement, subject to due diligence, with a private Chilean group, MN Ingenieros, with respect to certain porphyry copper prospects (the 'Prospects') in the IV Region of Chile, located within an area of influence collectively known as the VOC Project (the 'Project'). The Project location is shown on the accompanying map, and the Prospects comprise several early stage porphyry style alteration zones with accompanying anomalous Cu/Mo/Au geochemistry. None of the Prospects has been previously drilled. Under the terms of the agreement, First Quantum can earn a 75% interest in the Project by spending a total of US$2,000,000 within 36 months, and by bringing at least one of the Prospects to the pre-feasibility stage within 60 months. Minimum expenditures of US$300,000 in year 1 and US$500,000 in year 2 are required to maintain the option in good standing. Any additional Prospects acquired within the Project area of influence will be for the benefit of the partners (75% First Quantum / 25% MN Ingenieros). First Quantum will manage the program.

The Project area covers the southward continuation of the main Oligocene age porphyry copper belt, which hosts some of the largest copper deposits in Chile, including Chuquicamata and Escondida. The undeveloped Loica porphyry deposit is located within the Project area, but is not included in the agreement.

Alan Stephens, Vice President of Exploration for First Quantum commented, 'We are excited by the potential for discovery of new porphyry copper deposits in the VOC Project area. In addition, First Quantum has initiated exploration for copper deposits meeting its objectives elsewhere in Chile.'

Mr. Stephens, FIMMM, a geologist with 28 years experience, including more than 8 years in Chilean exploration, will be responsible for the design and management of First Quantum's exploration programs in Chile.

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 Sedar Profile #00006237

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.

NOTE: A map is available on CCNMatthews'website at: http://www2.cdn-news.com/database/fax/2000/fm1117.pdf

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: First Quantum Minerals Ltd.

First Quantum Minerals Ltd. Geoff Chater or Bill Iversen 604-688-6577 or Toll Free: 1-888-688-6577 604-688-3818 (FAX) This email address is being protected from spambots. You need JavaScript enabled to view it. www.first-quantum.com



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