First Quantum Minerals Announces Extension of Offer for Inmet Common Shares

First Quantum Minerals Announces Extension of Offer for Inmet Common Shares 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- First
Quantum Minerals Ltd. ("First Quantum" or the "Company")
(TSX:FM)(LSE:FQM) today announced that it has extended its offer (the
"Offer") to acquire all of the outstanding shares of Inmet Mining
Corporation ("Inmet", TSX Symbol "IMN") by delivering written notice
of such extension to Computershare Investor Services Inc., in its
capacity as depositary for the Offer. The Offer will now be open for
acceptance until 11:59 p.m. (Eastern Daylight Time) on March 11,
2013, unless further extended or withdrawn.  
A Notice of Variation and Extension has been filed with the Canadian
securities regulators and will be available for review at
www.sedar.com. The Notice of Variation and Extension is also being
mailed to Inmet shareholders in accordance with applicable Canadian
securities laws. 
The Offer has been further extended to allow additional time for
satisfaction of all conditions of the Offer, including receipt of
Investment Canada Act approval. As previously disclosed, on February
7, 2013, First Quantum received an advance ruling certificate in
respect of the Offer from the Commissioner of Competition under
Canada's Competition Act, satisfying a condition of the Offer
relating to Competition Act approval. On February 21, 2013, First
Quantum also received notification from the Turkish Competition
Authority that its Competition Board had authorized the transactions
contemplated by the Offer. On February 25, 2013, First Quantum
received written notification from the Deputy Director of Investments
of Industry Canada that the period for the Minister's consideration
of First Quantum's application for review of the Offer under the
Investment Canada Act was being extended for a further period of 30
days. A decision by the Minister to approve the Offer may be made at
any time during the extended 30-day period.  
First Quantum also confirmed today, in response to Inmet's press
release of February 26, 2013, that, on February 17, 2013, First
Quantum and Inmet entered into Non-Disclosure Agreements providing
for the exchange of confidential business information. Since then,
each of First Quantum and Inmet has been conducting a due diligence
review of the other's business. The terms of the Non-Disclosure
Agreements prevent First Quantum from disclosing details regarding
the results of its due diligence review.  
On February 25, 2013, First Quantum re-confirmed to the Board of
Directors of Inmet its Offer to acquire all of the outstanding Inmet
common shares for consideration per share of, at the election of each
holder of Inmet shares: (i) C$72.00 in cash; or (ii) 3.2967 common
shares of First Quantum; or (iii) C$36.00 in cash and 1.6484 common
shares of First Quantum, subject, in each case, to pro ration as set
forth in the Offer. 
Commenting upon the extension and on the grant by Inmet of due
diligence access to First Quantum, Mr. Philip Pascall, CEO and
Chairman of First Quantum, said: 
"Approval under the Investment Canada Act, which is a condition of
our Offer, remains outstanding. We are hopeful that the approval will
be received shortly.  
We valued the opportunity provided to us by the Inmet Board for a
Cobre Panama site tour and to conduct a detailed due diligence
review, including having full access to key personnel and to Inmet's
virtual data room. Following such access and having largely concluded
our detailed review of Inmet's business, we have re-confirmed our
Offer to the Inmet Board.  
We now look forward to the remaining conditions of our Offer being
satisfied as soon as possible." 
Advisors and Information Agent 
First Quantum has engaged Jefferies International, Goldman, Sachs &
Co., and RBC Capital Markets to act as its financial advisors in
connection with the Offer. Fasken Martineau DuMoulin LLP is acting as
legal counsel to First Quantum in connection with the Offer. 
Georgeson Shareholder Communications Canada, Inc. has been retained
as information agent for the Offer. Shareholders may contact
Georgeson at: 
Toll Free (North America): 1-866-656-4120 
Outside North America Call Collect: 1-781-575-2421 
Email: askus@georgeson.com 
About First Quantum 
First Quantum is a leading international mining company with a global
portfolio of copper and nickel assets located in Africa, Australia,
South America and Europe. For the twelve months ended 30 September
2012, First Quantum generated revenue and adjusted EBITDA of US$2,743
million and US$1,014 million respectively and produced 290 kt of
copper, 32 kt of nickel and 181 koz of gold. A diverse portfolio of
profitable operating assets and quality growth projects makes First
Quantum one of the fastest-growing mining companies in the world. For
the 12 months ended 31 December 2012, First Quantum produced 307 kt
of copper, 37 kt of nickel and 202 koz of gold. First Quantum is
listed on the Toronto, London and Lusaka Stock Exchanges, with a
market capitalization of approximately US$9 billion. 
First Quantum has earned a strong reputation as an industry leading
developer of high-quality base metals projects globally. Although a
significant copper producer currently, First Quantum is itself in a
phase of transformational growth, with an anticipated tripling of
copper production by the end of 2018. To achieve this growth, the
First Quantum team is building on its significant experience in
project development, with a proven record of successfully developing
resource assets. The capital intensity of our Kansanshi and Sentinel
developments, for example, at approximately US$5,000 / tonne and
US$6,000 / tonne, respectively, are among the lowest in the industry.
Importantly, First Quantum has consistently delivered superior
shareholder returns, averaging 32 percent per annum over the period
2000 to 2011. 
Forward Looking Information 
Certain statements and information in this press release, including
all statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or information
with respect to the anticipated completion of the proposed Offer and
the anticipated strategic and operational benefits of the Offer.
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", "projects", "anticipates" or "does not
anticipate" or "believes" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. 
With respect to forward-looking statements and information contained
in this press release, First Quantum has made numerous assumptions
including, among other things, assumptions about the price of copper,
gold, cobalt, nickel, PGE, and sulphuric acid, and other anticipated
costs and expenditures. Although management of First Quantum believes
that the assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that any forward-looking statement or information herein will prove
to be accurate. Forward-looking statements and information by their
nature 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. These risks,
uncertainties and other factors include, but are not limited to,
uncertainties surrounding the ability to realize operational
synergies following completion of the Offer, reliance on Inmet's
publicly available information which may not fully identify all risks
related to its performance, success in integrating the retail
distribution systems, and the integration of supply chain management
processes, future production volumes and costs, costs for inputs such
as oil, power and sulphur, political stability in Zambia, Peru,
Mauritania, Finland, Turkey, Spain, Panama and Australia, adverse
weather conditions in any of the foregoing countries, labour
disruptions, mechanical failures, water supply, procurement and
delivery of parts and supplies to the operations, and the production
of off-spec material. 
See First Quantum's annual information form 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, many of which are beyond the control of First Quantum, that
might cause actual results, performances, achievements or events to
differ from those anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking statements
or information. 
While First Quantum may elect to update the forward-looking
statements at any time, First Quantum does not undertake to update
them at any particular time or in response to any particular event,
other than as may be required by applicable securities laws.
Investors and others should not assume that any forward-looking
statement in this press release represent management's estimate as of
any date other than the date of this press release. 
Other 
This press release does not constitute an offer to buy or an
invitation to sell, or the solicitation of an offer to buy or
invitation to sell, any of the securities of First Quantum or Inmet.
Such an offer may only be made pursuant to an offer and take-over bid
circular filed with the securities regulatory authorities in Canada.  
First Quantum has also filed with the U.S. Securities and Exchange
Commission ("SEC") a Registration Statement, which includes the offer
and take-over bid circular relating to its offer to Inmet
shareholders. FIRST QUANTUM URGES INVESTORS AND SECURITY HOLDERS TO
READ THE REGISTRATION STATEMENT, THE OFFER AND TAKE-OVER BID CIRCULAR
AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC AND
CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors may obtain a free copy of the offer
and take-over bid circular and other documents filed by First Quantum
with the Canadian securities regulators at www.sedar.com and with the
SEC at the SEC's website at www.sec.gov. The offer and take-over bid
circular and other documents may also be obtained free of charge from
First Quantum's website at www.first-quantum.com or upon request made
to First Quantum at 8th Floor, 543 Granville Street, Vancouver,
British Columbia V6C 1X8.
Contacts:
First Quantum Minerals Ltd.  - North American Contact
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
sharon.loung@fqml.com 
First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
clive.newall@fqml.com
www.first-quantum.com 
Jefferies International
Peter Bacchus
Managing Director
+44 778 994 3482 
Media: Harmony Communications
Brian Cattell
Senior Partner
+44 20 7016 9155