Name: Guelb Moghrein mine.

Location: Guelb Moghrein is located 250 km north-east of Mauritania’s capital, Nouakchott, near the town of Akjoujt.

Controlling Company: The Guelb Moghrein mine is owned 100% by Mauritanian Copper Mines, a First Quantum subsidiary.

Brief History: The Guelb Moghrein deposit was first developed in the early 1970s by Anglo American Corporation, but was closed in 1977 owing to technical difficulties and high fuel prices. First Quantum Minerals acquired an 80% interest in the asset in 2004 and achieved commercial production in 2006. In 2010, the company increased its ownership in Guelb Moghrein to 100%. In addition to the Guelb Moghrein mining concession, First Quantum holds seven exploration concessions in the area around the mine totalling 5 581 km2 of ground.

Brief Description: Mining at Guelb Moghrein started in April 2006. Commissioning of the copper flotation plant started in July 2006 and commercial production began in October 2006. In October 2009, the mining rate was increased to 3,8-million tons of ore a year at a strip ratio of 3:1 (waste:ore). On average, sufficient ore for one month is stockpiled for feed to the plant.

Mining Method: Openpit.

Products: Cooper and gold.

Major Infrastructure and Equipment: Mining at Guelb Moghrein is carried out in a single openpit, using hydraulic excavators and mechanical drive haul trucks. Sulphide ore is treated in the processing plant at the mine to produce a copper/gold concentrate from the copper flotation circuit and doré bullion from the gold flotation/carbon-in-leach circuit. The plant currently produces about 17 000 t/m of concentrate grading 22,5% copper, with credits received for gold in concentrate and gold in bullion per month.

Reserves: Total proven and probable reserves as at December 31, 2012, were 29,186-million tonnes, grading 1.05% total copper copper and 0.74 g/t of gold.

Resources: Total measured and indicated sulphide resources as at December 31, 2012, were 28.9-million tonnes, grading 1.14% copper and 0.68 g/t gold. Inferred resources were 3.4-million tonnes, grading 1.05% copper and 0.65 g/t gold.

Total measured and indicated oxide resources as at December 31, 2012, were 200 000 t, grading 1.77% copper and 1.01 g/t gold. Inferred resources were 4.1-million tonnes, grading 0.90% copper and 0.78 g/t gold.

Geology: The Occidental deposit at Guelb Moghrein is considered to be an example of the iron oxide/copper/gold- (IOCG-) type deposit that, in terms of its structure and mineralogy, has features in common with other IOCG deposits elsewhere in the world. The mineralisation is predominantly hosted by ferromagnesian carbonates (FMCs). The copper/gold mineralisation is hosted primarily within chalcopyrite and pyrrhotite. Magnetite becomes abundant outside the sulphide-rich zones of the FMC. The Occidental deposit extends about 600 m along strike and dips to the south-west at 30º to 40º. The eastern and western flanks of the Occidental deposit are fault-bounded and the deposit is open at depth.

Prospects: Process plant enhancements continue to create better availability in the grinding circuit to achieve more consistent operation at steady state to maintain throughput rates, as ore grades are expected to be slightly lower than those in 2012. The project to install a new semiautogenous mill is under design.

Commissioning is expected in mid-2014.

Contact Person: Director, Investor Relations, Sharon Loung.

Contact Details:
First Quantum Minerals
Tel +1 647 346 3934
Fax +1 604 688 3818
Email sharon.loung@fqml.com
Website http://www.first-quantum.com