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First Quantum Minerals to acquire Antares Minerals valued at US$460 million

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First Quantum Minerals Ltd.

On October 18, 2010, First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) and Antares Minerals Inc. (TSX VENTURE:ANM) announced that they had entered into a definitive agreement pursuant to which a wholly-owned subsidiary of First Quantum will acquire, by way of a court-approved plan of arrangement, all of the outstanding securities of Antares. The total consideration for the purchase of 100% of the fully diluted shares of Antares is approximately $460 million. The transaction will be carried out by way of a statutory plan of arrangement pursuant to the Business Corporations Act (Alberta) and must be approved by the Court of Queen's Bench of Alberta and the affirmative vote of 66 2/3% of Antares' shareholders at a special meeting of shareholders to be called and held to consider the transaction. As part of the transaction, Antares' 50% interest in the Rio Grande project located in Salta Province, northwestern Argentina, will be spun out into a new exploration company, Regulus Resources Inc. ("Spinco"), together with $5 million in cash. Antares shareholders will receive their pro-rata share of Spinco, which will be owned 90.1% by existing Antares shareholders in aggregate and 9.9% by First Quantum. Fasken Martineau is legal advisor to First Quantum with a team that includes John Turner, Dan Batista, Krisztian Toth, Amanda Fullerton, Jeff Hergott, Francesco Tallarico , Susan Newell and Kelly McTavish (corporate); Chris Steeves (tax); and Huy Do (regulatory); assisted by student-at-law Samir Murji.



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