Millrock Resources Inc. reported that a single drill hole has been completed at its Dry Mountain project in Arizona. The project is a joint venture between the company and First Quantum Minerals Ltd. The hole was completed to a depth of 1,165.9 m to test for a porphyry copper deposit buried beneath Quaternary alluvium and Tertiary cover rocks. The favourable Laramide rocks were intersected at approximately 900 m below surface. No copper mineralization was intersected and no evidence of hydrothermal alteration of significance was observed. The Dry Mountain project is located at the southwestern end of the Morenci porphyry copper trend. The trend is defined by structural features, and a series of magmatic intrusive complexes identified in bedrock and traced by geophysical methods under post-mineralization volcanic cover and alluvium. A copper + molybdenum biogeochemistry anomaly at Dry Mountain measures five kilometers by six kilometers. The anomaly indicates the potential for a large buried porphyry copper deposit. The Dry Mountain geochemical anomaly is the southernmost in a string of significant anomalies that starts at the Safford deposits, large porphyry copper deposits that are being mined by Freeport-McMoRan Copper & Gold. Gravity data defines a regional pre-mineral basement high. The recently completed drill hole pierced the rocks below the anomaly but did not explain it.

Columbus Copper Corporation announced that it has entered into a project generation agreement with First Quantum Minerals Ltd. The agreement provides $250,000 in reconnaissance funding to Columbus Copper over a twelve month period for the objective of identifying prospective copper dominant projects for acquisition in the European Balkan Peninsula and in Turkey, in which FQML may then elect to earn an interest by funding exploration spending. Specifically, if reconnaissance identifies a prospective mineral project, Columbus Copper will own the project and FQML will have the right to earn up to a 70% interest therein by entering into an option and joint venture agreement with Columbus Copper that requires FQML to fund up to $5 million in staged exploration expenditures. The agreement may be terminated by either party on 60 days notice.

First Quantum Minerals Ltd. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2013. For the quarter, the company reported sales revenues of $901.2 million against $728.7 million for the same period last year. Operating profit was $243.0 million against $1,458.2 million a year ago. Earnings before income taxes were $238.6 million against $1,457.4 million a year ago. Net earnings for the year attributable to shareholders of the company were $112.4 million or $0.23 per basic and diluted share against $1,336.9 million or $2.81 per diluted share for the same period last year. Comparative earnings were $153.8 million or $0.32 earnings per share against $119 million or $0.25 earnings per share a year ago. Cash flow from operating activities was $416.4 million or $0.87 per share against $138.5 million or $0.29 per share for the same period last year. Purchase of property, plant and equipment was $338.0 million against $276.9 million for the same period last year. Closing net debt of $794 million includes the acquisition of Inmet. The company reported operating results for the first quarter ended March 31, 2013. For the period, the company reported Copper production of 79,308 tons against 65,869 tons a year ago. Nickel production was 11,072 tonnes against 8,573 tonnes a year ago. Gold production was 55,944 ounces against 42,495 ounces a year ago. The company estimates the loss of production is going to be approximately 3,300 tons of cathode which management is confident can be made up during the balance of the year. So there's no change to estimated production guidance for the full year of 2013. Full year copper production guidance has increased as a result of the newly acquired operations. It should be between 384,000 tons to 416,000 tons of copper. Copper production guidance for the pre-acquisition First Quantum mines remains unchanged at between 302,000 and 327,000 tons, with a small narrowing of the range at Kevitsa. Nickel production guidance remains unchanged at both Ravensthorpe and Kevitsa. The group has now added zinc production guidance relating to the newly acquired mines. With the post-acquisition portion of the year remaining, zinc production is expected to be between 41,000 and 48,000 tons. CapEx spend for 2013 on the pre-acquisition First Quantum site capital expenditure and development projects remains unchanged at $2 billion. Full year 12-month proforma CapEx guidance on the acquired operations is between $70 million and $85 million.