First Quantum Minerals Ltd. (the ``Company'') is pleased to report that effective December 11, 1997, the Plan of Arrangement (the ``Arrangement'') to acquire International Ballater Resources Inc. (``Ballater'') is completed. The Arrangement was overwhelmingly approved by the shareholders of both companies on November 28, 1997 and the Supreme Court of the Yukon Territory formally approved the Arrangement on December 5, 1997.

Pursuant to the terms of the Arrangement, the shareholders of Ballater are entitled to receive one common share of the Company in exchange for each 2.75 common shares (the ``Exchange Ratio'') of Ballater. The Company has issued 5,398,807 common shares to the shareholders of Ballater as at December 11, 1997. Included are 136,364 shares of the Company held escrow to replace 375,000 escrowed shares of Ballater.

All warrantholders, optionholders and other convertible security holders of Ballater are entitled to receive replacement securities of the Company on the basis of the Exchange Ratio. Therefore, 3,854,576 shares of the Company have been reserved for issuance for the exercise of share purchase warrants, a convertible debenture and pursuant to property agreements of Ballater. Effective at the opening of December 12, 1997, the common shares of Ballater will be de-listed.

The Company is also pleased to announce that effective December 12, 1997, the directors and officers of the Company are as follows:

Philip K.R. Pascall	Executive Chairman and Director
G. Clive Newall	President and Director
Martin R. Rowley	Vice-President, Finance and Director
Michael D. Philpot	Director
R. Stuart Angus	Director
Karen Liu	Corporate Secretary

Mr. Philpot, former president of Ballater and Mr. Angus, partner of Stikeman, Elliott have joined the Board of Directors. Mr. Philpot has over 15 years experience in the mineral resource industry as a director and senior executive. Mr. Angus has extensive legal experience focused on structuring and financing international development and exploration mining ventures. David J. Wizinsky and Keith N. Neumeyer, both former directors of the Company, will continue to be actively involved in the Company's affairs as its Corporate Counsel and its Manager of Corporate Relations, respectively.

At the Bwana Mkubwa Copper Project in Zambia, construction of the copper plant is now complete and final preparations are being undertaken for commissioning after the Christmas holidays.

The Company further reports that the special warrant financing announced on October 2, 1997 has been cancelled.

On Behalf of the Board of Directors
of First Quantum Minerals Ltd.

Michael D. Philpot, Director

Internet Web Page: www.first-quantum.com
E.mail address: info@first-quantum.com