Minmetals bids for Equinox Minerals

Quest holds Equinox Minerals shares which we received as consideration after the successful take over of Citadel Resources by Equinox in 2010.

Minmetals Resources Limited is listed on the Hong Kong Stock Exchange and has bid Canadian $7 cash per share for Equinox. (The bid is subject to some conditions.)

Equinox acquired the Lumwana copper mine in Zambia in 1999 and commissioned the mine in 2008. Lumwana produced 146,690 tonnes of copper in calendar 2010. Equinox has also recently taken over Citadel Resources which is developing a copper mine in Saudi Arabia.

Equinox has in turn recently bid for Lundin Mining which is subject to a shareholder approval vote in April 2011.

The Quest entry price into Equinox was $5.89 in November 2010. Quest is considering our position in relation to this latest bid.