🕐22.03.10 - 14:54 Uhr

EQUINOX latest PR: "Reaches Settlement with ZESCO"



Dear Sir/Madam, TORONTO, ON, March 22, 2010 : Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") and ZESCO Limited ("ZESCO"), the Zambian power authority, are pleased to announce that on March 17, 2010, a settlement agreement (the "Settlement Agreement") was executed in relation to electrical power supply charges incurred during the construction phase of the Lumwana Copper Mine in Zambia. The terms of the US$4 million Settlement Agreement affords Equinox full and final satisfaction and release from all claims and causes relating to the dispute that involved ZESCO electrical power off-take supplied to the Lumwana Copper Mine up to and including December, 2009. The Settlement Agreement re-affirms the integrity and continuity of Equinoxs long term Lumwana Power Supply Agreement as announced by Equinox on February 16, 2006. In a joint statement made subsequent to signing the Settlement Agreement, Mr Craig Williams (Equinox President and Chief Executive Officer) and Mr Ernest Mupwaya (ZESCO Acting Managing Director) commented, "We are very pleased that the dispute has been resolved in an amicable manner and we reiterate that this Settlement Agreement underscores our strong commitment to develop and grow a long term relationship and partnership." Lumwana is the first greenfields copper investment in Zambia in a generation and has brought significant infrastructure development and employment to what was an economically depressed area of Zambia. Electrical supply to Lumwana represents a key extension of the interconnected power grid in Zambia, and apart from providing bulk power supply to the Lumwana mining operations, interconnected power has also been made available for the first time to the Lumwana region through domestic reticulation to residential housing in a town development constructed by the Company as part of its development agreements and construction commitments to the nation. The line also makes it possible for ZESCO to connect the rest of the North western Province to the national grid. Craig R.

Williams - President & Chief Executive Officer
Ernest Mupwaya - Acting Managing Director, ZESCO Limited *** For any further information please contact: Craig R.

Williams (President and Chief Executive Officer), Michael Klessens (Vice President - Finance and Chief Financial Officer) Phone: +61 (0) 8 9322 3318 Email: or Kevin van Niekerk (V.P.

Investor Relations) Phone: +1 (416) 865 3393 Email: or David Griffiths (Gryphon Management Australia) Phone +61 (0) 419 912 496 Email: **** About Equinox Equinox Minerals Limited is an international mining company, dual listed on the Canadian (Toronto) and Australian stock exchanges.

The Company is currently focused on operating its 100% owned large scale Lumwana Copper Mine in Zambia, one of the largest new copper mines to be developed globally over the last few years. Equinox acquired the Lumwana project in 1999 and following nearly 10 years of feasibility, financing and construction, commissioned the mine, plant and infrastructure in December 2008. The Lumwana Mine is situated 220 km northwest of the Zambian Copperbelt. Lumwana is now a major copper mine which will establish Equinox as one of the worlds top 20 copper producing companies. At initial design capacity, Lumwana will process in excess of 20 million tonnes of ore per year, mined at an average life of mine strip ratio of 4.2:1.

Lumwana ore, which is predominantly sulphide, is treated through a large, yet conventional plant, producing a copper concentrate for sale to local and international offtakers. In addition Equinox is also looking at opportunities to grow the Company through both internal expansion (potential uranium plant to process the high grade uranium stockpile and an expansion of the Lumwana copper plant throughput rate) and through the international search for mergers and acquisitions. For information on Equinox and technical details on the Lumwana Project please refer to the company website at www.equinoxminerals.com
**** UNSUBSCRIBE: To unsubscribe to this mailing list, please reply typing "Unsubscribe" in the subject line or body of your email.

Alternately, you can contact my assistant Keri Kauffman on (416) 865-3393 Ext.

6231 and email:
****
Thank you for your interest in Equinox and the Lumwana Copper Mine. Kind regards KvN Kevin J.

van Niekerk Vice President - Investor Relations EQUINOX MINERALS LIMITED 155 University Avenue Suite 1701 Toronto ON M5H 3B7 Canada Work: (416) 865-3393 x6226 Fax: (416) 865-3394 Mob: (416) 904-5340 www.equinoxminerals.com



Products & Services | Jobs