Eurasian Natural Resources Corporation PLC notes recent statements by First Quantum Minerals Limited in relation to ENRC's acquisition of a majority interest in Camrose Resources Limited.

In a letter, ENRC made clear to FQM that if it continues to make such statements against ENRC or take any other adverse actions, ENRC reserves all of its rights against FQM and its subsidiaries.

FQM did not respond to a previous letter from ENRC, suggesting a dialogue. Instead of accepting that offer, FQM has made statements to try to discredit ENRC and to interfere with ENRC's rights to develop the Camrose joint venture and the Kolwezi tailings project.

Mr Felix J Vulis CEO of ENRC said that "Prior to the acquisition of Camrose, ENRC undertook an extensive due diligence process, and ENRC remains fully satisfied with the findings. The licence was withdrawn by the DRC Government in August 2009, and the Court of Appeal confirmed that the withdrawal was lawful. ENRC is not a party to arbitration or legal proceedings with First Quantum; any dispute that First Quantum has is with the relevant DRC authorities."

ENRC announced on August 20th 2010 that its subsidiary, ENRC Congo BV, had acquired a 50.5% interest in Camrose which, amongst other assets, holds an indirect majority interest of 70% in a new joint venture company, Treatment of Kingamyambo Tailings Company, which has its operations in the Democratic Republic of the Congo. The holding in Metalkol was acquired by the Highwind Group (comprising, Highwind Properties Limited, Pareas Limited, Interim Holdings Limited and Blue Narcissus Limited), of which Camrose owns 100%.

FQM's statements relate to the issuing to Metalkol by La Générale des Carrières et des Mines and Societe Immobiliere du Congo of PER652, the permit to exploit the Kolwezi Tailings site.

In entering into the transaction announced on August 20th 2010, ENRC has been mindful of the dispute between FQM, Gécamines and the Government of the DRC, which is a matter of public record. That dispute arises from the contract revisitation process which was commenced by the DRC Government in 2007 following an Page 2 of 3 internationally initiated review of earlier investments by more than 60 mining companies in the DRC.

Following that review, the relevant rights were withdrawn from Kingamyambo Musonoi Tailings Sarl by the Government of the DRC in August 2009. Congo Mineral Developments Limited, a subsidiary of FQM and shareholder in, KMT challenged the withdrawal of those rights in the courts of the DRC. Those courts ruled in October 2009 that the withdrawal of the rights was lawful.

ENRC carefully considered the written judgments of the DRC courts and relevant DRC laws and, having done so, was satisfied that Gecamines had the right to transfer to Metalkol the permit to exploit the Kolwezi tailings.

As set out in ENRC's announcement of August 20th 2010, the Highwind Group and Gécamines entered into an agreement on 7 January 2010 which gave the Highwind Group the right to acquire the rights to exploit the Kolwezi tailings. That contract was signed more than four months after the withdrawal of KMT's rights to exploit the Kolwezi Tailings site and after the decision of the DRC courts that those rights had been lawfully withdrawn.

ENRC notes that on February 1st 2010 FQM announced that it had, together with other parties, commenced a private International Chamber of Commerce arbitration against the DRC and Gécamines, concerning the termination of the joint venture agreement related to the rights withdrawn from KMT.

ENRC understands that FQM or its subsidiaries may have interests in the facilities on the Kolwezi Tailings site or in feasibility studies for the site. Insofar as any existing infrastructure and equipment are concerned, ENRC stated in its August 20th 2010 announcement that Metalkol did not acquire any infrastructure or equipment on the site as part of the acquisition of Camrose. ENRC also made clear that the development of the Kolwezi tailings project is subject to feasibility studies being completed. Any concerns of FQM about the use of infrastructure or equipment on the site or earlier feasibility studies are therefore misplaced.

No proceedings have been issued against ENRC. If proceedings are issued, ENRC will defend its legal position vigorously. If appropriate a further announcement may be made in due course.