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(1)The terms “C1 operating cost” and “operating profit” are non-GAAP financial measures

Equinox Minerals Limited Final Q1-2011 Results

ARBN 108 066 986

May 5, 2011

Equinox Q1-11 Results Generate Operating Profit of $97.7 million

TORONTO, ON, May 5, 2011: Equinox Minerals Limited (TSX and ASX symbol: “EQN”) ("Equinox" or the “Company”)

today released its results of operations and financial condition for the three months ended March 31, 2011. All currencies specified in this press release are denominated in U.S. dollars.

HIGHLIGHTS FOR THE QUARTER Financial Achievements

Generated an operating profit(1)

of $97.7 million in the first quarter of 2011, an increase of 19% compared to the corresponding period in 2010. Underlying earnings

(1) for the quarter were $43.2 million,

an increase of 27% on the corresponding period of 2010. An after tax loss of $21.4 million was incurred compared to an after tax profit of $34.1 million in the corresponding quarter in 2010, primarily due to charges totalling $64.1 million related to the withdrawal of the Lundin Offer.

Operating Achievements

Lumwana

Significant progress in wet season mine management, with significant improvement on previous wet season quarters. Material movements for the quarter were 19.4 million tonnes, an increase of 29% over the corresponding quarter in 2010.

Strong plant performance with milled tonnes of 4.84 million tonnes and copper recovery of 89.2%.

Production of 28,621 tonnes of copper in concentrate for the quarter, a 6% decrease from the first quarter of 2010. Lower mill grades of 0.66% copper for the first quarter of 2011 versus 0.93% copper in the first quarter of 2010, offset a 35% increase in milled tonnes on the first quarter of 2010.

Unit C1 cash costs(1)

of $1.93 per pound of copper for the quarter impacted by higher fuel prices, increased tire wear and lower production volumes.

Jabal Sayid

Construction of the Jabal Sayid project in Saudi Arabia remains on time and budget, with first production expected mid 2012.

Exploration

Chimiwungo East and South: Drilling has continued to delineate substantial thicknesses of mineralization, potentially extending the Chimwungo orebody.



Lubwe and Mutoma Prospects: Significant thicknesses of sulphide mineralization intersected in drilling – assays are awaited.

Mufapanda: Drilling has commenced on the Nisbet Prospect where an extensive breccias system with anomalous copper-gold geochemistry has defined 3 key targets. The first drill hole has intersected a substantial thickness of copper sulphides – assays are awaited.

Murayjib, Saudi Arabia: At the Umm Hafra Prospect drilling has intersected substantial thicknesses of gold mineralization (75 metres of 3.75g/t gold) and at the Bil‟iwy Prospect wide zones of low grade gold (97 metres of 0.8g/t gold) and higher grade intercepts such as 29 metres of 2.11g/t gold.

Corporate Achievements

On February 15, 2011, Equinox successfully completed its acquisition of Citadel Resources Group Limited (“Citadel”).

On March 7, 2011, Equinox commenced an unsolicited takeover bid for Lundin Mining Corporation (“Lundin”) to acquire all of the issued and outstanding shares of Lundin (the “Lundin Offer”). The Lundin Offer was subsequently withdrawn following the Barrick Offer (see below under the heading, “Subsequent to Quarter-End”)

Subsequent to Quarter-End

On April 3, 2011, Minmetals Resources Limited (“Minmetals”) announced its intention to make an all cash offer of C$7.00 per share for all of the outstanding shares in the Company. Minmetals subsequently withdrew its intention to make an offer on April 26, 2011.

During April 2011, Equinox‟s ownership in the Jabal Sayid project increased from 70% to 100% following receipt of the final regulatory approval for the increase in ownership of Bariq Mining Limited.

On April 25, 2011, Equinox announced an agreement with Barrick Gold Corporation ("Barrick") pursuant to which Barrick has agreed, subject to the terms of a support agreement (the “Support Agreement”), to make an offer to purchase all outstanding common shares of Equinox by way of negotiated take-over bid at a price of C$8.15 per share in cash (the "Barrick Offer").

On April 25, 2011, Equinox also withdrew its offer to acquire the common shares of Lundin. The Company also cancelled the meeting of its shareholders to consider the Lundin Offer previously scheduled to occur on May 6, 2011. Based on discussions with its shareholders and the proxy vote returns received following the announcement by Minmetals on April 3, 2011 of its intention to make a cash offer at C$7.00 for each of the Equinox common shares, Equinox believed that the Lundin Offer had no meaningful prospect of receiving Equinox shareholder approval, as required by the terms of the Lundin Offer. The announcement of the Barrick Offer was expected to further accelerate shareholder voting patterns in that regard. Accordingly, one of the key conditions to the Lundin Offer was effectively incapable of being satisfied.

Performance

Summary of Results Three Months ended

March 31

2011 2010

Gross sales revenue ($000’s) 230,002 200,686

Net income/(loss) ($000’s) (21,378) 34,063

Earnings/(loss) per share ($0.02) $0.05

Copper produced in tonnes 28,621 30,471

Copper produced in pounds (millions) 63.10 67.18

Copper sold in tonnes 24,125 26,596

Copper sold in pounds (millions) 53.19 58.63



Realized copper price per pound (net of smelter charges) $4.32 $3.07

C1 operating cost

(1) per pound of copper $1.93 $1.60

Cash and cash equivalents ($000’s) $171,347 $120,112

Weighted average shares outstanding (000s) 873,924 707,434

At the end of the first quarter of 2011, the Company had 19,069 tonnes of payable copper provisionally priced at $4.27 per pound ($9,424 per tonne) which remained subject to final pricing adjustment during the second quarter of 2011. The final pricing adjustments recognized during the quarter from the fourth quarter of 2010 provisionally priced copper sales was revenue of $2.2 million which is included in the gross sales for the quarter. Copper Markets

The average LME spot copper price during the quarter was US$4.39 per pound, a 12% increase on the fourth quarter of 2010. Prices remained strong during the period with a peak of US$4.61 per pound on February 14, 2011 and a closing price of US$4.27 per pound at quarter end. Forecast continuing strong demand and supply underperformance remain the key influences on copper price movements. During the first quarter of 2011, some volatility resulted from continuing concerns on the impacts of Chinese monetary policy tightening and short term uncertainty surrounding the tragic impacts of the Japanese tsunami. The long term copper market fundamentals continue to indicate a sustained period of strength in copper prices with forecast supply underperformance and continued demand driven by the urbanisation of China over the medium to long term. Outlook

Lumwana Management reaffirms that it expects production for Lumwana for the 2011 year to be 145,000 tonnes of copper metal in concentrates at an average estimated C1 operating cost

(1) of $1.45 per pound of copper. Equinox however notes that

industry wide cost pressure such as diesel and consumables are risks to achieving this cost guidance. Jabal Sayid

The total project cost estimate remains at $315 million with plant commissioning due to commence by the end of the first quarter of 2012, for first production mid-year in 2012. This “Outlook” section is forward-looking information and readers are cautioned that actual results may vary. Refer to “Cautionary Statements – Forward-Looking Information” and “Risk and Uncertainties” sections in this press release.

Operations

Lumwana An operating profit

(1) of $97.7million was achieved for the first quarter of 2011 compared to $82.1 million for the first quarter

of 2010. Lumwana produced 28,621 tonnes of copper (63.10 million pounds), compared to 30,471 tonnes of copper for the first quarter of 2010, at a C1 operating cost

(1) of $1.93 per pound copper for the first quarter of 2011, compared to $1.60 per

pound copper for the first quarter of 2010. Ore mined for the first quarter of 2011 was 4.29 million tonnes, with 4.85 million tonnes of ore milled at a head grade of 0.66% copper and recoveries of 89.2% copper for production of 28,621 tonnes (63 million pounds). Mined ore grade of 0.61% copper was down from 0.69% copper in the fourth quarter of 2010 as a result of the majority of ore being sourced from Stage 4 of the Malundwe Pit during the first quarter of 2011. Grades for the remainder of the year are expected to increase as the percentage of Stage 3 ore mined increases, with the average 2011 grade anticipated to be similar to the levels in the fourth quarter of 2010. Material movements of 19.4 million tonnes showed a significant 29% increase from the corresponding quarter in 2010, which is the relevant comparison due to the seasonal impact of the wet season on the operation. Key wet season management initiatives included the sheeting of haul roads in and out of the pit with basalt, increased pumping capacity and continuous mine operations during rainfall events.



Increased tire wear during the first quarter of 2011 resulted in lower than expected fleet availability which hampered mining rates. While tire wear is expected to be higher during the wet season, it is expected to reduce in the coming months. Productivity during the wetter conditions was also lower than usual and impacted material movements. Plant throughput for the quarter was 4.85 million tonnes which is within 3% of design capacity. With a proportion of transition ore being delivered from the Stage 4 pit, copper recoveries of 89.2% exceeded expectations and were in line with the fourth quarter of 2010 despite a drop in feed grade from 0.69% to 0.66% copper. C1 operating costs

(1) were $1.93 per pound which was an increase from $1.64 per pound in the fourth quarter of 2010, due to

the impact of lower head grades and resulting lower production and higher mining costs during the wet weather. Increased tire wear and above budget diesel costs were the reasons for increased unit mining costs during the first quarter of 2011. Sales for the quarter were impacted by operating issues at both the Chambishi Copper Smelter Limited (“CCS”) operated by China Non-ferrous Metal Mining and Yunnan Copper (oxygen plant failure), and the Konkola Copper Mines Plc (“KCM”) smelter at Nchanga on the Zambian Copperbelt (foaming incident). Lumwana Mine Production Statistics

Production Statistic Measure Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010

Total material movement Tonnes (m) 19.37 28.52 30.37 26.60 14.99

Ore mined Tonnes (m) 4.29 5.22 4.18 5.09 3.09

Ore processed Tonnes (m) 4.85 5.48 4.94 4.57 3.59

Head grade Copper % 0.66 0.69 0.87 1.02 0.93

Copper recovery Copper % 89 90 89 94 92

Concentrate grade Copper % 39 37 41 44 44

Copper in concentrate Tonnes 28,621 33,939 38,445 43,835 30,471

Copper in concentrate Pounds (m) 63.10 74.82 84.76 96.64 67.18

Copper sold Tonnes 24,125 33,421 35,784 35,929 26,596

C1 operating cost(1)

Per Pound $1.93 $1.64 $1.21 $1.19 $1.60

Construction Lumwana The Lumwana plant debottlenecking project has commenced and remains on time and budget to increase plant capacity to 25 Mtpa by the end of 2011. At Chimiwungo, bulk earthworks have largely completed tree clearing and top soil removal is approximately 40% complete at the Chimiwungo Starter Pit. The Chimiwungo overland conveyor contract was let during the first quarter of 2011 with a project hand over date of April 2012 and a letter of intent was issued for the initial pre-strip mining contract. Jabal Sayid The Company‟s mining contractor, Byrnecut Mining, continued to increase its initial fleet of equipment and personnel numbers on site. A temporary power station for the mine and the first phase of the mine‟s expanded ventilation was established. Stripping sections of the existing decline, to allow for access of larger equipment and ventilation ducting, passing bays and generally improving the ventilation capacity, was largely completed. Development headings have been established for the second decline, as have access to the first working level and recommencement of development from the base of the original decline. Raiseboring contractors mobilized to site at the start of the second quarter of 2011 to commence the drilling of new ventilation raises. The engineering, procurement, construction and management (“EPCM”) contractor, SNC Lavalin expanded its construction team on site. Engineering design is well advanced with completion of design scheduled for the second quarter of 2011. Procurement activities are also well advanced, with all key equipment procurement packages complete and contract awards expected to be completed by the end of the second quarter of 2011. The accommodation camps for the contractor and initial stage of the permanent village have been completed. Bulk earthworks, surface roads, security fencing and the temporary



power plant were either well advanced or complete by the end of the first quarter. The concrete contractor commenced site works in March. First process plant equipment is expected to arrive on site during the middle of the second quarter of 2011. The total project cost estimate remains at $315 million with plant commissioning due to commence by the end of the first quarter of 2012, for first production mid-year in 2012.

Lumwana Expansion and Optimization Activities

A first stage feasibility study is due to be completed on the Lumwana expansion project in the second quarter of 2011. When this study commenced in early 2010, it was based on evaluating a plant expansion from the Lumwana plant nameplate capacity of 20 Mtpa of ore to an increased capacity of 35 Mtpa. However, as a consequence of the upward shift in the outlook for copper prices, the study is now being conducted on the basis of a much larger scale operation with a throughput rate of 45 Mtpa of ore. An expanded copper concentrator processing 45 Mtpa of ore would essentially be a replication of the existing Lumwana concentrator. Ongoing expansion study activities will include completion of the resource drilling program, mine scheduling, mobile fleet studies, detailed design and costing of the plant expansion (including timing of a second crusher) and an evaluation of concentrate offtake scenarios. The expansion investment decision is expected in early 2012 with expanded production anticipated to commence by 2015.

Exploration Activities Lumwana – Chimiwungo Drilling activity at the Chimiwungo deposit recommenced mid-January 2011 and has been maintained throughout the first quarter of 2011. The focus of the work completed during the first quarter comprised:

continuation of the infill resource drilling of the Chimiwungo East Shoot down plunge of the Chimiwungo East open pit area;

additional drilling to the southeast of the Chimiwungo South resource, to define the south-easterly extension of the Chimiwungo South high grade shoot; and

resource drilling along the eastern flank of Chimiwungo East. Chimiwungo South During 2010, the drill testing along the southern boundary of the Chimiwungo South resource was successful in extending mineralization by an additional 400 metres. During the first quarter of 2011, drill rigs returned to this area and succeeded in identifying an additional extension of the resource by another 400 metres. Significant mineralization grades and thicknesses were encountered in the drill holes, as shown in Table 1 and Figure 1 below.

Chimiwungo East Delineation of the Chimiwungo East shoot continued during the quarter, with significant results presented in Table 1 below and Figure 1. The Chimiwungo East area was tested by RC drilling in the second quarter of 2010; however the limit of mineralization along the eastern flank was not identified in that program. As a result, additional drilling was undertaken in this area in the first quarter of 2011 with holes drilled intersecting mineralization at a shallower depth than was expected. Geological logging and assay results show that mineralization dips to the west and thus approaches the topographic surface in the eastern-most holes. CHI0504 intersected oxidised ore schist at 14-24 metres. It is interpreted that this area lies on an anticlinal nose, and the mineralized sequence is expected to roll over and dip away to the east again on the eastern flank of the anticline. The current drill results have implications for the position of the final eastern pit wall of Chimiwungo, at least in this north-eastern portion of the ore body.



Table 1: Significant Lumwana intersections

HOLE EAST NORTH From To m Cu% Uppm Coppm Depth below surface

CHI0207 378300 8640398 260.05 276.7 16.65 1.07 15 987 256

283.9 287.67 3.77 0.93 149 409 280

296 320.2 24.2 0.63 16 894 292

CHI0208 378496 8640400 272.1 286.6 14.5 0.47 7 250 268

313.2 323.3 10.1 0.83 326 891 309

329.1 330.3 1.2 0.84 16 1980 324

340 359.4 19.4 0.83 13 562 335

CHI0209 378798 8640394 326.5 422 95.5 0.43 322

326.5 342 15.5 0.84 149 119 322

381.6 399 17.4 0.74 12 661 376

406 422 16 0.87 14 351 400

CHI0212 379290 8640398 494 552 58 1.13 487

494 540 46 1.27 17 640 487

546 552 6 1.14 74 147 538

CHI0442 376857 8640288 110 122 12 0.58 4 72 108

129 137 8 0.70 11 235 127

CHI0443 376714 8640375 143 148 5 0.89 49 191 141

CHI0455 378026 8642706 27 57 30 0.48 9 106 27

73 113 40 0.47 14 81 72

CHI0456 378189 8644010 14 54 40 0.55 17 55 14

60 78 18 0.44 10 47 59

CHI0458 379100 8640397 429.1 524 94.9 1.01 423

429.1 453.1 24 0.59 6 65 423

457.6 524 66.4 1.23 19 604 451

CHI0459 379006 8641203 361.79 479 117.21 0.55 356

361.79 401 39.21 0.54 4 79 356

425.9 443 17.1 0.64 3 179 420

454 479 25 1.23 7 543 447

CHI0460 379202 8641193 506 567 61 1.11 9 218 498

CHI0461 379402 8641199 536 606.1 70.1 0.89 528

536 552.08 16.08 0.62 37 111 528

558 588 30 1.27 9 258 550

594 606.1 12.1 1.13 24 164 585

CHI0462 379396 8640806 605.2 621.9 16.7 1.54 25 175 596

CHI0464 377015 8641207 303.65 312 8.35 0.54 20 171 299

321 332.85 11.85 0.82 16 278 316

CHI0466 376905 8641401 307.8 314.9 7.1 0.66 72 166 303

CHI0667 377700 8639600 335.6 444.5 108.9 0.48 331

335.6 346 10.4 0.48 4 200 331

380 406 26 1.11 5 990 374

411 422 11 0.66 15 125 405

438 444.5 6.5 1.40 16 236 431

CHI0668 377900 8639600 426 446 20 1.01 41 802 420

451 462 11 0.87 7 158 444

504 518 14 0.47 16 176 496

ODL011 367993 8647278 72 78 6 0.32 5 82 62

89 97 8 1.08 6 71 77

NOTE:

The lines highlighted in grey represent a complete 3 ore schist intercept within that hole, allowing for nil grade between the individual intercepts quoted Intercepts are calculated using a 0.2% Cu lower cut-off grade and

lower grade intervals up to 4m are permitted.



Figure 1: Chimiwungo Pit shell

Source: Equinox Internal Data

Lumwana Resource Expansion Potential During the first quarter 2011, Equinox provided an update on Chimiwungo resource potential.

Following the discovery of the Chimiwungo East shoot at Lumwana in early 2010, a continuous drilling program of 45,000 metres has been conducted to delineate the extent of copper mineralization at Chimiwungo East and down plunge on the Chimiwungo Main shoot. The results of the 2010 drill program coupled with an upward shift long term copper price assumptions by industry participants suggest there is potential to substantially increase the previously stated Chimiwungo resource within the pits (which utilize a copper price of $1.20 per pound of copper) being Proven Minerals Reserves of 82 million tonnes at 0.7% copper, Probable Mineral Reserves of 119 million tonnes at 0.6% copper and Inferred Mineral Resources of 413 million tonnes at 0.6% copper. Pit optimization studies utilizing the new drill data and applying various long term pricing scenarios that are more consistent with current copper price expectations, indicates scope to extend the Chimiwungo pit substantially to the south and east, potentially increasing the scale of the Chimiwungo resource in the range of 1 billion to 1.5 billion tonnes of copper ore at a similar grade to the current resource. This includes the current inferred global resource of 561 million tonnes.



This estimate of potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a minerals resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Lumwana – Mine Lease Exploration

Discovery of the Odile prospect was reported in the fourth quarter of 2010. The host rocks were interpreted to be comparable to those that host the Malundwe and Chimiwungo deposits – and thus capable of hosting mineralization - although Odile lies on a different thrust sheet. Drilling conducted in the fourth quarter of 2010 (ODL011, 8 metres at 1.08% copper) warrants extensive follow up, which is currently being undertaken. Mutoma is a prospect identified in 2009 by spectrometer, soil and rock chip surveys coupled to regolith mapping. The prospect lies on the Chimiwungo Thrust Sheet, 2.2 kilometres east of the Chimiwungo open pit area. Drilling undertaken during the fourth quarter of 2011 has shown the sequence dips west, towards Chimiwungo, and significant thicknesses of mineralized ore schists have been intersected at Mutoma, although no assays are currently available. The Company is currently testing the interpretation that Mutoma represents the eastern expression of the Chimiwungo mineralization, which if proven correct, could provide up to an additional 2 kilometres strike width to the ore body. Lubwe is a prospect that was discovered by RST in the 1960s and further advanced by Phelps Dodge in the mid-1990s. The Lubwe prospect is located about 7 kilometres north-northeast of Chimiwungo, on the Chimiwungo Thrust Sheet and substantial drilling by previous explorers has estimated a conceptual resource of 200 million tonnes at 0.57% copper

2.

Equinox has previously conducted IP surveys over Lubwe, but only limited scout drilling. The Equinox geological model considers the Lubwe mineralization to comprise a fault-segmented suite of north-plunging mineralized shoots. Drilling is underway to confirm the interpretation of the extent and thickness of higher grade shoots. Significant mineralization has been intersected in the current program, but no assays are currently available.

2Resource is a conceptual internal estimate and is not yet NI 43-101 compliant



Figure 2: LML49 regional exploration targets

Source: Equinox Internal Data Exploration – Other Areas

ZAMBIA - Regional Exploration Targets

In November 2009, the Company was granted the 1,957km2 Mufapanda licence over an Iron Oxide Copper Gold (“IOCG”)

target which is located 250 kilometres southeast of Lumwana and 195 kilometres west-northwest of Lusaka. The key prospect has been named the “Nisbet Prospect” in honour of the late Dr Bruce Nisbet who co-founded Equinox and originally developed the Mufapanda IOCG targets in the late-1990s. The Nisbet Prospect comprises a major IOCG breccia system



that stretches over 12 kilometres north-south and 4 kilometres east west. Targeting within this large breccia system by Equinox has utilized ground radiometrics, magnetics and gravity surveys to aid the geological mapping. These surveys, in conjunction with soil and rock chip geochemical sampling have identified a series of prospective targets with significant copper and gold surface anomalism, including rock chip samples of up to 5g/t gold. Priority targets have been defined at Ardmore, Bowmore and Macallan. During the current quarter, two diamond rigs commenced drilling at Ardmore and Bowmore. Ardmore comprises coincident copper-uranium-gold soil and rock chip anomalism, and Bowmore Cu-Au anomalism. At Ardmore drilling intersected quartz veined and hematized breccias with mineralization from 20 metres depth including chalcocite, pyrite and lesser chalcopyrite to a depth of 100 metres and drilling is ongoing. Assays are awaited and at least another five drill holes are planned for an initial test of this high potential Nisbet Prospect. To discover copper sulphides so near to surface within such an areally significant anomaly is considered an outstanding technical success at an early stage of testing this region. The Company holds additional exploration tenements and applications, that were formerly known as the ZJV tenement retention applications' elsewhere in Zambia that have been affected by the introduction of legislation in 2008 that governs the title and commitments on prospecting licenses in Zambia. The Company has been successful in its court case for the Kitwe PLLS026 lease to be re-instated in principle, which in turn sets a precedent for another two retention licences in western Zambia. The Company continues to work closely with the Government of the Republic of Zambia (the “GRZ”) to resolve the inconsistencies and ambiguities in the legislation before committing expenditure to these regional tenements. No work is being undertaken on these properties currently. KINGDOM of SAUDI ARABIA – Regional Exploration Targets

Integration of the Saudi Arabian projects, formerly part of the Citadel Resource Group, into the Equinox project portfolio is on-going. Exploration was undertaken only within the Murayjib Exploration Licence during the first quarter 2011. Murayjib lies in the north western quadrant of the Arabian Shield, inland from the port of Yanbu, and comprises four individual prospects identified to date, namely Umm Hafra, Bil'iwy, Murayjib West and the Murayjib prospect. Drilling completed during the quarter comprised 4,480 metres in 28 holes, mainly completed at Bil'iwy and Umm Hafra. Key exploration results are as follows:

Umm Hafra prospect lies at the contact of an altered diorite with sedimentary country rock. The contact zone is intensely quartz vein stockworked, as is the diorite, with sulphides developed in the selvedges of the quartz veins. Moderate to high grade gold mineralization has been intersected in several of the percussion holes drilled at this site to date (Table 2), including hole UH003RC which intersected 73m (0 – 73m) at 3.75g/t Au and hole UH006RC which intersected 75 metres (2 – 77 metres) of 2.49g/t Au. These very significant reverse circulation drill intercepts are being verified by check assays and the drilling of a confirmatory twin diamond hole adjacent to UH003RC to corroborate the drilling and sampling procedures used in the drilling program.

Table 2: Umm Hafra - Significant Drill Intercepts

Hole Northing Easting RL EOH dec azi From To m Au

(g/t)

UH001RC 2733219 440840 357 150 -55 140 20 80 60 1.63

UH002RC 2733226 440830 354 150 -90 0 24 33 9 8.5

44 104 60 1.7

UH003RC 2733210 440888 351 150 -55 230 0 73 73 3.75

UH005RC 2733140 440806 331 150 -55 50 26 60 34 1.42

65 80 15 1.41

UH006RC 2733186 440814 341 150 -55 140 2 77 75 2.49

99 110 11 0.92

UH007RC 2733269 440791 361 150 -55 140 55 71 16 2.66

86 123 37 1.65

Bil'iwy prospect comprises an extensive area of quartz vein stockworked andesite, intruded by (now altered) diorite along the southern margin. Historical work conducted here by the US Geological Survey in the 1990s identified a significant area of vein-related carbonate-pyrite-arsenopyrite alteration up to 700 metres long. Mineralized channel samples (32 metres at 1.75g/t gold) were reported at surface. Drilling (Table 3) has confirmed the surface values extend to depth with wide low grade intercepts such as BL002RC 97 metres (26 – 123 metres) of 0.80g/t gold and



higher grade intercepts such as BL008RC 29 metres (7 – 36 metres) of 2.11g/t gold. All recent and historical work is being compiled, as currently the mineralization appears to be open in all directions. The results will be available during the current quarter.

Table 3: Bil‟wy Prospect – Significant Drill Intercepts

Hole ID Northing Easting RL Azi Dec EOH(m) From To m Au(g/t)

BL001RC 2745747 440640 519 180 -55 150 26 123 97 0.8

128 150 22 0.79

BL005RC 2745674 440458 557 180 -55 150 0 88 88 0.63

BL006RC 2745735 440454 543 150 -55 150 95 124 29 0.93

BL008RC 2745860 440534 539 150 -55 150 7 36 29 2.11

BL009DD 2745744 440641 510 180 -55 365.63 51 98 47 0.79

102 126 24 1.07

BL010DD 2745907 440667 532 180 -45 275.46 167.24 206 38.76 1.02

BL011DD 2745898 440517 544 180 -55 293.64 179 214 35 0.87

BL012DD 2745588 440401 533 150 -60 179.1 18 28.5 10.5 2.15

48 82 34 1.07

Corporate Activities

On February 15, 2011, Equinox successfully completed its acquisition of Citadel (an emerging ASX-listed base metals and gold company with a portfolio of development and exploration assets located in Saudi Arabia, within the highly prospective Arabian Shield minerals province). Citadel‟s key assets were the Jabal Sayid copper-gold development project and a series of gold and base metal exploration projects in Saudi Arabia. The Company implemented its takeover offer in October 2010 and by January 2011 had acquired 90.59%.and initiated compulsory acquisition procedures to acquire all remaining shares in Citadel. The compulsory acquisition process was completed on February 15, 2011. On March 7, 2011, the Company commenced an unsolicited takeover bid to acquire all of the outstanding shares of Lundin, a TSX and the NASDAQ OMS Stockholm (“OMX”) listed diversified base metals company with a portfolio of operating mines in the Democratic Republic of the Congo, Portugal, Sweden, Spain and Ireland, for approximately C$4.8 billion in cash and shares. The Lundin Offer was subsequently withdrawn in accordance with the terms of the Support Agreement with Barrick. See below regarding the Barrick Offer. The Company incurred fees associated with the Lundin transaction including the arranging fees for the $3.2 billion bridge facility and the $300 million revolver facility, investment bankers‟, lawyers‟ and accountants‟ fees, printing expenses and other charges in progressing this matter during the period up to the withdrawal of the offer totalling $64.1 million, which were expensed as withdrawn take-over costs in the consolidated statement of income for the three months ended March 31, 2011.

Subsequent to Quarter End

Minmetals intention to make an offer On April 3, 2011, Minmetals announced its intention to make an unsolicited offer to purchase all of the outstanding common shares of the Company at a price of C$7.00 per share. Minmetals subsequently withdrew its intention to make an offer on April 26, 2011. Equinox Board Agrees to Recommend Barrick offer of C$8.15 per share for the Company Following Minmetals announcement on April 3, 2011, the Company received enquiries from a number of parties, including Barrick, expressing an interest in acquiring the Company. On April 25, 2011, Equinox announced an agreement with Barrick pursuant to which Barrick has agreed, subject to the terms of the Support Agreement, to make an offer to purchase all outstanding common shares of Equinox by way of negotiated take-over bid at a price of C$8.15 per share in cash. After consultation with its financial and legal advisers, the Board of Directors of Equinox unanimously determined that the Barrick Offer is fair to the holders of Equinox common shares and is in the best interests of the Company and has agreed to recommend to shareholders that they accept the Barrick Offer. Each of CIBC World Markets Inc., Goldman, Sachs & Co., and TD Securities Inc., the financial advisors to the Company, has provided an opinion to the effect that, as of the date of such opinions and based upon and subject to the assumptions, limitations, and qualifications stated in such opinions, the consideration proposed to be paid to the holders of Equinox common shares (other than Barrick and its affiliates) pursuant to



the Barrick Offer is fair from a financial point of view to such holders. The Barrick Offer represents a 30% premium to the closing price on the TSX of the Company‟s common shares, the day before Equinox announced its Lundin Offer on February 25, 2011 and a 42% premium to the Equinox share price on April 1, 2011, the last trading day prior to the announcement of the Minmetals unsolicited proposal. The Barrick Offer of C$8.15 per share is C$1.15 per share higher than the unsolicited proposal by Minmetals of C$7.00 per share which equates to an increase of approximately C$1 billion or 16.4%. On April 25, 2011, Equinox also withdrew its offer to acquire the common shares of Lundin. The Company also cancelled the meeting of its shareholders to consider the Lundin Offer previously scheduled to occur on May 6, 2011. Based on discussions with its shareholders and the proxy vote returns received following the announcement by Minmetals on April 3, 2011 of its intention to make a cash offer at C$7.00 for each of the Equinox common shares, Equinox believed that the Lundin Offer had no meaningful prospect of receiving Equinox shareholder approval as required by the terms of the Lundin Offer. The announcement of the Barrick Offer was expected to further accelerate shareholder voting patterns in that regard. Accordingly, one of the key conditions to the Lundin Offer was effectively incapable of being satisfied. Equinox has agreed, under the terms of the Support Agreement, not to solicit other offers, but may consider any unsolicited acquisition proposals made by third parties, in the exercise of the Equinox Board‟s fiduciary duties. The Support Agreement also provides for, among other things, customary provisions relating to support of the Company‟s Board of Directors, non-solicitation and right to match covenants in favour of Barrick and the payment to Barrick of a termination fee of C$250 million if the acquisition is not completed in certain specified circumstances. The obligation of Barrick to take up and pay for Equinox common shares pursuant to the Barrick Offer is subject to certain conditions, including a sufficient number of shares being tendered to the Barrick Offer such that Barrick would own at least 66⅔% of the Company‟s shares on a fully-diluted basis, the receipt of certain approvals from the Governments of Canada, Australia and the Republic of Zambia and the absence of a material adverse change with respect to Equinox and certain other conditions. The Barrick Offer is not conditional on financing. Barrick may waive certain conditions of the Barrick Offer in certain circumstances. If the Barrick Offer is successful, Barrick has agreed to take steps available to it under relevant corporate and securities laws to acquire any remaining outstanding Equinox common shares. Jabal Sayid project ownership increased to 100% During April 2011, Equinox‟s ownership in the Jabal Sayid project increased from 70% to 100% following receipt of the final regulatory approval for the increase in ownership of Bariq Mining Limited. Appointment of New Director On April 1, 2011, Equinox appointed a new director, Mr. Tony Reeves, to the Board. Mr. Reeves is a highly experienced senior executive and is currently the Chief Financial Officer of Foster‟s Group Limited, a global premium branded beverage company. From 2001 to 2009, he was CFO of OneSteel Ltd., a fully integrated global manufacturer and distributor of steel and finished steel products, which was demerged from BHP Billiton in 2000. OneSteel also mines and exports iron ore. Prior to that, he was CFO of Orica Explosives after holding a number of senior executive roles in finance, marketing and IT with the ICI Group in the UK, USA and Australia. Mr. Reeves is a Fellow of CPA Australia and immediate Past President of the Group of 100, an organization of CFOs from Australia‟s largest businesses. Mr. Reeves has a Bachelor of Economics from the University New England, A Masters of Commerce from the University New South Wales and attended the Program for Management Development at the Harvard Business School.

For further, detailed financial and other results of operations, readers are directed to such information contained in the accompanying 2010 financials posted on Equinox‟s website (www.equinoxminerals.com) and filed on SEDAR (www.sedar.com). Readers are also directed to the cautionary notices and disclaimers contained herein and therein.



CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at March 31, 2011, December 31, 2010 and January 1, 2010

(unaudited)

March 31, December 31, January 1,

2011 2010 2010

ASSETS $000 $000 $000

Current assets

Cash and cash equivalents 171,347 319,476 109,130

Restricted cash 3,069 3,337 -

Trade and other receivables 123,554 179,984 150,273

Inventories 115,667 98,826 67,428

413,637 601,623 326,831

Non current assets

Restricted cash 27,355 22,287 26,164

Available-for-sale assets 2,604 4,176 1,906

Property, plant and equipment 2,611,757 2,552,670 1,108,748

Exploration and evaluation asset 66,012 66,000 -

Total assets 3,121,365 3,246,756 1,463,649

LIABILITIES

Current liabilities

Trade payables 130,717 119,076 62,090

Borrowings 122,145 123,209 165,011

Current tax liability 8,960 8,960 6,727

Derivative financial instruments - 41,966 85,866

Other payables 177,089 256,236 160

438,911 549,447 319,854

Non current liabilities

Borrowings 274,925 295,567 380,151

Deferred tax liability 427,048 401,048 5,938

Derivative financial instruments - - 23,570

Mine rehabilitation and closure provision 38,767 17,767 12,143

Other provisions 7,175 7,550 2,934

Other payables 3,530 2,958 39,706

Total liabilities 1,190,356 1,274,337 784,296

EQUITY

Equity attributable to owners of the parent

Share capital 1,749,281 1,642,127 737,838

Retained earnings/(deficit) 170,605 191,983 (75,920)

Other reserves 11,123 6,979 17,435

1,931,009 1,841,089 679,353

Non-controlling interest - 131,330 -

Total equity 1,931,009 1,972,419 679,353

Total liabilities and equity 3,121,365 3,246,756 1,463,649

Commitments for expenditure



CONDENSED INTERIM CONSOLIDATED STATEMENT OF INCOME For the three months ended March 31, 2011 and 2010

(unaudited)

2011 2010

$000 $000

Revenue

Copper concentrate sales revenue 230,002 200,686

Smelter treatment charges (19,140) (20,823)

Net sales revenue 210,862 179,863

Direct and indirect mining costs 84,493 78,052

Amortization and depreciation 20,795 14,226

Royalties 7,826 5,443

Cost of sales 113,114 97,721

Gross Profit 97,748 82,142

Derivative loss 112 13,632

Exploration costs 2,166 901

General and administration 6,180 3,131

Financing costs 11,900 8,891

Take-over costs – Citadel Resource Group Limited 513 -

Withdrawn take-over costs – Lundin Mining Corporation 64,093 -

Other expenses 8,163 4,550

93,127 31,105

Income before income tax 4,621 51,037

Income tax expense (25,999) (16,974)

Net (loss)/income for the period (21,378) 34,063

Net (loss)/income attributable to:

Owners of Equinox Minerals Limited (21,378) 34,663

Non-controlling interest - (600)

(21,378) 34,063

Basic (loss) / earnings per share ($0.02) $0.05

Diluted (loss) / earnings per share ($0.02) $0.05



CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2011 and 2010

(unaudited)

2011 2010

$000 $000


Other comprehensive income

Changes in fair value of available-for-sale assets (1,572) 16

Foreign exchange on net investments 4,074 (1,663)

Cumulative translation adjustment 2,893 1,043

Other comprehensive income/(loss) for the period 5,395 (604)

Comprehensive (loss)/income for the period (15,983) 33,459

Comprehensive (loss)/income attributable to:

Owners of Equinox Minerals Limited (15,983) 33,459

(15,983) 33,459



CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the three months ended March 31, 2011 and 2010

(unaudited)

Attributable to equity owners of the company

Share capital

Contributed surplus

Available-for-sale assets

reserve

Foreign currency

translation reserve

Transaction with owners

reserve Retained earnings Total

Non-controlling

interest Total

equity

$000 $000 $000 $000 $000 $000 $000 $000 $000

Balance – January 1, 2011 1,642,127 15,192 3,585 (454) (11,344) 191,983 1,841,089 131,330 1,972,419

Net loss for the period - - - - - (21,378) (21,378) - (21,378)

Other comprehensive income (net of tax):

Cumulative translation adjustment - - - 2,893 - - 2,893 - 2,893

Foreign exchange on net investments - - - 4,074 - - 4,074 - 4,074

Changes in fair value of available-for sale investments - - (1,572) - - - (1,572) - (1,572)

Comprehensive income/(loss) for the period - - (1,572) 6,967 - (21,378) (15,983) - (15,983)

Employee share options:

Value of services recognized 857 117 - - - - 974 - 974

Acquisition of non-controlling interest (note 14) 106,297 - - - (1,368) - 104,929 (131,330) (26,401)

Balance – March 31, 2011 1,749,281 15,309 2,013 6,513 (12,712) 170,605 1,931,009 - 1,931,009

Balance – January 1, 2010 737,838 15,966 1,469 - - (75,920) 679,353 - 679,353

Net income for the period - - - - - 34,063 34,063 - 34,063

Other comprehensive income (net of tax):

Cumulative translation adjustment - - 13 1,043 - - 1,056 - 1,056

Foreign exchange on net investments - - - (1,663) - - (1,663) - (1,663)

Changes in fair value of available-for-sale investments - - 3 - - - 3 - 3

Comprehensive income/(loss) for the period - - 16 (620) - 34,063 33,459 - 33,459

Employee share options:

Value of services recognized 744 (10) - - - - 734 - 734

Balance – March 31, 2010 738,582 15,956 1,485 (620) - (41,857) 713,546 - 713,546



CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW For the three months ended March 31, 2011 and 2010

(unaudited)

2011 2010

$000 $000

Cash flows (used in)/provided by operating activities


Adjustments for:

Amortization and depreciation 22,707 15,553

Unrealised foreign exchange loss 7,423 (1,308)

Long term compensation expense 886 495

Income tax expense 25,999 16,974

Net financing costs 1,645 (334)

Mark-to-market changes in derivative instruments 112 15,758

Payments from settlement of derivative instruments (42,078) (20,378)

Accretion expense 125 108

Deferred payments 464 9,011

Withdrawn take-over costs (loan origination costs) 48,000 -

Changes in items of working capital

Decrease/(increase) in inventories (5,605) 597

Increase/(decrease) in accounts payable and accrued liabilities (13,237) 6,582

Decrease/(increase) in accounts receivable and prepayments 56,431 (14,845)

81,494 62,276

Cash flows (used in)/provided by investing activities

Decrease/(increase) in restricted cash (4,800) (3)

Payments for property, plant and equipment (62,131) (14,472)

Proceeds on disposal of property, plant and equipment 808 -

Payments for takeover offer (844) -

Payments for non-controlling interest (90,620) -

(157,587) (14,475)

Cash flows (used in)/provided by financing activities

Issue of share capital 557 487

Payment of loan origination costs (48,000) (32,847)

Proceeds from borrowings - 275,701

Repayment of borrowings (20,618) (276,301)

Finance lease principal repayments (2,733) (3,745)

(70,794) (36,705)

Net increase/(decrease) in cash and cash equivalents (146,887) 11,096

Cash and cash equivalents – start of period 319,476 109,130

Exchange rate changes on cash held in foreign currencies (1,242) (114)

Cash and cash equivalents – end of period 171,347 120,112

Total interest payments made 3,984 11,936



For further information please contact: Investors and analysts Media – Australia Craig R Williams President and Chief Executive Carl Hallion VP Business Development Len Eldridge Head of Investor Relations Phone: Canada: +1 416 865 3393 Australia: +61 8 9322 3318 Email: [email protected]

Michael Vaughan / Andrew Stokes FD Phone +61 (0) 2 8298 6100 Email: [email protected] [email protected] Media – North America John Lute Lute and Company Phone: +1 416 929 5883 Email: [email protected] Media – Zambia Nathan Chishimba Lumwana Mining Company Phone: +260 211 257 643 Email: [email protected]

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 and construction of the Jabal Sayid copper-gold project in the Kingdom of Saudi Arabia. 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. Situated 220 kilometres northwest of the Zambian Copperbelt, Lumwana is now a major copper mine. Equinox recently acquired its interest in the Jabal Sayid project as the project entered the construction phase with first production scheduled for 2012. Jabal Sayid is located within the Arabian Shield minerals provinces, 350 kilometres north-east of the Red Sea port city of Jeddah, the commercial capital of Saudi Arabia, and 120 kilometres south-east of Medina. In addition, Equinox is 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 and Jabal Sayid projects please refer to the company website at: www.equinoxminerals.com.

Cautionary Notes Forward-Looking Statements Certain information contained or incorporated by reference in this press release, including any information as to the Company‟s strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes “forward-looking statements” within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “predicts”, “potential”, “continue” or “believes”, or variations (including negative variations) of such words; or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might”, “potential to”, or “will” be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements. Without limitation, statements that management estimates that Lumwana will produce 145,000 tonnes of copper metal in concentrates at an average estimated C1 operating cost

(1) of $1.45 per pound for the 2011 year; that management expects first production from the Jabal Sayid



project to be in mid-2012; that grades for the remainder of the 2011 year are expected to increase as the percentage of Stage 3 ore mined increases and that the average 2011 grade is expected to remain around similar grades achieved in the fourth quarter of 2010; that a plant debottlenecking and optimization program is expected to increase plant capacity to 25 Mtpa by the end of 2011, that management estimates the total Jabal Sayid project cost estimate to be $315 million, plant commission expected to commence by the end of the first quarter of 2012 and first production by mid-2012; statements with respect to the expansion and optimization plans at Lumwana, and statements with respect to the Barrick Offer, including the timing and other related matters of such statements], are forward-looking statements. The purpose of forward-looking statements is to provide the reader with information about management‟s expectations and plans for 2011 and subsequent years. Actual results may vary. Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such factors, estimates and assumptions include, but are not limited to, anticipated financial or operating performances of Equinox, it subsidiaries and their respective projects; future prices of copper and uranium; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; estimated costs of future production; the grade, quality and content of the concentrate produced; the sale of production and the performance of offtakers; capital, operating and exploration expenditures; costs and timing of the development and expansion of Lumwana and Jabal Sayid, the costs of Equinox‟s hedging policy; costs and timing of future exploration; requirements for additional capital; government regulation of exploration, development and mining operations; environmental risks; reclamation and rehabilitation expenses; title disputes or claims;; and limitations of insurance coverage. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Without limitation, in stating that management estimates that Lumwana will produce 145,000 tonnes of copper metal in concentrates at an average estimated C1 operating cost

(1) of $1.45 per pound for the 2011 year, the Company has assumed that its ongoing expansion and

optimization plans will be successful and that the wet season will not have a material effect on production and that costs of diesel and consumables will not materially increase from the costs assumed in making the $1.45 assumption. In stating that management expects first production from the Jabal Sayid project to be in mid-2012, that the total Jabal Sayid project cost estimate to be $315 million with plant commission expected to commence in the first quarter of 2012 and first production by mid-2012, the Company has assumed that the technical information and underlying assumptions in the Jabal Sayid technical reports are and will remain correct and will not materially change from the assumptions used to complete the Jabal Sayid technical reports. In stating that grades for the remainder of the 2011 year are expected to increase as the percentage of Stage 3 ore mined increases and that the average 2011 grade is expected to remain around similar grades achieved in the fourth quarter of 2010, the Company has assumed that it will be mining a lesser amount of transitional ore from the surface of additional pits, which transitional ore dilutes head grade and recoveries. In making statements with respect to the expansion and optimizations plans at Lumwana, including the schedule and timing, anticipated results and work required to complete the plans and achieve the desired results, the Company has assumed that the preliminary studies completed to date prove to be accurate, any costs associated with completing such plans will be feasible, that the materials, labour, regulatory approvals and expertise will be available and that the price and demand for copper and uranium will be profitable and that it will secure any necessary financing and/or offtake commitments on satisfactory terms and that the underlying assumption and information in the preliminary studies are correct . In making statements about the Barrick Offer, the Company has assumed that the Barrick Offer will be completed in accordance with the terms and conditions of the Barrick Offer set out in Support Agreement and Barrick‟s Bid Circular Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Equinox and/or its subsidiaries, including costs, production and returns, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These factors are listed below in “Risks and Uncertainties” and are fully discussed in the Company‟s Annual Information Form dated March 14, 2011, which can be found on SEDAR at www.sedar.com or the Company‟s website at www.equinoxminerals.com. Although Equinox has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made and, except as required by law Equinox disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information. Technical Information Certain technical information regarding Lumwana in this press release is summarized or extracted from the „„Technical Report on the Lumwana Project, North Western Province, Republic of Zambia‟‟ dated June 2008 as re-filed in April 2009 (the „„Lumwana Technical Report‟‟), prepared by Ross Bertinshaw, Principal, Golder Associates Pty Ltd Daniel Guibal, Corporate Consultant, SRK Consulting (Australasia) Pty Ltd, Andrew Daley, Director, Investor Resources Finance Pty Ltd, and Robert Rigo, Vice-President – Project Development, Equinox, each of whom is a „„Qualified Person‟‟ in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and regarding Jabal Sayid is summarized or extracted from the “Technical Report for Jabal Sayid Project”, dated March 7, 2011 (the “Jabal Sayid Technical Report”), prepared by AMC Consultants Pty Limited, Mike Thomas, HND (Mining, MAusIMM (CP), Peter Stoker, BSc., DipEd, FAusIMM (CP), John Hearne, BEng., MAusIMM (CP), and Neil Inwood, BSc., PGradDip, Msc., MAusIMM . Information of a scientific or technical nature contained in this MD&A arising since the date of the Lumwana Technical Report and the Jabal Sayid Technical Report is provided by Equinox management and was prepared under the supervision of Robert Rigo, Vice-President – Project Development or John Cooke, Exploration Manager, each of whom is a “Qualified Person” in accordance with NI 43-101. Readers are cautioned not to rely solely on the summary of such information contained in this release, but should read the Technical Report which is posted on Equinox‟s website (www.equinoxminerals.com) and filed on SEDAR (www.sedar.com) and any future amendments to such report. Readers are also directed to the cautionary notices and disclaimers contained herein and therein. Risks and Uncertainties



Due to the nature of the Company‟s business and the present stage of its development, the Company‟s operations and results are generally subject to a number of different risks and uncertainties at any given time. Following is a list of the general risks and uncertainties that could materially affect the Company, its operations and financial performance. These risks and uncertainties include, but are not limited to: the risk of unanticipated expenses and unforeseen delays due to the expansion of Lumwana and/or the development of Jabal Sayid; the risk that the exploration for, and development of ore bodies do not develop into producing mines and the hazards and risks normally encountered in mining operations; the uncertainty relating to production estimates; the uncertainty of future cash costs of copper production; the risk asssociated with the Company‟s continued ability to pay off its indebtedness; the risk of volatility in the market price of metals; the uncertainty inherent in the estimation of mineral reserves and resources; the uncertainty relating to inferred mineral resources; the risks associated with the enforcement of metal offtake agreements and the Company‟s ability to continue to meet offtake obligations; the risk related to dependence on limited mining properties; the risk of the underlying assumptions in feasibility studies proving to be inaccurate in future; the risk of insufficient insurance coverage or uninsured risks; the risk of new government regulation having a material impact on the Company‟s ability to continue operating; the risk of the loss, material change or inability to secure licences and permits; the uncertainty inherent in the estimation of asset carrying values; the risk of volitilitiy in global financial conditions; the risk of volitility in the market price of common shares; the risk of the Company‟s inability to meet its finance requirements; the risk of stricter environmental standards and enforcement or hazards having a material impact on operations; the risk of greater costs and loss of employees due to health risks specific to the location of Lumwana and Jabal Sayid; the uncertainty relating to reclamation costs; the risks inherent in international operations relating to political, economic and other uncertainties in foreign countries; the risk of the need for additional mineral resources; the risk that the Company‟s commodity hedging program does not succeed in reducing the risk associated with metal price fluctuations; the risk of litigation arising and having a material impact on the Company‟s business; the risk of loss, material change or inability to secure or enforce rights under titles or boundaries; the risk of competition having a material adverse effect on the Company‟s business and operations; the risk of foreign currency fluctuations having a material adverse affect on the Company‟s financial position and operating results; the risk of the loss of or inability to retain adequate human resources and risk of labour unrest; the risk that the Company may decided to pay dividends in future and reducing the Company‟s cash position; the risk of future sales of common shares by existing shareholders reducing the share price; the risk of the shareholder rights plan discouraging a potential acquirer from making a bid on the Company which is beneficial to shareholders; the risk of director and/or officer conflicts of interest arising; and the risk of new or future tax laws having a material adverse affect on the Company‟s business or financial position. There are also key risks specific to Lumwana, which include, but are not limited to, the following: the risk of restricted access or impeded operations due to the dependence on limited infrastructure for the Luwmana Project; the risk of inflation increasing in Zambia having an adverse effect on results of operations; the risk of the proposed and future changes to the tax regime in Zambia having a material adverse effect on the Company‟s financial position; the risk of increased costs related to any environmental or health damage associated with mining uranium which is a radio-active element; the risk of increased costs and loss of employees due to HIV/AIDS, malaria and other diseases specific to Zambia. There are also key risks specific to Jabal Sayid, which include, but are not limited to, the following: the risk that production may vary from estimates; the risk that the development of the Jabal Sayid project may be delayed; the risk that approvals in Bariq may not be obtained; the risk that Saudi Arabian laws, regulations, rules, approvals, licenses and permits may not be obtained or matained; and the risk that hostilities and political and geographical instability may adversely impact the Company‟s business and operations. A full, detailed description of the above listed risks and uncertainties are included in the Company‟s Annual Information Form dated March 14, 2011 and the Company‟s Bid Circular in connection with the Lundin Offer, each of which can be found on SEDAR at www.sedar.com and the Company‟s website at www.equinoxminerals.com. Additional risks and uncertainties not currently known to the Company, or that are currently considered immaterial, may also impact the Company, its operations and financial performance and if any such risks actually occur, the business, financial condition and operating results of the Company could be materially affected.

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