eqn quarterly report., page-3

A little synopsis:

Sydney - Thursday - May 8: (RWE Australian Business News) - Equinox Minerals Ltd (EQN) reports it is progressing the Lumwana Project towards development with construction advancing on all fronts and an onsite construction work force of 4700 employees.

At March 31 the company had outstanding capital commitments for the Lumwana Project of $180.8m.

The $582.7m in senior and subordinated project finance has been finalised and drawdowns commenced in August 2007.

Large-scale mining commenced in April 2007 at the Malundwe pit and has now reached the primary sulphide orebody, with oxide ore stockpiled for later processing.

A final mining production rate of 120m tonnes per annum (20m tonnes per annum of ore) is expected to be reached during the second quarter of 2008 following a period of progressive mobilisation of the mining fleet.

Plant construction is well progressed and all major items of equipment for the Lumwana Plant are now onsite and installed.

Completion of conveyor belts, pipe work and electrical installation is in progress. The raw water dam and tailings storage facility is also complete.

The EPC contractor advises that the Lumwana Project will reach practical completion on schedule at the end of June.

Equinox believes this is achievable, but notes there is considerable work to complete and will continue to monitor progress.

The commissioning process commenced in the second quarter of 2008. The start of copper production from Lumwana will then follow.

Concentrate deliveries to the Copperbelt smelters are then expected to start in the third quarter of 2008.

Equinox has completed a uranium feasibility study (UFS) investigating the onsite treatment of discrete and high-grade uranium mineralisation contained within the Lumwana copper pitshells.

The UFS has confirmed the viability of onsite uranium treatment.

On the basis of appropriate approvals, commissioning of the uranium processing plant is targeted for 2010.