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Drills 64M @ 2.33% Copper Including 38M @ 3.5% Copper at Ndola West

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Drills 64M @ 2.33% Copper Including 38M @ 3.5% Copper at Ndola West ARBN 108 066 986 October 19, 2006 Equinox Explores Copperbelt - Drills 64m @ 2.33% Copper including 38m @ 3.5% Copper at Ndola West THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN Equinox Minerals Limited (TSX and ASX symbol: “EQN”) (the “Corporation”) is pleased to announce drill results for its recently completed drill program at the Ndola West prospect including an intercept of 64m @ 2.33% Copper, including 38m @ 3.5% Copper. Ndola West has generated significant previous intersections (including 9.0m of 3.8% Copper) and interpretation of the geochemical and geophysical data by the Corporation suggests that copper mineralization could extend along a strike length of up to 4.5km. In addition to the Lumwana Copper Project at which mine construction commenced in April 2006, Equinox controls 100% (subject to a 70% ‘clawback option’ to Anglo American) of prospective tenements covering 19,300 km2 located predominantly in the Zambian Copperbelt and North Western provinces and referred to as the Zambezi Project. The Corporation’s exploration programs for 2006 have been designed to aggressively pursue high priority Copper, Cobalt and Uranium targets on these tenements. Located 5km west of the Zambian Copperbelt mining town of Ndola, the Ndola West prospect sits within the Kafue Dome which hosts many of the current major Copperbelt mining operations (see Diagram 1). Ndola West (as well as Ngala and Mwekere prospects), is located along the Lower Roan sequence which extends for approximately 90km along the border between Zambia and the Democratic Republic of Congo (‘DRC’). This Equinox ground package extends from the leases surrounding the Bwana Mkubwa Mine (First Quantum Minerals) in the southeast, to the Mufulira Mine (Mopani Copper Mines) in the northwest. This sequence also hosts a number of recent discoveries, including the Frontier (previously Lufua) and Nina prospects of First Quantum which are located within 2km on the DRC side of the border. Equinox controls most of the ground on the Zambian side of the border. Eight 4” Reverse Circulation (“RC”) holes were drilled for a total of 715m on three lines covering a strike length of 600m along the NE limb of the Ndola West synform. Table 1 below presents the drill data and intercept information. Drilling intersected significant oxide copper mineralisation with the best intersection being from hole number KIT0003 generating 64m (depth 32m to 96m) grading 2.33% copper including 38m (depth 58m to 96m) grading 3.5% copper. The mineralisation appears to occur as a flat oxide supergene blanket and consists of dominantly malachite with trace chalcocite hosted within weathered and altered carbonate-cemented siltstones of the Lower Roan sequence - the same sequence to host the Bwana Mkubwa and Mufulira mines along strike. The geology remains open along strike to the south-east as well as at depth. The potential of the SW limb of the fold to host ore is yet to be evaluated by the Corporation. Table 1: Ndola West Drill Results Hole No. WG84 WGS84 RL DEPTH Collar Collar From To Width Cu%1 Type mE mN (m) Azimuth Dip (m) (m) (m)1 (true) KIT0001 672096 8566248 1294 96 226 -60 72 82 10 0.70 Oxide inc 72 76 4 1.53 Oxide KIT0002 672056 8566220 1295 96 226 -60 No significant copper KIT0003 672243 8565989 1274 96 226 -60 32 96 64 2.33 Oxide inc 58 96 38 3.50 Oxide KIT0004 672282 8566030 1288 92 226 -60 78 84 6 0.71 Oxide KIT0005 671938 8566513 1293 87 226 -60 No significant copper KIT0006 671977 8566547 1293 56 226 -60 No significant copper KIT0007 671894 8566476 1292 96 226 -60 53 59 6 0.63 oxide KIT0008 672203 8565963 1282 96 226 -60 No significant copper Note: Drill method utilised to generate the samples was narrow diameter reverse circulation, using a face sampling hammer bit. The holes were not surveyed. Drilling intersected water in two intervals only, from KIT003 45-48m, and KIT001, from 91-96m. Samples were collected into plastic bags via a cyclone on 1m intervals and split through a 75:25 Jones riffle splitter. The resultant split of 2kg was placed in a calico bag. Duplicates, standard reference samples and blanks were inserted in the sample sequence at a rate of 1 in 20. Samples were despatched directly to ALS Chemex at Malaga, Perth Western Australia by air freight. All samples were dried, crushed and pulverised to achieve 90% passing -75 microns. The pulp was collected from the pulveriser bowl by a ceramic sample scoop, and the balance of the pulp stored for re-assay, if required. Samples were assayed by four acid digest and method ME-ICP61 up to 10000ppm Cu; above this level samples were re-assayed by Cu OG62, a more accurate ore grade determination. Intercepts were calculated as an arithmetic average, and intervals represent down hole intercepts. True thickness of the zone will be established by additional drilling. The drill program was designed to test for shallow open pittable oxide mineralisation in an area previously (2000–2001) explored by the Equinox - Anglo American (“EAJV”) joint venture using IP and deeper diamond drilling. The EAJV intersected disseminated oxide and sulphide Copperbelt style copper mineralisation in 2 deeper diamond holes drilled within the area of the current Equinox drilling. 7 out of 20 holes intersected copper mineralisation. A summary of the significant EAJV intercepts is shown in Table 2. Table 2: EAJV Drill Intercepts, Ndola West Collar WGS84 WGS84 DEPTH Collar From Width 2 Mineralization Hole No. RL Azimuth To (m) Cu% mE mN (m) Dip (m) (m) Type (true) sulphide and KIT00DD04 672136 8566277 1288 300 126 141 13.5 2.51 transition As above 1 sulphide and KIT00DD04W1 230 -45 126.5 138 11.5 1.24 transition As above 1 sulphide and KIT00DD04W2 126.5 138 11 2.06 transition KIT00DD02A 671985 8566551 1294 200.4 115.0 122.8 7.8 0.53 sulphide 233 -45 As above KIT00DD02AW11 115.5 119.8 4.3 0.62 sulphide As above KIT00DD02AW21 115.0 119.8 4.8 0.57 sulphide 1 Diamond core hole wedges 2 Anglo noted that core recoveries were variable but sometimes poor within the mineralized intervals Notes 3 Assays were complete by Anglo American Johannesburg laboratory 4 Whilst core is available for some of these holes, collar positions are only imprecisely known. Equinox Minerals Limited Ndola West Results October 2006 Figure 1: Ndola West (within the Zambezi Project) The Corporation anticipates undertaking additional drilling at the property during the fourth quarter of 2006. Elsewhere, drilling continues at the Kanga IP Target, along strike from the Malundwe deposit at the Lumwana Copper Project in the North Western province, Zambia. Commenting on the new drill results, Craig Williams, Equinox President and CEO said “the Zambian Copperbelt remains one of the world’s great copper provinces. With limited copper exploration since the 1970’s, our tenements there host outstanding exploration opportunities. The Ndola West discovery demonstrates the Equinox business model in building a mid-tier copper company with Lumwana whilst offering new mine potential by way of aggressive exploration” As required by the National Instrument 43-101, Equinox's designated qualified person required for the supervision of exploration of the projects are Mike Richards and John Cooke, employees of the Corporation. On Behalf of the Board of Directors of Equinox: Craig R. Williams - President & Chief Executive Officer Equinox Minerals Limited Ndola West Results October 2006 For further information please contact: Craig R. Williams (President and Chief Executive Officer), Michael Klessens (V.P. Finance and CFO) Phone: +61 (0) 8 9322 3318 Email: [email protected] or Kevin van Niekerk (V.P. Investor Relations/Corporate Development) Phone: +1 (416) 865 3393 Email: [email protected] For information on Equinox and technical details on the Lumwana Project please refer to the company website at www.equinoxminerals.com Cautionary Language and Forward Looking Statements This press release contains “forward-looking statements”, which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company’s disclosure documents filed from time to time with the Canadian and Australian securities authorities. Technical information in this release is summarized or extracted from the ‘‘Amended Technical Report on the Lumwana Copper Project, North West Province, Republic of Zambia’’ dated August 2006 (the ‘‘Technical Report’’), prepared by Matt Langridge, General Manager, Projects and Construction, Ausenco Ltd. (‘‘Ausenco’’), Ross Bertinshaw, Principal of Golder Associates Pty Ltd. (‘‘Golder’’), Tim Miller, Director, of Investor Resources Finance Pty Ltd (‘‘IRF’’), and Robert Hanbury, Associate Director, of Knight Piésold Pty Ltd. (‘‘Knight Piésold’’), each of whom is a ‘‘Qualified Person’’ in accordance with National Instrument 43-101 —Standards of Disclosure for Mineral Projects. The economic analysis of Lumwana in the Amended Technical Report is based on a model which includes Inferred Resources that are considered not to be defined in sufficient detail to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the economic performance proposed in the economic analysis following depletion of the Mineral Reserves will be achieved. Exemptive relief has been granted by the applicable Canadian securities regulators for this analysis. See the Amended Technical Report for further details. Readers are cautioned not to rely solely on the summary of such information contained in this release, but should read the Amended 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.
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