Comment on Formal Bid

RNS Number:9170X
Adastra Minerals Inc
03 February 2006

.



NEWS RELEASE



           Adastra Minerals Responds to First Quantum Minerals Ltd.



Trading: TSX and AIM: AAA



London, 03 February 2006 - Adastra Minerals Inc. ("Adastra" or the "Company")
notes the announcement by First Quantum that it has filed its formal offer to
acquire Adastra.



As previously announced, the Board of Directors of Adastra and its financial
advisers believe that the offer significantly undervalues the Company.



M&G Investment Management, Adastra's largest shareholder (14.8%), together with
Mr. Jean-Raymond Boulle, the founder of Adastra and its largest
non-institutional shareholder (beneficial shareholding 7.7%), Merrill Lynch
Investment Managers (5.2%) and other major shareholders, who in aggregate hold
more than 50 per cent. of Adastra's issued share capital have advised the Board
that they do not find First Quantum's offer attractive and would support the
Board in rejecting the offer.



The formal recommendation of the Board and its reasons supporting such
recommendation will be mailed to shareholders by no later than 17 February 2006.



Contact us:


Adastra
Tim Read, President and Chief Executive Officer
Tel.: +44 (0)20 7257 2040


Rothschild
Charles Mercey / Stuart Vincent
Tel.: +44 (0)20 7280 5000


Parkgreen Communications
Justine Howarth / Annabel Leather
Tel.: +44 (0)20 7493 3713


Equicom
Martti Kangas
Tel.: +1 (416) 815 0700



This News Release contains forward-looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1995 concerning the
Company's plans for its principal properties in the Democratic Republic of Congo
("DRC"). These forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ materially
from those reflected in the forward-looking statements, including, without
limitation, risks and uncertainties relating to political risks involving the
Company's operations in the DRC and the policies of other nations and
organizations towards companies doing business in such jurisdictions, the
inherent uncertainty of production and cost estimates and the potential for
unexpected costs and expenses, commodity price fluctuations, the inability or
failure to obtain adequate financing on a timely basis and other risks and
uncertainties, including those described in the Company's Annual Report on Form
20-F for the year ended October 31, 2004 and Reports on Form 6-K filed with the
Securities and Exchange Commission.



N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated
by the Financial Services Authority in the United Kingdom, is acting for Adastra
in relation to the matters referred to in this announcement and no one else and
will not be responsible to anyone other than Adastra for providing the
protections offered to clients of Rothschild nor for providing advice in
relation to the matters referred to in this announcement.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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