re Shareholder Rights Plan

RNS Number:8197Z
Adastra Minerals Inc
15 March 2006

NEWS RELEASE


                         Adastra Waives Shareholder Rights Plan

Trading: TSX and AIM: AAA



London, UK (March 15, 2006) Adastra Minerals Inc. ("Adastra" or the "Company")
announces that the board of directors has waived the application of the
Shareholder Rights Plan (the "Plan") to the First Quantum offer effective as of
March 14, 2006.

"First Quantum's offer is scheduled to expire more than 60 days since first
being announced.  The Plan, which was overwhelmingly supported by shareholders,
has therefore served its purpose and we believe that shareholders should now
have their say," said Bernard Vavala, Chairman of Adastra's Board of Directors.
"We believe the majority of Adastra shareholders continue to find the offer
unattractive and have previously given their support to the Board in rejecting
the offer."



Since the launch of First Quantum's opportunistic offer Adastra has made
significant progress in developing the Kolwezi Project.  Adastra has completed
the Definitive Feasibility Study, which clearly demonstrates the inadequacy of
First Quantum's offer, completed the Environmental and Social Impact Assessment,
advanced commercial discussions with Mitsubishi, completed a preliminary
geological sampling programme of the subsurface licence and awarded mandates to
co-arrange an export credit tranche of the project financing to the Industrial
Development Corporation of South Africa and Investec Bank Limited.



Adastra notes that First Quantum has still failed to address the principal
reasons why the Adastra Board urged shareholders to reject First Quantum's
offer, namely that:



  * First Quantum's offer substantially undervalues Adastra's assets;



  * the share exchange terms proposed by First Quantum do not fairly reflect
    the relative values of the assets which each of First Quantum and Adastra
    would be contributing to a merged company;



  * First Quantum's offer continues to represent a significant discount to the
    current market price of Adastra shares; and



  * First Quantum's offer values Adastra at less than that implied by
    Mitsubishi's proposal to buy just 14.9% of Kolwezi.



The Adastra Board reiterates its unanimous recommendation that shareholders
reject First Quantum's offer and not tender their shares to the First Quantum
offer.



About Adastra



Adastra is an international mining company listed on the Toronto Stock Exchange
and on AIM, in London, under the symbol "AAA". It is currently developing
several mineral assets in Central Africa, including the Kolwezi Tailings Project
and the possible rehabilitation of the Kipushi zinc mine in the Democratic
Republic of Congo. Adastra's growth strategy emphasizes the creation of
shareholder value through the development of world-class resources in stable or
stabilizing political environments.





About the Kolwezi Project



Adastra's Kolwezi Project consists of two dams containing 112.8 million tonnes
of oxide tailings, grading 1.49% copper and 0.32% cobalt, as determined by Dr.
Isobel Clark of Geostokos Limited, a "qualified person" as defined by the
Canadian Securities Administrators' NI 43-101. This resource has the potential
to host one of the world's largest and lowest cost cobalt producers.  A
definitive feasibility study was completed in March 2006.  Construction is
expected to commence before year-end, with first production in mid 2008 and a
mine life in excess of 50 years.



The project is expected to generate significant taxation, royalty and dividend
revenues to the Government, as well as providing local employment and
contributing to the regeneration of the DRC's copper belt infrastructure.



Contact us:



London



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



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



Toronto



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 and
forward-looking information within the meaning of the Securities Act (Ontario)
(together, "forward-looking statements"). Such forward-looking statements,
include but are not limited to the Company's plans for its Kolwezi Project in
the Democratic Republic of Congo ("DRC"), the Kolwezi Project's net present
value, its overall economic potential, the availability of project financing,
the likelihood of completion of a transaction with Mitsubishi transaction and
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements expressed or implied by such
forward-looking statements to be materially different. Such factors include,
among others, 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, fluctuations in the price of copper and cobalt,
conclusions of economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate financing or
complete the proposed transaction with Mitsubishi Corporation 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, 2005 and reports on
Form 6-K filed with the Securities and Exchange Commission and the Canadian
Securities Administrators and available at www.sedar.com.




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