Quadra Mining Ltd.

Quadra Mining Ltd.
Inca Pacific Resources Inc.

Inca Pacific Resources Inc.

May 11, 2005 09:00 ET

Quadra Mining Ltd. and Inca Pacific Resources Inc.: Quadra Commences Diamond Drilling with Four Rigs at Magistral Copper-Molybdenum Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QUADRA MINING LTD.

TSX SYMBOL: QUA

AND INCA PACIFIC RESOURCES INC.

TSX VENTURE SYMBOL: IPR

MAY 11, 2005 - 09:00 ET

Quadra Mining Ltd. and Inca Pacific Resources Inc.:
Quadra Commences Diamond Drilling with Four Rigs at
Magistral Copper-Molybdenum Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 11, 2005) - Quadra
Mining Ltd. (TSX:QUA) ("Quadra") and Inca Pacific Resources Inc. (TSX
VENTURE:IPR) ("Inca") are pleased to report that diamond drilling has
commenced at the Magistral copper-molybdenum project located in Ancash,
Peru. Four drills, provided by Bradley-MDH S.A.C., are being used to
conduct a minimum 12,000 metre infill and metallurgical diamond drill
program.

Jack Miller, Vice President, Operations of Quadra said, "The start of
this drilling program marks an important milestone in the advancement of
the Magistral project. This work will upgrade our understanding of the
deposit and provide a basis on which to fully evaluate Magistral."

Anthony Floyd, President of Inca said, "We are very pleased to have a
major drill program underway at Magistral. With copper prices forecasted
to remain high for the foreseeable future it bodes well for advancing
the project to feasibility."

The drill program currently underway represents the first phase in the
preparation of a Pre-Feasibility Study by Quadra. The program includes a
12,000 metre infill and metallurgical drill program, metallurgical and
ABA testing, geological modeling, a new mineral resource estimate,
completion of the Environmental Baseline Study, a Social Impact Study
and an Infrastructure scoping study. Upon completion and should Quadra
elect to proceed, a Phase II program will comprise a pre-feasibility
study estimated to be complete by February 28th 2006 while Phase III
will include all activities to prepare and present a bankable
feasibility study by November 30th 2006.

Quadra is earning a 50.1% interest in Ancash Cobre S.A., the 100% owner
of the Magistral project, by completing a bankable feasibility study for
a minimum 15,000 tonnes per day operation by 30th November, 2006. Quadra
can increase its ownership from 50.1% to 65% by arranging project
financing on or before 30th June 2007. Once Quadra has met its
obligations with respect to the feasibility study and financing,
reaching 65% ownership, each party will be responsible for its share of
the project development costs.

Previous work on the property between 1999 and 2004 included 32,640
metres of diamond drilling in 108 holes, geotechnical analyses,
preliminary metallurgical testing, preliminary mine layout and open pit
design, tailings studies, environmental baseline studies, and
socio-economic studies. In addition, scoping studies, some at the
pre-feasibility level of detail, have been carried out which indicate
that no significant technical obstacles preclude the development of a
mine at Magistral.

The drill program is being carried out under the supervision of George
Sivertz, P.Geo, of Orequest Consultants Ltd., a Qualified Person as
defined by National Instrument 43-101. A quality control and quality
assurance program designed and monitored by Mine Development Associates
of Reno, Nevada is in place to ensure integrity of core sample analysis.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Quadra Mining Ltd.
    Sophie Taylor
    Investor Relations
    (604) 689-8550 (x 110)
    ir@quadramining.com
    www.quadramining.com
    or
    Inca Pacific Resources Inc.
    Bill Galine
    Investor Relations
    (604) 662-3902
    info@incapacific.com
    The TSX and the TSX-V have neither approved nor disapproved of the
    information contained herein.