Quadra Mining Ltd.

Quadra Mining Ltd.
FNX Mining Company Inc.

FNX Mining Company Inc.

May 19, 2010 11:47 ET

QUADRA and FNX Shareholders Approve Merger

TORONTO, ONTARIO--(Marketwire - May 19, 2010) - Quadra Mining Ltd. ("Quadra") (TSX:QUA) and FNX Mining Company ("FNX") (TSX:FNX) are pleased to announce that both Quadra's and FNX's shareholders have approved the previously announced merger of the two companies (the "Transaction"). At the special meeting of FNX shareholders and optionholders held today, the Transaction was approved by 96.8% of the votes cast by the FNX shareholders and 96.9% of the FNX shareholders and optionholders voting together as a single class. At Quadra's annual and special meeting of Quadra shareholders, the Transaction was approved by 97.2% of the votes cast by the Quadra shareholders. In addition, Quadra shareholders approved the amendments to Quadra's shareholder rights plan, with 83.2% of votes cast supporting the proposed amendments. 

Under the terms of the Transaction, which is structured as a Plan of Arrangement, each FNX share will be exchanged for 0.87 Quadra shares and $0.0001. The parties intend to seek court approval of the Transaction on May 20, 2010 and provided the remaining conditions to closing are satisfied, the parties expect the Transaction to close on May 21, 2010.

Further details regarding the terms of the Transaction are set out in Quadra's management information circular dated April 15, 2010 and FNX's management information circulate dated April 20, 2010, which are each available at www.sedar.com.

About Quadra

Quadra is a Vancouver, B.C. based mining corporation whose principal assets are the Robinson Mine in Nevada, producing copper and gold, the Carlota Mine in Arizona, producing copper cathode, the Franke Mine in northern Chile, producing copper cathode, the Sierra Gorda advanced exploration copper-molybdenum project in Chile and the Malmbjerg molybdenum development project in Greenland. Quadra has the goal of becoming a mid-tier base metals development and operating company with interests in a number of advanced exploration, development and producing properties.

About FNX

FNX produces, develops and explores for copper, nickel, cobalt, platinum, palladium, and gold at its mining properties located in the prolific Sudbury mining camp located in Ontario, Canada. FNX produces ore from its McCreedy West, Levack and Podolsky Mines, crushes and samples the ore on surface and trucks it to third party facilities to be milled, smelted, refined and marketed. FNX has a strong balance sheet, zero debt and imminent production growth plans focused on higher margin, copper-precious metal ores, including the emerging, high grade Levack Footwall Deposit.

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