Quadra Mining Ltd.

Quadra Mining Ltd.

October 18, 2007 09:00 ET

Quadra Announces Production Results for the 3rd Quarter 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2007) - Quadra Mining Ltd. ("Quadra" or "Company") (TSX:QUA) is pleased to announce the 2007 third quarter production results from its 100% owned Robinson Mine ("Robinson" or "mine") located in Ely, Nevada. Key operating metrics are shown below:

Q4 Q1 Q2 Q3
2006 2007 2007 2007 LTM(i)
Copper produced (Million lbs) 35.3 36.6 32.2 30.7 134.8
Gold Produced (oz) 27,646 31,040 25,893 24,138 108,717
Waste mined (Tonnes 000's) 13,964 16,249 15,470 13,977 59,660
Ore milled (Tonnes 000's) 3,919 3,302 3,468 3,648 14,337
Copper grade (%) 0.67 0.67 0.59 0.66 0.65
Gold grade (g/t) 0.41 0.46 0.36 0.39 0.41
Copper Recovery (%) 61.0 75.0 71.4 58.1 65.9
Gold Recovery (%) 53.7 63.1 64.0 52.5 58.2
(i) Last twelve months

In the third quarter of 2007, copper production of 30.7 million pounds was in line with block model estimates that provided the basis for Quadra's 2007 production guidance of 125 million pounds of copper. Ore was largely mined from the supergene zone. As anticipated, copper recoveries were impacted by the presence of copper oxides, both acid soluble and non acid soluble ("NASOX"), that are associated with this zone and which are not amenable to flotation and therefore not recoverable. Gold production continued to exceed expectations and remained at levels higher than predicted by the block model.

Paul Blythe, President & CEO of Quadra, said, "We have maintained our production momentum at Robinson throughout the third quarter. As we mined through the ore that has given us recovery issues in the past, including the copper coated pyrite and the NASOX material, we again experienced lower recoveries during the quarter. This supergene zone will continue to provide the ore feed well into the next quarter but as noted, the impact of this material is built into our annual copper production estimates for the year and we are expecting to meet or exceed our copper guidance."

"The work we are doing to improve our gold production estimates are well in hand. Based on our gold production trend and year to date results we are expecting to exceed our current gold guidance of 90,000 ounces for the year."

The financial details from this quarter are due to be released on Monday, November 5th, 2007.

About Quadra Mining Ltd. (TSX:QUA)

Quadra is a British Columbia corporation based in Vancouver and is a mining company whose principal assets are the Robinson Mine in Nevada, producing copper and gold, the Carlota copper leach project under construction in Arizona, the Sierra Gorda advanced exploration copper-molybdenum project in Chile and the Malmbjerg molybdenum development project in Greenland. The Company 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.

This Press Release may contain "forward-looking information" that is based on Quadra's expectations, estimates and projections as of the dates as of which those statements were made. This forward-looking information consists of the estimated production for 2007. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Quadra's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information and a discussion of these and other factors that may affect Quadra's actual results, performance, achievements or financial position is contained in the filings by Quadra with the Canadian provincial securities regulatory authorities, including Quadra's AIF. Quadra disclaims any intent or obligations to update or revise publicly any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise.

- Uncertainties related to the accuracy of our reserve and resource estimates and our estimates of future production and future cash and total costs of production and the geotechnical or hydrogeological nature of ore deposits, diminishing quantities or grades of reserves and variable metallurgical performance of these reserves.

- Uncertainties related to expected production rates, timing of production and the cash and total costs of production and milling.

- Uncertainties relating to copper, gold, molybdenum and other mineral prices, which are beyond the Company's control.

- Operating and technical difficulties in connection with mining development or production activities.

- Uncertainties with respect to the quantity or quality of molybdenum that may be produced at the Robinson Mine.

- Changes in, and the effects of, the laws, regulations and government policies affecting our mining operations, particularly laws, regulations and policies relating to:

- mine expansions, environmental protection and associated compliance costs arising from exploration, mine development, mine operations, reclamation and mine closures;

- expected effective future tax rates in jurisdictions in which our operations are located;

- the protection of the health and safety of mine workers; and

- mineral rights ownership in countries where our mineral deposits are located.

- Changes in general economic conditions, the financial markets and in the demand and market price for copper, gold, molybdenum and other minerals and commodities, such as diesel fuel, petroleum, steel, concrete, electricity and other forms of energy, mining equipment, operating supplies, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, concentrate and transportation charges.

- The effects of forward selling instruments to protect against fluctuations in copper, gold, molybdenum and other metal prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk.

- Unusual or unexpected formations, seismic activity, cave-ins, flooding, pressures, pit wall failures and other similar incidents (and the risk of inadequate insurance or inability to obtain insurance to cover these risks).

- Labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or extreme weather conditions, environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.

Contact Information

  • Quadra Mining Ltd.
    Sophie Taylor
    Manager, Investor Relations
    (604) 689-8550
    Quadra Mining Ltd.
    Paul Blythe
    (705) 444-1316
    Website: www.quadramining.com