Quadra FNX Mining Ltd.
TSX : QUX

Quadra FNX Mining Ltd.

June 28, 2011 09:48 ET

Quadra FNX Renews Labour Agreement at Sudbury Operations

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) -Quadra FNX Mining Ltd. ("Quadra FNX" or the "Company") (TSX:QUX) is pleased to announce that it has signed a new 36 month Collective Labour Agreement for its mining operations in Sudbury, Ontario. The Agreement includes competitive wage and benefit increases through June 30, 2014. The bonus structure continues to be competitive and based on performance metrics aligned to maximize profitability and shareholder returns.

Mr. Paul Blythe, President & CEO of Quadra FNX commented, "The success of our labour negotiations is a reflection of our strong and collaborative relationship with Local 2020 of the United Steel Workers and the support of our employees. With the Agreement in place, we will move forward with the continuing ramp up of our Morrison Deposit as well as continuing value-enhancing initiatives at our McCreedy West and Podolsky Mines."

About Quadra FNX Mining Ltd.

Quadra FNX Mining Ltd. is a leading mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX produces copper, nickel and precious metals from its operating mines: Robinson in Nevada, Carlota in Arizona, Franke in northern Chile, and Levack, which includes the Morrison Deposit, Podolsky and McCreedy West in Sudbury, Ontario. The Company has two key development projects: the Sierra Gorda project, a copper-molybdenum project in Chile, and the Victoria project, a polymetallic project in Sudbury, Ontario. Quadra FNX employs approximately 1,900 people in North and South America.

Cautionary Note Regarding Forward-Looking Statements:

This Press Release contains "forward-looking information" that is based on Quadra FNX's expectations, estimates and projections as of the dates as of which those statements were made. This forward-looking information includes, among other things, statements with respect to operations at the Morrison Deposit and the Podolsky and McCreedy West Mines. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should", "scheduled", "will", "plan", "would" and similar expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Quadra FNX's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information and is developed based on assumptions about such risks, uncertainties and other factors. A discussion of these and other factors that may affect Quadra FNX's actual results, performance, achievements or financial position is contained in the filings by Quadra FNX with the Canadian provincial securities regulatory authorities, including Quadra FNX's Annual Information Form. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of Quadra FNX's mining operations, no material adverse change in the market price of commodities, that the mining operations will operate in accordance with Quadra FNX's public statements and achieve its stated production outcomes, and such other assumptions and factors as set out herein. Although Quadra FNX has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Quadra FNX 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, unless required to do so by law.

Contact Information

  • Media and Investor Relations Contact:
    Quadra FNX Mining Ltd.
    Derek White
    Executive Vice President, Corporate Development
    604-807-7555

    Quadra FNX Mining Ltd.
    Nawojka Wachowiak
    Vice President, Investor Relations
    416-642-9209