Quadra Mining Ltd.

Quadra Mining Ltd.

April 18, 2007 09:01 ET

Quadra Mining Adopts Shareholders Rights Plan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 18, 2007) - Quadra Mining Ltd. (the "Company" or "Quadra") (TSX:QUA) announces that the Board of Directors has adopted a shareholder rights plan ("Rights Plan") in order to ensure the fair treatment of all Quadra shareholders in connection with any take-over bid for the outstanding shares of Quadra. The Rights Plan will provide shareholders with adequate time to properly evaluate and assess a take-over bid or corporate transaction if, as and when such circumstances arise without facing undue pressure or coercions. The Rights Plan also provides the Board with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to maximize shareholder value.

The Rights Plan is not being adopted in response to any proposal to acquire control of Quadra and the Company is not aware of any transactions by any party that would trigger the provisions of the plan at this time.

Computershare Investor Services Inc. will act as rights agent and the record date for the issuance of the rights was set at April 10, 2007, the record date set in connection with the Company's upcoming annual general meeting. The Rights Plan will remain in place only until the annual general meeting unless it is ratified by the shareholders. If ratified by the shareholders, the Rights Plan will have a term of three years. The Rights Plan is also subject to approval by the Toronto Stock Exchange.

Paul Blythe, President and CEO of Quadra, said, "With the volatility of the resource market we felt it was prudent to adopt this plan in order to ensure that we have adequate time to respond to any offer, with a view to maximising value for our shareholders. A particular concern is our Sierra Gorda project in Chile, where we need to complete the current $15 million drill programme before we will be in a position to have a view on the value of the asset. For these reasons we are recommending to our shareholders that they ratify the adoption of the plan."

A copy of the shareholder rights plan will be available on SEDAR and on the Company's web site.

About Quadra Mining Ltd. (TSX:QUA)

Quadra is a British Columbia corporation based in Vancouver and is a copper producing company whose principal asset is the Robinson Mine in Nevada. The Company has a goal of becoming a mid-tier base metals development and operating company with interests in a number of advanced exploration, development and producing properties.

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