Quadra Mining Ltd.

Quadra Mining Ltd.

February 20, 2009 09:00 ET

Quadra Mining Files New 43-101 Technical Report for the Robinson Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2009) - Quadra Mining Ltd. (TSX:QUA) ("Quadra" or "the Company") is pleased to announce the filing of an updated NI 43-101 Technical Report for the Robinson Mine. The Technical Report follows Quadra's January 29th, 2009 press release announcing a revised mine plan based on new estimates for reserves and resources at the Robinson Mine as at January 1, 2009. The report can be viewed on Quadra's online profile at www.sedar.com as well as the corporate website, www.quadramining.com.

The following table shows the proven and probable mineral reserves for the Robinson Mine as of January 1, 2009. Note that all units are metric except for contained gold ounces.


Contained Metal
Reserve Gold ---------------
Classifi- Copper Grade Au oz Waste Total Strip
cation Ore kt Grade% g/tonne Cu Kt (000's) kt kt Ratio
Proven 117,976 0.55 0.23 644 884
Probable 3,717 0.42 0.18 16 21
Proven and
Probable 121,693 0.54 0.23 660 905 374,849 496,542 3.08

Note: Mineral reserves are based on a variable economic cutoff grade, or
net value calculation, which includes all operating costs. This value
is converted to recoverable copper pounds per ton cutoff grade and
applied to resource material remaining inside the pit designs as of
January 1, 2009. Resource materials classified as "Measured" and
"Indicated" within the pit and above the cutoff are called "Proven"
and "Probable" reserves. The reserves are based on long term metal
prices of US$2.00 per pound of copper and US$800 per ounce of gold.

Reserves for the Robinson Mine were updated to reflect 2008 mining, changes to the resource model, and changes to ultimate pit designs and operating plans. An updated resource model incorporating results from 2006 through 2008 exploration drilling was utilized in calculating the updated reserves estimate. The reserves also reflect changes to anticipated metal prices, recoveries, operating conditions, and operating costs.

Quadra has been engaged in a 21/2 year exploration program that included both new drilling and re-assaying of existing core and pulps from historic drilling. As a result of this exploration program, Quadra's 100% owned subsidiary, Robinson Nevada Mining Company ("RNMC") updated the geologic model for the Tripp-Veteran and Ruth areas. Resources and reserves were re-estimated by Quadra and RNMC personnel using this updated geologic model. These resources and reserves are consistent with Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) Standards on Mineral Resources and Reserves Definitions and Guidelines adopted August 20, 2000 by the Canadian Institute of Mining, Metallurgy and Petroleum and modified with adoption of the "CIM Definition Standards - For Mineral Resources and Mineral Reserves" in 2005, and in accordance with the standards set out in NI 43-101.

The reserves were prepared under the supervision of Scott Hardy, P.Eng, and Juris Ore, both of Quadra Mining Ltd. Mr. Hardy is the designated Qualified Person as defined by National Instrument 43-101 and has reviewed and approved information of a technical nature in this press release.

About Quadra Mining Ltd. (TSX:QUA)

Quadra is a mining company that owns and operates the Robinson copper mine ("Robinson Mine") near Ely, Nevada. In addition, Quadra holds a 100% interest in the Carlota copper mine ("Carlota"), a heap leach - SX/EW copper operation in Arizona. The Company also has a 100% interest in the Sierra Gorda project ("Sierra Gorda"), a late stage exploration property in northern Chile, and a 99% interest in the Malmbjerg molybdenum project ("Malmbjerg") in Greenland. The strategic plan of the Company includes growth by optimising operations, developing projects, and pursuing merger and acquisition opportunities.

This Press Release contains "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 includes, among other things, statements with respect to Quadra's business strategy, plans, outlook, long-term growth in cash flow, earnings per share and shareholder value, projections, targets and expectations as to reserves, resources, results of exploration (including targets) and related expenses, property acquisitions, mine development, mine operations, mine production costs, drilling activity, sampling and other data, estimating grade levels, future recovery levels, future production levels, capital costs, costs savings, cash and total costs of production of copper, gold and other minerals, expenditures for environmental matters, projected life of Quadra's mines, reclamation and other post closure obligations and estimated future expenditures for those matters, completion dates for the various development stages of mines, availability of water for milling and mining, future copper, gold, molybdenum and other mineral prices (including the long-term estimated prices used in calculating Quadra's mineral reserves), currency exchange rates, debt reductions, timing of expected sales and final pricing of concentrate sales, the percentage of anticipated production covered by option contracts or agreements, anticipated outcome of litigation and personnel issues. 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" and similar expressions. 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, including but not limited to:

- Uncertainties related to the accuracy of reserve and resource estimates and 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.

- Provisional payments on concentrate material that the Company sells; uncertainty in the final metal prices used for the computation of final settlement exists such that final settlement could be less than the cost of production plus other liquidity requirements.

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

- Uncertainties and costs related to Quadra's exploration and development activities, such as those associated with determining whether copper, gold, molybdenum or other mineral reserves exist on a property.

- Uncertainties related to feasibility studies and other studies that provide, among other matters, estimates of expected or anticipated costs, expenditures and economic returns from a mining project.

- Uncertainties related to the ability to obtain and retain or renew necessary licences, permits, and other government authorizations, including the necessary permits to complete the dewatering of the Ruth pit, at operating and development projects.

- Uncertainties related to the ability to obtain necessary electricity, surface rights, water rights and title for operating and development projects and project delays due to third party opposition.

- Uncertainties in obtaining additional financing that may result in delay or postponement of development projects.

- Uncertainties related to the future development or implementation of new technologies, research and development and, in each case, related initiatives and the effect of those on our operating performance.

- Uncertainties related to judicial or regulatory proceedings, including whether the permits required for development and operating activities will be obtained and whether existing permits will be challenged.

- Changes in, and the effects of, the laws, regulations and government policies affecting Quadra's 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 or royalties in jurisdictions in which Quadra's operations are located;

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

-- mineral rights ownership in countries where Quadra's 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, diesel fuel, petroleum, steel, concrete, sulphuric acid, explosives, truck tires and other operating supplies, refining and treatment costs, transportation charges, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar.

- The effects of derivative instruments to protect against fluctuations in copper, gold and other metal prices, exchange rate movements, fuel price changes, and the associated mark to market risks.

- Uncertainties related to the collectibility of amounts owed to the Company by contract counter-parties including, but not limited to, sales contracts and derivative contracts.

- 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).

- Changes in accounting policies and methods used to report Quadra's financial condition.

- Uncertainties associated with critical accounting assumptions and estimates.

- Environmental issues and liabilities associated with mining including processing and stock piling ore.

- Labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which Quadra operates 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 Quadra's mines or interrupt the delivery of Quadra's product to customers.

- Quadra's reliance on a single producing property and on a start-up property.

- Uncertainties related to potential future breaches of covenants and undertakings contained in agreements, by Quadra or its suppliers, that could result in a significant loss to Quadra.

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 Annual Information Form. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. 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, unless required to do so by law.

Contact Information

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