Quadra Mining Ltd.

Quadra Mining Ltd.

December 18, 2008 09:00 ET

Quadra Mining Harvests First Copper Cathodes at the Carlota Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2008) - Quadra Mining Ltd. (TSX:QUA) ("Quadra" or "Company") is pleased to announce the first production of cathode copper at its second copper mine in the south west U.S., the Carlota project in Globe/Miami, Arizona. The commencement of operations at the SX-EW facility marks the completion of the construction/development phase of the project and the operations team will now focus on ramping up production.

All copper produced at Carlota will be sold under off-take agreements, with pricing based on COMEX.

Paul Blythe, President & CEO, comments, "With the successful start-up of the SX-EW facility and the first harvest of copper cathode, Quadra has completed the development phase of the Carlota copper project and is now officially in production. We are now focused on maximizing the operating efficiencies of the plant. As previously announced, cathode copper production is expected to be approximately 50 million pounds in 2009 due to the lower head grades as per the mine plan and to rise to the nameplate annual production rate of 70 - 75 million pounds in 2010."

Paul Blythe concludes, "We are very pleased with the way this project has been developed. Despite the many challenges that faced the industry during the past couple of years with higher cost inputs and lower available equipment and people, an outstanding management team have brought this mine - our second operation in the south west U.S. - into production on schedule and on budget."

About Quadra Mining Ltd. (TSX:QUA)

Quadra is a mining company that owns and operates the Robinson copper mine ("Robinson Mine") near Ely, Nevada and 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 future recovery levels and future production levels. 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.

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

- 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 completion, start-up and ongoing production at Carlota, including costs associated with the construction of the Pinto Creek Diversion.

- Uncertainties related to the ability to obtain and retain or renew necessary licences, permits, and other government authorizations, at operating and development projects.

- Uncertainties related to project delays due to third party opposition.

- 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 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.

- 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).

- 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.

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