Quadra Mining Ltd.
TSX : QUA

Quadra Mining Ltd.
Inca Pacific Resources Inc.
TSX VENTURE : IPR

Inca Pacific Resources Inc.

August 11, 2005 09:00 ET

Quadra Mining and Inca Pacific Announce Additional Significant Copper and Molybdenum Grades from the Magistral Project, Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 11, 2005) - Quadra Mining Ltd. (TSX:QUA) ("Quadra") and Inca Pacific Resources Inc. (TSX VENTURE:IPR) ("Inca") are pleased to present the remaining analytical results from the 2005 Phase One core drilling program on the Magistral property in Peru. The Phase One drill program totalled 12,103m in 47 holes and the first half of the results were published last month (see Press Release: July 11, 2005). The drill campaign was designed to advance the project towards pre-feasibility by increasing confidence in the resource estimate and to obtain samples for metallurgical studies. In addition to the infill drilling, some of the better intersections from the later phase of this program (PM 146, PM150 and PM 155) identified new areas of mineralization in the western section of the deposit. A map of the drill hole locations is attached: (http://www2.ccnmatthews.com/database/fax/2000/qua08102005.gif).

The 22 drill holes reported continue to confirm the significant copper and molybdenum grades that characterize the Magistral deposit. Substantial molybdenum intersections of 140 metres at 0.144% Mo, including 68 metres of 0.247% Mo (PM153) and 142 metres of 0.109% Mo (PM155) and 48 metres of 0.177% Mo (PM140) have been encountered. The molybdenite mineralization occurs throughout the deposit, in all mineralized lithologies, to depths of over 300 metres.



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Cu-
Drill From To Length Cu Mo Equivalent
Hole (metres) (metres) (metres) % % %(1)
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PM-136 12.00 134.00 122.00 0.85 0.059 1.15
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Including 56.00 134.00 78.00 1.21 0.081 1.62
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PM-137 11.10 92.00 80.90 1.56 0.018 1.65
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PM-138 154.00 292.00 138.00 0.52 0.076 0.90
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PM-139 10.00 118.00 108.00 0.61 0.063 0.93
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PM-140 12.00 386.00 374.00 0.64 0.069 0.99
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Including 26.00 160.00 134.00 1.01 0.072 1.37
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Including 26.00 64.00 38.00 2.49 0.013 2.56
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Including 194.00 242.00 48.00 0.23 0.177 1.12
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PM-141 16.00 236.95 220.95 0.38 0.070 0.73
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PM-142 76.00 184.00 108.00 0.63 0.040 0.83
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PM-143 36.15 139.65 103.50 0.41 0.043 0.63
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Including 38.00 82.00 44.00 0.58 0.071 0.94
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PM-144 158.00 189.75 31.75 0.53 0.075 0.91
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PM-145 12.00 178.00 166.00 0.27 0.015 0.35
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PM-146 22.75 374.00 351.25 0.90 0.032 1.06
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Including 200.00 374.00 174.00 1.48 0.024 1.60
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PM-147 132.00 587.15 455.15 0.63 0.046 0.86
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Including 132.00 394.00 262.00 0.79 0.042 1.00
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PM-148 36.00 244.60 208.60 0.31 0.042 0.52
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PM-149 1.00 192.00 191.00 0.20 0.013 0.27
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PM-150 142.00 394.70 252.70 1.19 0.062 1.50
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PM-151 6.65 270.05 263.40 0.35 0.022 0.46
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PM-152 20.55 276.20 255.65 0.35 0.058 0.64
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PM-153 6.00 146.00 140.00 0.82 0.144 1.54
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Including 12.00 80.00 68.00 0.75 0.247 1.99
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PM-154 3.00 275.00 272.00 0.73 0.053 1.00
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PM-155 16.00 400.00 384.00 0.94 0.076 1.32
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Including 238.00 380.00 142.00 0.88 0.109 1.43
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PM-156 52.00 234.00 182.00 0.34 0.056 0.62
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PM-157 2.50 180.00 177.50 0.61 0.057 0.90
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(1)Copper equivalent calculation is based on long term average copper and molybdenum metal prices to arrive at a ratio of 5 to 1. Copper equivalent calculations reflect gross metal content and have not been adjusted for metallurgical recoveries or relative processing and smelting costs.

Jack Miller, VP Operations for Quadra stated, "In total this drill program continues to support our view of Magistral as a potential mine and completes an important building block in the preparation of the pre-feasibility study, which is on track for completion by the end of February 2006. With all these new drill results, we can now move forward with the development of an updated resource."

Anthony Floyd, President of Inca stated, "Results from PM 137, 140, 146, 153, 154 and 155 continue to demonstrate that the Magistral deposit contains excellent copper and molybdenum grades right from surface. This is a fact that bodes well for the development of a high grade starter pit that often enhances the economics of any mining project."

George Sivertz, P.Geo., the Qualified Person as defined by National Instrument 43-101 for the Magistral Project, is supervising a quality control and quality assurance program designed by Mine Development Associates of Reno, Nevada. Logging and sampling are completed at Ancash Cobre's secure facility on the Magistral property. The HQ core is sawn and samples are transported to the CIMM Peru laboratory in Trujillo, Peru for sample preparation. In each batch of samples there are included: Blanks, Duplicates, Twin Core Samples, and Standards. Pulps are shipped from Trujillo to the CIMM Peru analytical lab in Lima, where a duplicate pulp split is made and shipped to the ALS Peru analytical lab in Lima, Peru. At CIMM, the pulps are analyzed for copper, molybdenum, silver and 31 additional elements using aqua regia digestion and inductively coupled plasma-emission spectroscopy (ICP-ES). At ALS Peru, analyses for copper and molybdenum are performed using Atomic Absorption Spectroscopy (AAS) with 4-acid (total) digestion.

The Magistral project is located in the Ancash province in Peru. Quadra has an agreement with Inca Pacific to earn 65% of the project by delivering a feasibility study and arranging project financing on or before 30th June 2007.

This press release may contain some forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ from those expressed or implied by such statements. Statements relating to revenues, growth, profits and operating expenses depend on future market conditions and risks, and are considered forward-looking thereby providing no guarantee that they will be realized.


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