Quadra Mining Ltd.
TSX : QUA

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

Inca Pacific Resources Inc.

July 11, 2005 08:30 ET

Quadra Mining and Inca Pacific Announce Drill Results from the Magistral Project, Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 11, 2005) - Quadra Mining Ltd. (TSX:QUA) ("Quadra") and Inca Pacific Resources Inc. (TSX VENTURE:IPR) ("Inca") are pleased to present results from approximately half of the 2005 Phase One core drilling program on the Magistral property in Peru. While the drill program is now complete, the remaining assay results are pending and expected in August. The 2005 drilling campaign is designed to advance the project towards pre-feasibility by increasing confidence in the resource estimate. In addition, work is being done on metallurgy, rock chemistry characterization, environmental baselines, social impact and infrastructure studies. All of this work is expected to be completed by February 2006.

The drill results to date confirm the presence of high copper and molybdenum grades that characterize the Magistral deposit. Excellent molybdenum intersections of 82.0 metres at 0.153% Mo (PM 113), 126 metres at 0.130% Mo (PM 121) and 76 metres at 0.183% Mo (PM 122) have been encountered. The molybdenite mineralization occurs in skarn, porphyry, and mixed lithologies to depths of over 300 metres.

A summary of assay results received to date follows, and a figure of the drill hole locations is attached. (To view the attached figure, please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/qua0708.pdf)



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From To Length Cu Mo Cu Equivalent
Drill Hole (metres) (metres) (metres) % % %(1)
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PM-111 10.1 64.0 53.9 0.59 0.020 0.69
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PM-112 68.0 184.0 116.0 0.61 0.071 0.97
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PM-113 246.0 328.0 82.0 0.29 0.153 1.06
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PM-114 14.0 206.0 192.0 0.65 0.065 0.98
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PM-115 172.0 336.0 164.0 0.47 0.061 0.78
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PM-116 20.0 274.0 254.0 0.62 0.049 0.87
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PM-117 72.0 240.0 168.0 0.60 0.017 0.69
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PM-118 7.7 220.0 212.3 0.66 0.071 1.02
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Including 20.0 120.0 100.0 0.93 0.091 1.39
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PM-119 16.0 158.0 142.0 0.85 0.070 1.20
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PM-120 106.0 244.0 138.0 0.51 0.051 0.77
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PM-121 21.8 148.0 126.2 1.00 0.130 1.65
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PM-122 8.0 84.0 76.0 0.56 0.183 1.48
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PM-123 112.0 344.0 232.0 0.83 0.049 1.08
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Including 216.0 344.0 128.0 1.31 0.038 1.50
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PM-124 19.0 170.1 151.1 0.31 0.054 0.58
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PM-125 18.6 136.0 117.4 0.85 0.047 1.09
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PM-126 No Significant Results
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PM-127 16.3 180.0 163.7 0.38 0.065 0.71
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PM-128 23.3 218.0 194.7 0.52 0.081 0.93
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Including 86.0 158.0 72.0 0.62 0.147 1.36
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PM-129 6.8 230.0 223.2 0.54 0.044 0.76
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Including 6.8 64.0 57.2 0.89 0.071 1.25
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PM-130 27.0 200.0 173.0 0.45 0.071 0.81
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PM-131 23.0 328.0 305.0 0.37 0.059 0.67
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PM-132 144.0 264.0 120.0 0.76 0.115 1.34
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PM-133 70.0 161.5 91.5 1.59 0.010 1.64
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PM-134 90.0 206.0 116.0 0.55 0.098 1.04
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PM-135 110.0 202.0 92.0 1.21 0.051 1.47
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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, "We are pleased with the progress and results to date at Magistral. This data together with the balance of the drill results now being assayed will be used to increase our confidence in the resource estimate. The drill programs and studies are on schedule and we are on track to completing the pre-feasibility study as planned."

Anthony Floyd, President of Inca said, "I am especially impressed with the molybdenum grades in this set of results. Clearly this metal will play a significant roll in determining the economic viability of the Magistral deposit."

George Sivertz, P.Geo.of Orequest Consultants Ltd. and 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 Cobtre'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.


The TSX and the TSX Venture Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

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