Quadra Resources Corp.

Quadra Resources Corp.

June 01, 2005 18:45 ET

Quadra Relinquishes Iraca Block

CALGARY, ALBERTA--(CCNMatthews - June 1, 2005) - Quadra Resources Corp. (CNQ:QDRA.U) (FWB:QR1) advises that its' wholly-owned subsidiary QRC Colombia Ltd. ("QRC") has relinquished the Iraca Association Contract located in Colombia, South America. QRC drilled two wells which both encountered the presence of natural gas but due to low permeability were unable to produce at commercial volumes.

Quadra has determined to focus its efforts in both Egypt, where it holds a 30% working interest in the 7.5 million acre Nuqra concession, and in Uzbekistan where it is continuing discussions regarding a significant joint venture.

Neither the CNQ nor the Frankfurt Exchange have approved or disapproved this information.

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