Quadra Mining Ltd.
TSX : QUA

Quadra Mining Ltd.

July 15, 2005 09:00 ET

Quadra Revises Robinson Mine Production Schedule for 2005

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 15, 2005) - Quadra Mining Ltd. (TSX:QUA) ("Quadra") reports that the short term production schedule at the Robinson Mine has been revised as a result of ground control activities at the Tripp Veteran pit.

Potential slope stability issues were to be addressed by de-weighting an identified slide area on the North East side of the pit during the second half of 2005. The de-weighting plan involved the stripping of 4 million tonnes of waste from the slide using mining equipment brought or retained on site for that purpose.

During the second quarter mining activity coupled with unusually wet weather conditions caused premature slope movement at a rate Quadra found unacceptable. In order to address these issues, Quadra elected to divert some of its major equipment from production to de-weighting of the pit wall. As a result, some lower grade and metallurgically more difficult material that was originally planned to be mined in the 1st Quarter of 2006, is being processed now.

As of the end of June, the pit wall movement has slowed, the major equipment has returned to production activities and a smaller hydraulic shovel brought on site for this purpose, together with the smaller trucks, are continuing the de-weighting operation as originally planned.

Jack Miller, V.P. Operations comments, "the ground conditions in the Tripp-Veteran pit included areas of instability, in settings that are quite common in open pit mining. Management of these conditions is a normal part of mine operations and we are comfortable that the situation is under control. While it is disappointing the de-weighting tonnage could not be deferred as scheduled, the slide has no long term impact on the overall mine plan or on our other optimisation projects, including the construction of the molybdenum plant."

The expected 2005 cash costs per pound remain unchanged but metal production is expected to be 133 million lbs of copper and 66,000 ounces of gold versus 147 million pounds of copper, 62,000 ounces of gold provided as guidance at the end of the first quarter. Capital expenditures for the year will include the de-weighting, deferred stripping, construction of the molybdenum plant, raising of the tailings pond and other smaller projects and are estimated to be $26 million, together with $4 million of security deposits for equipment leases.

The company will release its second quarter 2005 financials on Monday, August 15th and hold a conference call to discuss the financial results and update production estimates at 8.00 am Pacific Time (11.00 am Eastern Time on the same day).

This press release has been reviewed by and received the approval of the Audit Committee as outlined in the Company's Disclosure Policy.

About Quadra Mining Ltd. (TSX:QUA)

Quadra is headquartered in Vancouver, British Columbia and is a mining company whose principal asset is the Robinson Mine in Nevada. The Company has a goal of becoming a mid-tier base metals development and operating company with interests in a number of advanced exploration, development and producing properties.

This 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, production volume, growth, profits, operating expenses depend on future market conditions and risks, and are considered forward-looking thereby providing no guarantee that they will be realized.

Contact Information

  • Quadra Mining Ltd.
    Bill Myckatyn
    Chief Excecutive Officer & Director
    (604) 689-8550
    or
    Quadra Mining Ltd.
    Paul Blythe
    President & Director
    (705) 446-8172
    www.quadramining.com