Announces 2008 4th Quarter and Record Annual Production Results From the Robinso

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Announces 2008 4th Quarter and Record Annual Production Results From the Robinso

posted on Jan 19, 2009 04:24AM

January 19, 2009

Quadra Announces 2008 4th Quarter and Record Annual Production Results From the Robinson Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2009) - Quadra Mining Ltd. ("Quadra" or "the Company") (TSX:QUA) is pleased to announce the 2008 fourth quarter and annual production results from its 100% owned Robinson Mine ("Robinson") located in Ely, Nevada. Key operating metrics are shown below:

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                                   Q1     Q2     Q3     Q4   TOTAL   TOTAL
                                 2008   2008   2008   2008    2008    2007
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Operating Metrics
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Copper production (Million lbs)  42.0   44.6   38.6   34.5   159.7   131.9
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Gold production (ozs)          37,738 42,348 30,629 26,913 137,628 108,119
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Waste mined (Tonnes 000's)     15,532 14,462 14,263 13,527  57,784  59,296
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Ore milled (Tonnes 000's)       3,541  3,453  3,489  3,358  13,842  14,171
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Copper grade (%)                 0.68   0.72   0.64   0.69    0.68    0.63
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Gold grade (g/t)                 0.45   0.51   0.42   0.48    0.46    0.40
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Copper recovery (%)              78.6   81.8   78.7   68.1    76.7    67.4
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Gold recovery (%)                72.6   75.2   65.8   52.2    66.8    59.7
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Sales Metrics:
-------------
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Copper sales (Million lbs)       38.9   38.7   40.4   29.2   147.2   134.2
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Copper price at end of period
 ($US/lb) (2)                   $3.82  $3.91  $2.91  $1.33   $1.33   $3.04
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Provisionally priced copper(1)
 beginning of period
 (Million lbs)                   38.2   44.4   51.8   51.0    38.2    46.9
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Average settlement price for
 prior period sales subject to
 final pricing during period
 ($US/lb)                       $3.64  $3.81  $3.44  $1.83   $3.66   $2.96
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Gold sales (ozs)               32,314 35,403 35,151 22,844 125,712 108,002
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Average gold price during
 period ($US/oz) (3)            $ 925  $ 896  $ 869  $ 796   $ 872   $ 697
--------------------------------------------------------------------------

Notes:
(1) Copper that has been sold but has not been subject to final pricing.
    Under current sales contracts, final pricing for copper sales is
    generally set at least four months after the time of shipment
(2) The average price used to value provisionally priced copper
(3) Average daily price of the London am/pm fix

In the fourth quarter 2008 copper production was 34.5 million pounds and gold production was 26,913 ounces. Copper production for the year totalled 159.7 million pounds in line with Quadra's revised 2008 guidance of 160 million pounds. Gold production for the year totalled 137,628 ounces, exceeding Quadra's revised 2008 guidance of 130,000 ounces.

Copper and gold production at Robinson was as planned for the fourth quarter with mill feed continuing to be a mixture of hypogene and supergene ore. The strong overall production results at Robinson in 2008 are a result of higher than planned head grades as well as the operating practices and blending strategies developed during the year that delivered higher than anticipated copper and gold recoveries. Annual production performance for 2008 exceeded all production results since the mine commenced operations under the ownership of Quadra and based on records at hand, of any previous operator over the long history of the mine.

Notwithstanding the excellent production record at Robinson, the commodity price collapse resulted in a quarter end copper price of $1.32/lb., a significant drop from the price of $2.91/lb. at the start of the quarter. The associated negative provisional pricing adjustments will have an adverse effect on earnings for the quarter.

Paul Blythe, President & CEO comments, "We are very pleased with the quarterly and annual results from Robinson where we were able to build on our expertise and deliver our best annual production numbers so far. While Carlota produced its first cathode in December, there were no cathode shipments in 2008 as analyses were not completed by year end."

"As previously announced, 2009 production at Robinson is estimated at 130 million pounds of copper and 125,000 ounces of gold, almost all from hypogene ore, which has a lower head grade than the combined supergene and hypogene ore encountered this year. The copper production estimate for Carlota in 2009 is 50 million pounds, as a result of the lower head grades encountered in this first year of operations."

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.

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