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Quadra Announces Record Quarterly Production Results

2008-04-08 06:00:00

Quadra Announces Record Quarterly Production Results

VANCOUVER, BRITISH COLUMBIA–( EMWNews – April 8, 2008) – Quadra Mining Ltd. (“Quadra” or “the Company”) (TSX:QUA) is pleased to announce record production for the first quarter of 2008 from its 100% owned Robinson Mine (“Robinson”) located in Ely, Nevada. Key operating and sales metrics are shown below:



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Q2 Q3 Q4 Q1 LTM
2007 2007 2007 2008 (i)
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Operating Metrics:
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Copper production
(Million lbs) 32.2 30.7 32.4 42.0 137.3
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Gold production (ozs) 25,893 24,138 27,048 37,738 114,817
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Waste mined (Tonnes 000's) 15,470 13,977 13,600 15,532 58,579
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Ore milled (Tonnes 000's) 3,468 3,648 3,753 3,541 14,410
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Copper grade (%) 0.59 0.66 0.59 0.68 0.63
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Gold grade (g/t) 0.36 0.39 0.38 0.45 0.39
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Copper recovery (%) 71.4 58.1 66.1 78.6 68.6
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Gold recovery (%) 64.0 52.5 59.2 72.6 62.8
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Sales Metrics:
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Copper sales (Million lbs) 32.3 32.5 28.9 38.9 132.6
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Copper price at end of
period ($US/lb)(2) $ 3.47 $ 3.66 $ 3.04 $ 3.82 $ 3.82
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Provisionally priced copper(1)
- beginning of period 45.5 41.4 42.5 38.2 45.5
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Copper price at beginning of
period ($US/lb)(2) $ 3.12 $ 3.47 $ 3.66 $ 3.04 $ 3.12
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Average settlement price for
prior period sales subject
to final pricing during
period ($US/lb) $ 3.37 $ 3.52 $ 3.24 $ 3.64 $ 3.44
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Gold sales (ozs) 23,607 26,067 27,090 32,314 109,078
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Average gold price during
period ($US/oz)(3) $ 667 $ 680 $ 789 $ 925 $ 765
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Notes:
(i) Last twelve months
(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 first quarter 2008, the mine produced 42.0 million pounds of copper and 37,738 ounces of gold. Both copper and gold production were quarterly records for Robinson, exceeding any previous quarterly production as operated by Quadra or any prior owner of the mine.

Several favourable factors and developments combined during the quarter to produce these results. The mine is currently producing exclusively from hypogene ore and the hypogene encountered in the first quarter had higher than average grades. In addition, blending and reagent strategies developed in 2007 resulted in some of the highest recoveries so far to be achieved from the Veteran pit. The gold grade and recovery were also higher than expected, notwithstanding adjustments made based on the results from 2007.

Paul Blythe, President & CEO of Quadra said, “This was obviously a very good quarter for Robinson and for Quadra. Congratulations are due to the Robinson team on all the work and innovation that has led to this outcome. As well as the record production volumes, the substantial sales volumes achieved are important to us during this period of high copper and gold prices. Of course, it would be remiss not to re-iterate that Robinson is a skarn deposit with inherent variable mineralogy and that will continue to result in uneven production quarter over quarter. As such, we are currently not in a position to revise guidance but management will continue to assess the impact of new strategic initiatives on production going forward.”

The first quarter financial results will be announced on May 13th, 2008.

About Quadra Mining Ltd. (TSX:QUA)

Quadra is a Vancouver, British Columbia based copper producing 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 Press Release may contain “forward-looking information” that is based on Quadra’s expectations, estimates and projections as of the dates as of which those statements were made. This forward-looking information consists of the estimated production for 2008. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Quadra’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information and a discussion of these and other factors that may affect Quadra’s actual results, performance, achievements or financial position is contained in the filings by Quadra with the Canadian provincial securities regulatory authorities, including Quadra’s AIF. Quadra disclaims any intent or obligations to update or revise publicly any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise.

For more information, please contact

Quadra Mining Ltd.
Sophie Taylor
Manager, Investor Relations
(604) 689-8550

or

Quadra Mining Ltd.
Paul Blythe
President
(705) 444-1316

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