VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2009) - Quadra Mining Ltd. (TSX:QUA) ("Quadra" or "the Company") is pleased to announce the filing of an updated NI 43-101 Technical Report for the Robinson Mine. The Technical Report follows Quadra's January 29th, 2009 press release announcing a revised mine plan based on new estimates for reserves and resources at the Robinson Mine as at January 1, 2009. The report can be viewed on Quadra's online profile at www.sedar.com as well as the corporate website, www.quadramining.com.
The following table shows the proven and probable mineral reserves for the Robinson Mine as of January 1, 2009. Note that all units are metric except for contained gold ounces.
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Contained Metal
Reserve Gold ---------------
Classifi- Copper Grade Au oz Waste Total Strip
cation Ore kt Grade% g/tonne Cu Kt (000's) kt kt Ratio
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Proven 117,976 0.55 0.23 644 884
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Probable 3,717 0.42 0.18 16 21
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Proven and
Probable 121,693 0.54 0.23 660 905 374,849 496,542 3.08
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Note: Mineral reserves are based on a variable economic cutoff grade, or
net value calculation, which includes all operating costs. This value
is converted to recoverable copper pounds per ton cutoff grade and
applied to resource material remaining inside the pit designs as of
January 1, 2009. Resource materials classified as "Measured" and
"Indicated" within the pit and above the cutoff are called "Proven"
and "Probable" reserves. The reserves are based on long term metal
prices of US$2.00 per pound of copper and US$800 per ounce of gold.
Reserves for the Robinson Mine were updated to reflect 2008 mining, changes to the resource model, and changes to ultimate pit designs and operating plans. An updated resource model incorporating results from 2006 through 2008 exploration drilling was utilized in calculating the updated reserves estimate. The reserves also reflect changes to anticipated metal prices, recoveries, operating conditions, and operating costs.
Quadra has been engaged in a 21/2 year exploration program that included both new drilling and re-assaying of existing core and pulps from historic drilling. As a result of this exploration program, Quadra's 100% owned subsidiary, Robinson Nevada Mining Company ("RNMC") updated the geologic model for the Tripp-Veteran and Ruth areas. Resources and reserves were re-estimated by Quadra and RNMC personnel using this updated geologic model. These resources and reserves are consistent with Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) Standards on Mineral Resources and Reserves Definitions and Guidelines adopted August 20, 2000 by the Canadian Institute of Mining, Metallurgy and Petroleum and modified with adoption of the "CIM Definition Standards - For Mineral Resources and Mineral Reserves" in 2005, and in accordance with the standards set out in NI 43-101.
The reserves were prepared under the supervision of Scott Hardy, P.Eng, and Juris Ore, both of Quadra Mining Ltd. Mr. Hardy is the designated Qualified Person as defined by National Instrument 43-101 and has reviewed and approved information of a technical nature in this press release.
About Quadra Mining Ltd. (TSX:QUA)
Quadra is a mining company that owns and operates the Robinson copper mine ("Robinson Mine") near Ely, Nevada. In addition, Quadra holds a 100% interest in 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. |
