Quadra FNX Announces a Resource for the Victoria Project 3.4 BN lbs* of

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Quadra FNX Announces a Resource for the Victoria Project 3.4 BN lbs* of

posted on Apr 20, 2011 12:01PM

April 19, 2011
Contained Cu Equivalent

Toronto, Canada -- April 19, 2011- Quadra FNX Mining Ltd. ("Quadra FNX" or the "Company") (TSX -- QUX) is pleased to announce an NI 43-101 compliant inferred resource totaling 12.5 million tonnes grading 2.3% Cu, 2.2% Ni, and 8.5 g/t total precious metals (TPMs) for its Victoria Project in Sudbury, Ontario.

Key Highlights:

Grades are well above those historically found in the Sudbury district and the deposit remains open in all directions
Underground development of the project is expected to begin in 2012 with the commencement of shaft sinking
An internal scoping study has been completed, estimating first production in 2017

Mr. Paul Blythe, President and CEO of Quadra FNX stated, "The inferred resource estimate for our Victoria project has established this deposit as one of the most significant discoveries made in the Sudbury district in the past 40 years, and a key development project for our Company. With an estimated 3.4 billion pounds* of contained copper equivalent, this discovery is a tremendous achievement by our exploration team and highlights our bench strength as well as our ability to turn this knowledge into value for our shareholders. Along with Sierra Gorda in Chile, Quadra FNX now has two long-life, low-cost development projects in mining friendly jurisdictions that will shape the future of our Company."