Quadra and FNX Complete Merger 

TORONTO, ON - Quadra Mining Ltd. and FNX Mining Company reported that they have completed the merger of the two companies to create a new leading intermediate copper producer. The combined company will be named Quadra FNX Mining Ltd.

The merger was structured as a court-approved plan of arrangement (the "Transaction") under the Business Corporations Act (Ontario) pursuant to which Quadra has acquired all of the issued and outstanding common shares of FNX. Under the terms of the Transaction, former shareholders of FNX are entitled to receive 0.87 common shares of Quadra and $0.0001 for each common share of FNX, subject to adjustment for fractional shares. Outstanding options and warrants to acquire FNX shares have been converted into options and warrants to acquire Quadra shares, adjusted in accordance with the same exchange ratio. "The new Quadra FNX creates an excellent platform for growth and positions us to be a leading consolidator in the mid-cap copper space," said Paul Blythe, who becomes President and Chief Executive Officer of the Company. "We now possess the market capitalization, financial strength and cash generating capacity to allow us to pursue further growth through transactions and through internal growth via our pipeline of significant and high potential projects." Blythe continued, "Quadra FNX has excellent diversified production and development project base spread across low-risk jurisdictions in North and South America, and has a significant presence in two of the most important mining camps in the world, the Sudbury Basin in Canada and the Atacama region in northern Chile," said Blythe. "Our combined management team brings together complementary and entrepreneurial cultures that are focused on generating value through growth, and we are looking forward to capitalize on the opportunities created by our merger." Quadra FNX is a mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX produces copper and platinum group metals from its operating mines: the Robinson mine in Nevada, the Carlota mine Arizona, Franke mine in northern Chile, and the McCreedy West, Levack and Podolsky mines in Sudbury, Ontario. The company possesses several advanced development projects, including the Sierra Gorda copper-molybdenum project in Chile, the Morrison Deposit in Sudbury, and the Malmbjerg molybdenum development project in Greenland. The company's address is Suite 2414, Four Bentall Centre, 1055 Dunsmuir Street, P.O. Box 49185, Vancouver, BC V7X 1K8, 604-689-8550, fax: 604-689-8556.