Carlota Scheduled Fo Production In 4Q

VANCOUVER, BC - Quadra Mining Ltd. reported net earnings of $79,811 for the first quarter of 2008 compared to net earnings of $43,111 for the first quarter of 2007. During the quarter, Quadra generated revenues of $198,032 from the sale of 38.9 million pounds of copper and 32,314 ounces of gold.
Paul Blythe, President and CEO of Quadra comments, "The current metal price environment and strong sales volumes allowed us to deliver net earnings of $79.8 million for the first quarter of 2008 - a quarterly record for Quadra. Our EBITDA of $117 million is a 75% increase over the same period in 2007. With record copper production and strong gold by-product revenue, the cash cost per pound produced was $1.01 for the quarter, the lowest quarterly unit cost the mine has recorded since Quadra assumed ownership in 2004."
Blythe continued, "Both copper and gold production were quarterly records for Robinson with 42.0 million pounds of copper and 37,738 ounces of gold produced. The result was due to a combination of a number of factors including blending strategies and the types of mineralogy on the main ore bench. While the nature of the deposit will always produce variable results from quarter to quarter, the operations team is to be congratulated on the initiatives that have allowed us to deliver these results from this complex ore body."
"Other quarterly activities included the ongoing construction at Carlota copper project in Arizona. The project is still on schedule with the first production of cathode copper expected in the fourth quarter. Exploration and an infill drill programme continued at Sierra Gorda project in Chile. Also reported is the updated mineral resource estimate that represents a four-fold increase in project resources. We also acquired significant additional water rights that would be used to develop the project. This acquisition gives us in excess of 60% percent of the water that we believe will be necessary for a combined oxide and sulphide operation at Sierra Gorda. We also elected to secure our land position by exercising the options that were put in place in 2004 and are moving forward with an aggressive $37 million development program to advance the project towards pre-feasibility as expeditiously as possible. At Malmbjerg project in Grassland, we moved ahead by submitting an application for an exploitation licence and are continuing to finalize the cost and schedule analyses required to produce a 43-101 compliant reserve estimate."
The company's address is Suite 2000, 1177 West Hastings Street, Vancouver, BC V6E 2K3, 604-689-8550, fax: 604-689-8556.