Quadra Announces 2007 4th Quarter and Annual Production Results That Exceed 2007 Guidance
Thu Jan 10, 9:00 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) - Quadra Mining Ltd. ("Quadra" or "the Company") (TSX: QUA.TO) is pleased to announce the 2007 fourth quarter and annual production results from its 100% owned Robinson Mine ("Robinson") located in Ely, Nevada. Key operating metrics are shown below:
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Q1 2007 Q2 2007 Q3 2007 Q4 2007 Total
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Copper production (Million lbs) 36.6 32.2 30.7 32.4 131.9
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Gold production (ozs) 31,040 25,893 24,138 27,048 108,119
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Waste mined (Tonnes 000's) 16,249 15,470 13,977 13,600 59,296
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Ore milled (Tonnes 000's) 3,302 3,468 3,648 3,753 14,171
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Copper grade (%) 0.67 0.59 0.66 0.59 0.63
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Gold grade (g/t) 0.46 0.36 0.39 0.38 0.40
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Copper recovery (%) 75 71.4 58.1 66.1 67.4
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Gold recovery (%) 63.1 64 52.5 59.2 59.7
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In the fourth quarter 2007 copper production was 32.4 million pounds and gold production was 27,048 ounces. Copper production for the year totalled approximately 132 million pounds exceeding Quadra's 2007 guidance of 125 million pounds by approximately 6%. Gold production for the year totalled 108,119 ounces exceeding Quadra's 2007 guidance of 90,000 ounces by approximately 20%.
Paul Blythe, President & CEO of Quadra, said, "We are very pleased with the quarterly and annual results from Robinson where we were able to deliver our best annual production numbers since we recommenced operations in 2004. The recovery levels during the fourth quarter were variable as we mined in both supergene and hypogene ore. While the variability of the deposit is widely known, we continue to demonstrate a confident understanding of the ore body and a proven ability to manage it."
"As previously announced, we expect copper and gold production in 2008 to be substantially in line with 2007 with approximately 130 million pounds of copper and 100,000 ounces of gold expected to be produced from Robinson."
The fourth quarter and 2007 annual financial results will be announced on February 20th, 2008.
About Quadra Mining Ltd. (TSX: QUA.TO)
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 contains "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, including but not limited to:
- Uncertainties related to the accuracy of our reserve and resource estimates and our estimates of future production and future cash and total costs of production and the geotechnical or hydrogeological nature of ore deposits, diminishing quantities or grades of reserves and variable metallurgical performance of these reserves.
- Uncertainties related to expected production rates, timing of production and the cash and total costs of production and milling.
- Uncertainties relating to copper, gold, molybdenum and other mineral prices, which are beyond the Company's control.
- Operating and technical difficulties in connection with mining development or production activities.
- Uncertainties with respect to the quantity or quality of molybdenum that may be produced at the Robinson Mine.
- Changes in, and the effects of, the laws, regulations and government policies affecting our mining operations, particularly laws, regulations and policies relating to:
- mine expansions, environmental protection and associated compliance costs arising from exploration, mine development, mine operations, reclamation and mine closures;
- expected effective future tax rates in jurisdictions in which our operations are located;
- the protection of the health and safety of mine workers; and
- mineral rights ownership in countries where our mineral deposits are located.
- Changes in general economic conditions, the financial markets and in the demand and market price for copper, gold, molybdenum and other minerals and commodities, such as diesel fuel, petroleum, steel, concrete, electricity and other forms of energy, mining equipment, operating supplies, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, concentrate and transportation charges.
- The effects of forward selling instruments to protect against fluctuations in copper, gold, molybdenum and other metal prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk.
- Unusual or unexpected formations, seismic activity, cave-ins, flooding, pressures, pit wall failures and other similar incidents (and the risk of inadequate insurance or inability to obtain insurance to cover these risks).
- Labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or extreme weather conditions, environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.
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. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. 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.
Contacts
Sophie Taylor
Quadra Mining Ltd.
Manager, Investor Relations
(604) 689-8550
Paul Blythe
Quadra Mining Ltd.
President & CEO
(705) 444-1316
Website: www.quadramining.com |
