Re: News Release - Monday, March 08, 2010
Title: Quadra Mining Ltd. Announces 2009 Year End And Fourth Quarter Financial Results

(All figures, except per share amounts, are in $ US thousands unless otherwise stated or unless context requires otherwise)

Vancouver, Canada - March 8th, 2010 Quadra Mining Ltd. (the "Company" or "Quadra") (TSX: QUA) announces net earnings of $80.5 million or $0.89 per share (basic) for the year ended December 31, 2009 compared to $38.6 or $0.61 per share (basic) for the year ended December 31, 2008. Earnings in 2009 benefited from a strong recovery in copper prices which increased from $1.32/lb. to $3.33/lb. over the course of 2009. Earnings in 2009 were also impacted by a $54.5 million accounting loss on derivatives which was also a result of the increasing copper prices in the year. Adjusted earnings, which exclude the impact of the derivative loss, the gains on marketable securities and tax adjustments, were $117.5 million or $1.31 per share (basic) for the year ended December 31, 2009 compared to $13.2 million or $0.21 per share (basic) for the previous year. Operating cash flow before changes in working capital of $141.9 million or $1.58 per share in 2009 was slightly lower compared to $155.3 or $2.47 per share in 2008. During the year 2009, Quadra recorded revenues of $459.5 million from the sale of 144.7 million pounds of copper and 95,735 ounces of gold.

Earnings for the fourth quarter of 2009 increased to $46.4 million or $0.47 per share (basic) from a loss of $126.1 million or $1.94 per share (basic) in the fourth quarter of 2008, due to higher copper prices and to higher metal sales volumes in the fourth quarter of 2009. Adjusted earnings for the quarter, which exclude the impact of the derivative loss, the gains on marketable securities and tax adjustments, were $50.9 million or $0.51 per share in the fourth quarter of 2009.

Adjusted earnings is a non-GAAP financial measure and consists of net earnings with adjustments made to exclude the loss (gain) on derivatives, gains on marketable securities and the tax impact of these items. See reconciliation of adjusted earnings in section below "Non-GAAP Financial Measures".

Cash flow from operations before working capital is a non-GAAP financial measure and consists of cash provided from operating activities less net changes in non-cash working capital.

Paul Blythe, President and CEO of Quadra comments, "During 2009 we had to overcome several challenges at Robinson and Carlota, and we still succeeded in delivering solid financial results despite the low copper price during the early part of the year. We are pleased with the overall production of 164.0 million pounds of copper and 98,970 ounces of gold. As previously announced, [see Press Release: January 11, 2010] the operating performance at Robinson and Carlota improved considerably during the fourth quarter and our new Franke Mine achieved commercial production, becoming our third asset to contribute revenue on the statement of earnings."

"Our strong financial results for the fourth quarter 2009 were a result of the improving copper price, which increased from $2.78 per pound on September 30th to $3.33 at year end, and also from strong sales volumes, including the first copper sales from our new Franke mine."

Paul Blythe concludes, "In 2009 we reached our fifth year anniversary as a public Company and with the acquisition of Centenario Copper we brought the Franke project into operation as our third producing mine. We produced a positive study on Sierra Gorda and our memorandum of understanding to form a Strategic Joint Venture with State Grid International Development would address the funding requirements for the Sierra Gorda project and allow development to proceed rapidly once we have the feasibility study and permits in place. The Company is in a strong position to continue with its growth mandate of becoming a producer of approximately 500 million pounds of copper a year."

On Monday, March 8th 2010 at 10.00am ET (7.00am PST) senior management will host a conference call to report on the Company's financial results and performance for the fourth quarter and year ended December 31st, 2009. The Memorandum of Understanding to establish a Strategic Joint Venture with State Grid International Development Limited will also be discussed. The North American toll free number for this conference call is 1-866-226-1792 while the international number is 1-416-340-2216. To access the simultaneous webcast, visit Quadra's website at www.quadramining.com or www.InvestorCalendar.com. The playback version of the call will be available until Monday, March 15th 2010 at 1-416-695-5800 or North American toll free 1-800-408-3053 and using the pass code: 4012115.

Mr. Paul Blythe, President & CEO of Quadra Mining Ltd. (QUA:TSX) will also be presenting on Monday March 8th, 2010 at 3.40pm (ET) at the PDAC Conference Exchange Forum, being held in Room 803AB at the Metro Toronto Convention Centre.

To view 2009 Forth Quarter MD&A, please click here.

QuadraFNX Mining

	PRODUCER
	CODE : QUX.TO
	ISIN : CA74733X1069

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QuadraFNX is a nickel and gold producing company based in Canada.

QuadraFNX produces nickel, gold, copper, palladium, platinum and silver in Canada and in Chile, and holds various exploration projects in Canada and in Guinea.

Its main assets in production are MCCREEDY WEST MINE, ROBINSON MINE, LEVACK MINE, PODOLSKY, VICTORIA - INCO, CARLOTA MINE, VICTORIA, LEVACK, FALCONBRIDGE MINE, MORRISON DEPOSIT (LFD) LEVACK FOOTWALL and KIRKWOOD in Canada and FRANKE MINE in Chile and its main exploration properties are TYRANITE, NORMAN, FAWCETT TWP and FOOTWALL in Canada.

QuadraFNX is listed in Canada and in Germany. Its market capitalisation is CA$ 2.9 billions as of today (€ 2.2 billions).

Its stock quote reached its lowest recent point on December 05, 2008 at CA$ 1.97, and its highest recent level on March 07, 2012 at CA$ 14.99.

QuadraFNX has 191 502 000 shares outstanding.

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