QuadraFNX Mining Positive Results From Sierra Gorda Scoping Study by 24hgold

Re: News Release - Thursday, July 23, 2009
Title: Quadra Mining Announces Positive Results From Sierra Gorda Scoping Study

Vancouver, Canada - July 23rd , 2009...Quadra Mining Ltd. (QUA.TSX) ("Company" or "Quadra") is pleased to announce the successful completion of a scoping study for its 100%-owned Sierra Gorda project in Chile, including a preliminary economic assessment and an updated NI 43-101 compliant mineral resource estimate. The scoping study will be filed today on SEDAR.

The study supports an open pit and concentrator operation processing 111,000 tonnes of mill feed per day and producing between 250 and 400 million pounds of copper per annum over a 25 year mine life at an average cash cost of $0.79 per pound. The project would also have significant molybdenum production, averaging 33 million pounds per year over the first eight years, and declining thereafter. This high level of molybdenum production results in an average cash cost of $0.34 per pound produced during these first eight years. Using a long term copper price of US $2.00 per pound, molybdenum price of US $12 per pound and gold price of US $800 per ounce, the project produces an after-tax net present value (10% discount rate) of US $622 million and an internal rate of return of 16%.

The Sierra Gorda project is located approximately 140km north-east of Antofagasta, Chile in one of the world's most prolific copper mining districts. Based on the preliminary economic assessment and engineering studies, the Sierra Gorda deposit contains approximately one billion total tonnes of sulphide mill feed, representing approximately 74% of total measured and indicated sulphide resources. In addition, there are approximately 456 million tonnes of inferred resources. There are also significant oxide measured and indicated resources that were assumed to be waste for the purposes of this scoping study but will be subject to future economic study. As Quadra's 475 litres per second of water rights are not yet permitted, the study assumes that the water required for Sierra Gorda will be supplied from seawater, a higher capital and operating cost alternative.

The preliminary economic assessment indicates the following Life of Mine statistics:

Mill Feed (measured & indicated)	989 M tonnes
Strip ratio	2.5 to 1
Copper Grade	0.42% Cu
Molybdenum grade	0.027% Mo
Gold Grade	0.069 g/t
Copper recovery	86%
Molybdenum recovery	59%
Gold recovery	42%
Copper production	306 M lbs/annum
Molybdenum production	16 M lbs/annum
Gold production	36,000 oz/annum
Cash costs per pound Cu produced	US$0.79
Capital costs	US$1,661 M
Sustaining Capital cost	US$734 M
Mine life	25 Years

Economics*
NPV 8%	US$983 M
NPV 10%	US$622 M
NPV 12%	US$355 M
IRR	16%

* Based on $ US 2 per pound of Copper, $ US 12 per pound of Molybdenum and $ US 800 per ounce of gold

The preliminary economic assessment is based on a number of technical, cost and other assumptions. These assumptions may be changed in the future as additional information becomes available. The scoping study assumptions are described in the full Technical Report which will be available for review on SEDAR at www.sedar.com and on the Company's website at www.quadramining.com.

The updated 43-101 compliant resource estimates are shown in the following table:

Click to Enlarge
Copper equivalent calculation is based on long term average copper, molybdenum, and gold metal prices to arrive at a ratio of 5 to 1 for molybdenum grades and 0.55 to 1 for gold grades. Copper equivalent calculations reflect gross metal content and have not been adjusted for metallurgical recoveries or relative processing and smelting costs.

The resource estimate and associated work was prepared in compliance with requirements set out in National Instrument 43-101 by Steven Ristorcelli, R.P.G. Mine Development Associates ("MDA") of Reno, Nevada. The Sierra Gorda project preliminary assessment was conducted under the direction of Scott Hardy, Manager, Technical Services for Quadra Mining Ltd. The Sierra Gorda project metallurgical testwork and processing was conducted under the direction of David Newhook, Vice President, Project Evaluation for Quadra Mining Ltd. The Sierra Gorda project exploration work was conducted under the direction of Patrick Fahey, Vice President, Exploration for Quadra Mining Ltd.. Messrs. Ristorcelli, Hardy, Newhook and Fahey are the Qualified Persons for the project.

Based on the preliminary assessment, Quadra intends to advance the project towards prefeasibility and feasibility studies at a cost of approximately $40 million. The next steps include further metallurgical testwork to better define molybdenum recovery and concentrate grade, progression of the Environmental Impact Study and associated permits, evaluation of all water supply options, infill drilling, and further trade-off and optimization studies to continue to improve project economics.

Paul Blythe, President & CEO comments, "The scoping study demonstrates the positive economics that we need to move the project forward towards development and production. We believe that we have the makings of a very substantial long life project at Sierra Gorda, and one that would be pivotal to the growth and future of the Company. Sierra Gorda represents one of the largest copper development projects of this decade, and could become one of the largest molybdenum mines in the world in its first eight years of production. The project is estimated to double Quadra's annual copper production and significantly lower our unit cash costs."

Paul Blythe concludes, "Now that we have the results of the study, we are actively pursuing discussions with potential partners with a view to rapidly put in place the financing for the project."

Conference Call
Senior Management will host a conference call regarding this announcement: The details are as follows:

Date: July 23rd, 2009
Time: 8:00am Pacific (11.00am Eastern)
Webcast: http://www.quadramining.com or www.InvestorCalendar.com.
Dial in: 1-416-340-8410 or Toll Free in Canada and the U.S.1-866-225-2055
Replay: 1-416-695-5800 or Toll Free in Canada and the U.S. 1-800-408-3053
Replay Passcode: 4012115

About Quadra Mining Ltd. (TSX: QUA)

Quadra is a British Columbia corporation based in Vancouver and is a mining company whose principal assets are the Robinson Mine in Nevada, producing copper and gold, the Carlota Mine in Arizona, producing copper cathode, the mechanically complete Franke SX/EW heap leach project in northern Chile undergoing commissioning testing, the Sierra Gorda advanced exploration copper-molybdenum project in Chile and the Malmbjerg molybdenum development project in Greenland. The Company has the 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 includes, among other things, statements with respect to the Sierra Gorda project. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should", "scheduled", "will", "plan" and similar expressions. 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 and is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to:

uncertainties relating to fluctuations copper, molybdenum and other metal prices;
uncertainties related to the possible recalculation or reduction in the Company's mineral reserves and resources;
uncertainties related to actual capital costs, operating costs and expenditures, production schedules and economic returns from the Company's mining projects;
uncertainties related to the current global financial conditions;
uncertainties related to the availability of future financing necessary to undertake mining, processing, development and exploration activities on Quadra's properties;
uncertainties related to scoping study assumptions that are based on preliminary testwork;
inherent hazards and risks associated with mining operations;
inherent uncertainties associated with mineral exploration;
uncertainties related to the competitiveness of the mining industry;
risks associated with Quadra being subject to government regulation, including changes in regulation;
risks associated with Quadra being subject to extensive environmental laws and regulations, including changes in regulation;
risks associated with Quadra's need for governmental license and permits;
risks that Quadra's title to its property is being challenged pursuant to certain lawsuits currently underway in Chile;
risks that Quadra's may not be granted all definitive surface rights necessary for exploitation of Sierra Gorda
political and country risk;
risk associated with the availability of adequate quantities of water and risks associated with competition for water;
risks related to the stability of mine pit walls;
Quadra's need to attract and retain qualified personnel;
risk of shortages of key supplies, including tires;
increases in off-site transportation and concentrate processing costs;
risks associated with the mineralogy;
risks related to the need for reclamation activities on Quadra's properties, including the nature of reclamation required and uncertainty of costs estimates related thereto;
risks associated with costs of operating supplies;
inherent risks associated with existing and future litigation, including the lawsuits currently underway in Chile;
risks associated with taxation.

A discussion of these and other factors that may affect Quadra's actual results, performance, achievements or financial position is contained in the study prepared in respect of the Sierra Gorda project, as well as in filings by Quadra with the Canadian provincial securities regulatory authorities, including Quadra's Annual Information Form. 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, unless required to do so by law. The forward-looking information in this press release which relates directly or indirectly to the revision of prior forward looking information is subject to all of the material factors and assumptions disclosed at the time the Company stated the prior forward-looking information.

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Media and Investor Relations Contact:

Sophie Taylor	Paul Blythe
Manager, Investor Relations	President & CEO
(604) 689-8550, ext. 310	(604) 689-8550, ext. 320

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