VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/06/11 -- Quadra FNX Mining Ltd. ('Quadra FNX' or the 'Company') (TSX: QUX) is pleased to announce that the Environmental Impact Assessment (EIA) for the Sierra Gorda project in Region II, northern Chile has been approved. With the EIA now approved, site preparation will commence immediately.
Paul Blythe, President & CEO comments: 'This is the last major milestone that we had to achieve in order to commence construction. The project is now permitted and we have assured financing. The Sierra Gorda project team has continued to move forward on the schedule required to commence production in 2014. Orders for all major process equipment have been placed in the last two months and the delivery of mining equipment ordered in 2010 is on schedule to allow commencement of pre-stripping in 2012. Congratulations go to our environmental team, particularly as this is the first major mining project in Chile to be approved under the new environmental regulations.'
About the Sierra Gorda Project
Sierra Gorda will be a 55%/45% Joint Venture respectively between Quadra FNX and Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation, subject to receipt of anti-trust approval. A NI 43-101 Feasibility Study Technical Report identifies production from the current sulphide reserves will average 483 million pounds of copper, 25 million pounds of molybdenum and 64 thousand ounces of gold per annum over a 20 year mine life, with commissioning targeted to commence in early 2014. During the construction period the Sierra Gorda project is expected to employ approximately 6,000 people, and provide full-time employment to approximately 2,000 people once in full production.
About Quadra FNX Mining Ltd.
Quadra FNX Mining Ltd. is a leading mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX produces copper, nickel and precious metals from its operating mines: Robinson in Nevada, Carlota in Arizona, Franke in northern Chile, and Levack, which includes the Morrison Deposit, Podolsky and McCreedy West in Sudbury, Ontario. The Company has two key development projects: the Sierra Gorda project, a copper-molybdenum project in Chile, and the Victoria project, a polymetallic project in Sudbury, Ontario. Quadra FNX employs approximately 1,900 people in North and South America.
Cautionary Note Regarding Forward-Looking Statements:
This Press Release contains 'forward-looking information' that is based on Quadra FNX'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 development of 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', 'would' and similar expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Quadra FNX'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. A discussion of these and other factors that may affect Quadra FNX's actual results, performance, achievements or financial position is contained in the filings by Quadra FNX with the Canadian provincial securities regulatory authorities, including Quadra FNX's Annual Information Form. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to Quadra FNX's outlook, construction and financing plans, projections, targets and expectations as to reserves, and such other assumptions and factors as set out herein. Although Quadra FNX has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Quadra FNX 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.
Contacts:
Media and Investor Relations Contact:
Quadra FNX Mining Ltd.
Derek White
Executive Vice President, Corporate Development
604-807-7555
Quadra FNX Mining Ltd.
Nawojka Wachowiak
Vice President, Investor Relations
416-642-9209
