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Quadra and FNX Shareholders Approve Merger

Thursday, May 20th, 2010

Quadra Mining Ltd. (TSX: QUA) and FNX Mining Company (TSX: FNX) are pleased to announce that both Quadra’s and FNX’s shareholders have approved the previously announced merger of the two companies (the “Transaction”). At the special meeting of FNX shareholders and optionholders held 19 May 2010, the Transaction was approved by 96.8% of the votes cast by the FNX shareholders and 96.9% of the FNX shareholders and optionholders voting together as a single class. At Quadra’s annual and special meeting of Quadra shareholders, the Transaction was approved by 97.2% of the votes cast by the Quadra shareholders. In addition, Quadra shareholders approved the amendments to Quadra’s shareholder rights plan, with 83.2% of votes cast supporting the proposed amendments.
Under the terms of the Transaction, which is structured as a Plan of Arrangement, each FNX share will be exchanged for 0.87 Quadra shares and $0.0001. The parties intend to seek court approval of the Transaction on May 20, 2010 and provided the remaining conditions to closing are satisfied, the parties expect the Transaction to close on May 21, 2010.

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