Quadra FNX Announces Q4 2011 Production & Victoria Resource Update
Quadra FNX Mining Ltd. (QUX.TO) announced that consolidated payable production for the three months ended December 31, 2011 totaled 59 million pounds of copper, 24 thousand ounces of total precious metals and 3 million pounds of nickel. Production for 2011 totaled 220 million pounds of copper, 103 thousand ounces of TPMs and 10 million pounds of nickel, which was within the company's previously stated guidance range.
Paul Blythe, President & CEO said: "Pending our securityholders' consideration of KGHM Polska Miedz S.A's all-cash offer, our focus on our operations and development projects has remained unchanged. The key at Robinson continues to be increasing operating flexibility, through the various measures previously discussed including bench widths, pit slopes, stockpile buffers and working faces. Although mill maintenance and slope stability issues precluded an increase in actual copper production compared to the previous quarter, the total tonnes mined increased by over 40% quarter over quarter, setting the stage for 2012. At Morrison the previously announced lease agreement with Xstrata Nickel relating to the Craig shaft was completed during the quarter and transition work began immediately. Agreements were also reached that significantly increased our mineral rights footprint at Sierra Gorda and the project remains on schedule and budget. At Victoria a new, larger resource was also established, taking into account 2011 drilling, as engineering, consultation and permitting activities continued."
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