Quadra Mining Ltd. 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.