Quadra Mining Ltd. Announces First Quarter 2006 Financial Results

Vancouver, Canada -- May 11, 2006 Quadra Mining Ltd. (the "Company" or "Quadra") (TSX: QUA) is pleased to announce its first quarter 2006 financial results. For the three months ended March 31, 2006 Quadra recorded revenues of $83,936 from sales of copper concentrate and cash flow of $22,122 or $0.73 per share from operating activities before non-cash working capital. Earnings were offset by the hedge position in place and the Company reported a net loss of $31,130 or $1.02 per share for the first quarter ended March 31, 2006 compared to a net income of $3,788 or $0.14 per share for the same period in 2005.

Paul Blythe, President comments "Our operating income for the quarter was approximately $33 million, driven by the very high copper prices that we are seeing. This income was more than offset by the unrealised losses associated with marking to market the metal hedge position that we established in the last quarter of 2005. As of the end of the quarter 51 million pounds of copper related to these hedges remain to be produced. The performance at Robinson was in line with our expectations, although there were negative variances on production and costs. While guidance is for the year, production varies from quarter to quarter in accordance to the mine plan and is higher in the second half of the year.

We completed mining in the Tripp Pit and moved to the Veteran Pit during the quarter. The first ore from the upper levels of the Veteran Pit contained much higher levels of iron in the form of pyrite than previously experienced, negatively impacting recovery of copper and molybdenum. As iron was never previously assayed, we have implemented a look ahead blast hole and diamond drilling and metallurgical program to better understand the distribution of iron and to clarify the metallurgical performance for the remainder of the Veteran Pit. Initial results indicate the iron content decreases in the lower benches, however full details of this program won't be available until the end of our second quarter. At that time we will review our annual production forecast and adjust accordingly.

At Carlota, we continued to work on the cost and engineering studies and detailed regulatory issues required to establish total funding requirements and move the project forward."

A summary of the financial statements together with the Management Discussion and Analysis are provided below. The complete financial statements and the Management Discussion and Analysis will be available at www.quadramining.com and www.sedar.com.

FIRST QUARTER 2006 FINANCIAL HIGHLIGHTS:

o Net revenues of $83,936 were generated by the sale of 58,036 dry metric tons of copper concentrate at a realized average copper price of $2.30 per pound
o Revenue was offset by the settlement of forward hedge contracts in the amount of $9,985
o A Loss of $31,130 or $1.02 per share was reported for the first quarter compared with earnings of $3,788 or $0.14 per share in the same reporting period of 2005.
o Cash flow from operating activities before non-cash working capital was $22,122 or $0.73 per share for the quarter ended March 31 2006.
o Operating income at the Mine for the three months ended March 31, 2006 was $33,181 or $1.09/share compared with $6,060 or $0.22 per share for the same reporting period in 2005.
o On site operating costs arising during the first quarter of 2006 were $40,546 while the off site costs were $22,076.
o The Company completed an equity financing in January 2006 and issued 8.3 million shares for net proceeds of CAD $48,850
o As a result of the exercise of warrants issued to brokers who participated in the Company's initial public offering ("IPO") in April, 2004, the Company received total proceeds of $3,895 and issued 753,666 common shares. As a subsequent event in April, 2006 additional proceeds of CAD$4,174 were received from the exercise of the remaining 695,694 IPO warrants.

FIRST QUARTER 2006 OPERATIONAL HIGHLIGHTS:

o The Mine completed the transition from the Tripp Pit to the Veteran Pit in February 2006. The mill processed 3.1 million tonnes of ore grading 0.53% copper, 0.274 grams/tonne gold and 0.013% molybdenum.
o The Mine produced 24.9 million pounds of copper, 14,471 ounces of gold and 144,000 pounds of molybdenum.
o Copper recoveries for the reporting period averaged 70% while gold recoveries were 55%.
o Concentrate inventories at March 31, 2006 were 32,738 wet tonnes
o The average daily mill throughput rate was 34,000 tonnes and the plant operating time was 89%
o The molybdenum plant is currently processing 100% of the molybdenum feed and is producing a consistently marketable concentrate grade.
o The mineral reserves at the Mine were increased by 27% and the estimated mine life as of January 1, 2006 has increased from 8.3 years to 10.3 years.
o A series of studies were initiated to evaluate the impact of various opportunities at Robinson heap leaching of gold and copper resources and the leaching of copper concentrate on site. Management believes that there is significant upside potential at the Mine and has commenced an exploration programme budgeted for $5.3 million over two years.
o As a subsequent event, the air quality permit issued by The Arizona Department of Environmental Quality ("ADEQ") for the Carlota Project's proposed open pit copper mine and processing facility near Miami was upheld by the Arizona Court of Appeals.

The following Management Discussion and Analysis ("MD&A") has been prepared as of May 9th, 2006 and is intended to supplement and complement the audited annual financial statements and notes for the quarter ended March 31, 2006. This discussion includes certain statements that may be deemed 'forward looking' and reference to the cautionary statement at the end of this MD&A is advised. Additional information relating to the Company including the Annual Information Form ("AIF") is available on the SEDAR website at: www.sedar.com. The Company is a reporting issuer in all provinces and territories of Canada and trades on the Toronto Stock Exchange under the symbol: QUA.

All financial information in this MD&A is prepared in accordance with the Canadian Generally Accepted Accounting Principles and all dollar amounts are expressed in thousands of United States dollars unless otherwise indicated.

This press release has been reviewed by and received the approval of the Audit Committee.