TORONTO, ONTARIO, May 21, 2010 (Marketwire) -- The following corrects and replaces the release issued at 8:00 am ET, on May 21, 2010, for Quadra Mining Ltd. and FNX Mining Company Inc. The contact information, including the email addresses and websites, was incorrect. The complete, corrected release follows.

Quadra Mining Ltd. ("Quadra") (TSX:QUA) and FNX Mining Company ("FNX") (TSX:FNX) are pleased to announce that that they have completed the merger of the two companies to create a new leading intermediate copper producer. The combined company will be named Quadra FNX Mining Ltd. and will trade under the symbol QUX on or about May 26, 2010.

The merger was structured as a court-approved plan of arrangement (the "Transaction") under the Business Corporations Act (Ontario) pursuant to which Quadra has acquired all of the issued and outstanding common shares of FNX. Under the terms of the Transaction, former shareholders of FNX are entitled to receive 0.87 common shares of Quadra and $0.0001 for each common share of FNX, subject to adjustment for fractional shares. Outstanding options and warrants to acquire FNX shares have been converted into options and warrants to acquire Quadra shares, adjusted in accordance with the same exchange ratio. FNX will be delisted from the TSX on or about May 26, 2010.

"The new Quadra FNX creates an excellent platform for growth and positions us to be a leading consolidator in the mid-cap copper space," said Paul Blythe, who becomes President and Chief Executive Officer of the Company. "We now possess the market capitalization, financial strength and cash generating capacity to allow us to pursue further growth through transactions and through internal growth via our pipeline of significant and high potential projects."

Paul Blythe continues, "Quadra FNX has excellent diversified production and development project base spread across low-risk jurisdictions in North and South America, and has a significant presence in two of the most important mining camps in the world, the Sudbury Basin in Canada and the Atacama region in northern Chile," said Blythe. "Our combined management team brings together complementary and entrepreneurial cultures that are focused on generating value through growth, and we are looking forward to capitalize on the opportunities created by our merger."

Quadra FNX has a market capitalization of CDN$2.2 billion, a treasury of approximately US$600 million, and minimal debt. Quadra FNX is expected to produce an estimated 300 million pounds of copper and 150,000 ounces of platinum group metals in 2010 from its five producing mines.

About Quadra FNX

Quadra FNX is a leading mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX produces copper and platinum group metals from its operating mines: the Robinson mine in Nevada, the Carlota mine Arizona, Franke mine in northern Chile, and the McCreedy West, Levack and Podolsky mines in Sudbury, Ontario. The company possesses several advanced development projects, including the Sierra Gorda copper-molybdenum project in Chile, the Morrison Deposit in Sudbury, and the Malmbjerg molybdenum development project in Greenland. Quadra FNX employs approximately 1,650 people in North and South America. Quadra FNX common shares are listed on the Toronto Stock Exchange and on or about May 26, 2010, its ticker symbol will change from "QUA" to "QUX". The website containing information about the combined company will be available at http://www.quadrafnx.com on May 25th, 2010