Quadra FNX Acquires Shares in Gold Wheaton

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/16/10 -- Quadra FNX Mining Ltd. (the 'Company') (TSX: QUX) The Company has acquired ownership of 20,464,126 shares of Gold Wheaton Gold Corp. ('Gold Wheaton') through its 100% owned subsidiary FNX Mining Company Inc. ('FNX'), representing 12.52% of the resulting issued and outstanding common shares of Gold Wheaton based on Gold Wheaton's public filings. As a result of this acquisition, the Company now holds approximately 56,464,126 common shares of Gold Wheaton representing approximately 34.53% of the resulting issued and outstanding common shares of Gold Wheaton.

The common shares of Gold Wheaton were issued upon the conversion of the Amended and Restated Promissory Note, dated July 15, 2008, issued by Gold Wheaton to FNX in partial consideration for FNX's agreement to sell 50% of the contained gold, platinum and palladium in ore mined and shipped from certain of the existing mining operations wholly owned by FNX in northern Ontario. The principal amount of the Amended and Restated Promissory Note was $50,000,000. The Company does not have any present intention to acquire ownership of, or control over, additional securities of Gold Wheaton. It is the intention of the Company to evaluate its investment in Gold Wheaton on a continuing basis and such holdings may be increased or decreased in the future.

About Quadra FNX

Quadra FNX Mining Ltd. is a leading mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. The Company 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. The Company employs approximately 1,650 people in North and South America. The Company's common shares are listed on the Toronto Stock Exchange under the ticker symbol 'QUX'. Additional information about the Company is available at http://www.quadrafnx.com.

Contacts:

Media and Investor Relations Contact:

Quadra FNX Mining Ltd.

Derek White

Executive Vice President, Corporate Development

(604) 807-7555


Quadra FNX Mining Ltd.

Nawojka Wachowiak

Vice President, Investor Relations

(416) 642-9209
www.quadrafnx.com