QUADRA FNX MINING (QADMF $13.46) RAISED TO OVERWEIGHT FROM NEUTRAL AND PRICE TARGET TO $25 FROM $19; EXPECTED HIGH GRADE PRODUCTION FROM VICTORIA AND DISCOUNT RATE LOWERED FROM 10% TO 8.25% IN RESPONSE TO $500 MM BOND OFFERING PRICE AT 7.75% 6/15/2011

QUADRA FNX MINING (QADMF $13.46) RAISED TO OVERWEIGHT FROM
NEUTRAL AND PRICE TARGET TO $25 FROM $19; EXPECTED HIGH GRADE
PRODUCTION FROM VICTORIA AND DISCOUNT RATE LOWERED FROM 10%
TO 8.25% IN RESPONSE TO $500 MM BOND OFFERING PRICE AT 7.75%  6/15/2011