FNX Mining Company Inc.
TSX : FNX

FNX Mining Company Inc.

October 16, 2007 07:00 ET

FNX Completes Purchase of Mining Services Business

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2007) - FNX Mining Company Inc. (TSX:FNX) ("FNX" or the "Company") is pleased to announce the closing of their previously announced (see September 28, 2007 news release) acquisition of the Dynatec Mining Services Business. FNX acquired the Dynatec Mining Services Business comprised of the Canadian Mining Services Division and Dynatec Mining Corporation, which provides mining services in the United States.

John Lill, FNX's President and CEO added that. "This transaction combines the two entities which made the Sudbury Joint Venture such a success. The combined Company will not only support our ambitious expansion plans at the Sudbury operations, but provides a strong platform for the mining contract business in today's robust commodity markets and provides capabilities to lever into other advanced mining opportunities with growth potential using the same successful model as the Sudbury Joint Venture."

The purchase price was $53 million, subject to final working capital adjustments.

FORWARD LOOKING STATEMENT

This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. In this news release, any references to future plans and projects are examples of forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact Information

  • FNX Mining Company Inc.
    John Lill
    President and CEO
    (416) 628-5929
    or
    FNX Mining Company Inc.
    David Constable
    Vice President, Investor Relations and Corporate Affairs
    (416) 628-5929
    (416) 360-0550 (FAX)
    Email: info@fnxmining.com
    Website: www.fnxmining.com