FNX Mining Company Inc.

FNX Mining Company Inc.

September 05, 2007 07:00 ET

FNX Advances Drift Into High-Grade Massive Sulphide Mineralization at the Podolsky 2000 Deposit

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) - FNX Mining Company Inc. (TSX:FNX) ("FNX" or "Company") announces that the previously reported initial exploration drift into the lower part of the 2000 Deposit on the 2450 Level that exposed 22 feet of a high-grade portion of the Deposit (see August 2, 2007 news release) was advanced an additional 65 ft in similar high-grade massive sulphide mineralization.

The initial borehole to test this massive sulphide mineralization (borehole FNX4256) was collared in the face of the exploration drift some 22 ft into the massive sulphide mineralization and was drilled horizontally and ahead of the exploration drift (sees Page 4). This borehole intersected 60 ft grading 25.6% Cu, 1.6% Ni and 0.6 ounce per ton ("opt") platinum +palladium + gold ("TPM") consisting of 0.18 opt platinum, 0.35 opt palladium and 0.06 opt gold and indicates that the mineralized zone in this area is about 82 ft wide. The assays compare very favourably to the previously reported visual estimates for the first 22 ft of excavated massive sulphide mineralization of 20% to 25% copper, 1% to 2% nickel and 0.25 to 0.75 oz/ton of total Pt-Pd-Au. The host rocks on either side of the massive sulphides reported here contain disseminated and stringer, chalcopyrite-dominant sulphides. Assays are pending for this lower-sulphide, Cu-Ni-Pt-Pd-Au bearing mineralization.

The overall size of the high-grade massive sulphide zone is unknown but typical do not have extensive strike or plunge lengths. The massive sulphide zone is part of a larger mineral envelope that defines the 2000 Deposit Breccia Zone, which is currently estimated to contain NI43-101 compliant indicated resource of 3.11 million tons grading 3.24% copper, 0.29% nickel and 0.11 opt TPM. Additional inferred resources in the 2000 Deposit Grey Gabbro Zone, located in the hangingwall to the Breccia Zone, are estimated to be 4.86 million tons at 1.16% copper, 0.15% nickel and 0.04 opt TPM, including a higher grade zone of 1.34 million tons at 3.12% copper, 0.37% nickel and 0.10 opt TPM.

The Breccia Zone is characterized as a vein-dominant, Sudbury footwall-style deposit with high-grade massive sulphide veins and masses, like that reported today, and inter-vein, low-sulphide stringer and disseminated Cu-Ni-Pt-Pd-Au mineralization. It is hosted by clast-rich quartz diorite and metabreccia of the Whistle Offset. The Grey Gabbro Zone resource is characterized by a less well organized sharp-walled vein system than that in the Breccia Zone and is hosted within a large metagabbro block.

A 50,000 ft underground delineation drilling program currently underway will provide more information on the overall distribution and size of the massive sulphide zone within the mineral envelope and the relationship of this massive sulphide zone with the host rocks and to generate the additional drill detail necessary to upgrade the resource classification and, ultimately, facilitate conversion to reserve and allow mine planning.

Pre-production ore is scheduled from the Podolsky Mine later this year from the 2000 Deposit Breccia Zone and full commercial production rate at 1,200 tons per day is expected to be achieved by the end of 2008.

Qualified Person

Catharine Farrow Ph.D., P. Geo., Vice President Exploration for FNX is the designated Qualified Person pursuant to NI 43-101 of the Canadian Securities Administrators and is responsible for the verification and quality assurance of the technical content if this news release. Samples of drill core are prepared at SGS Lakefield Laboratories in Garson and shipped to SGS Minerals Services, Toronto, Ontario for assay. SGS Minerals Services is accredited by the Standards Council of Canada (SCC) for specific mineral tests listed on the scope of accreditation to the ISO/IEC 17025 standard. Please see the May 29, 2007 news release for a description of sample preparation and assay procedures.

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, statements of reserve and resource estimates, their future economic viability and future production forecasts are examples of forward-looking statements. There is no guarantee that any of the mineral resources described here will be commercially viable. Accordingly, readers should not place undue reliance on forward-looking statements.

The 2000 Deposit is currently being accessed by lateral development from the new Podolsky shaft on both the 1750 and 2450 Levels as part of the ongoing Podolsky Mine development program.

To view a map of the Podolsky Mine Advanced Exploration Infrastructure, please visit the following link: http://www.ccnmatthews.com/docs/fnx%201.pdf

To view a map of the Podolsky Mine 2450 Level Plan View, please visit the following link: http://www.ccnmatthews.com/docs/PodolskyMineMap.pdf

Contact Information

  • FNX Mining Company Inc.
    Terry MacGibbon
    (416) 628-5929
    (416) 360-0550 (FAX)
    FNX Mining Company Inc.
    David Constable
    Vice President, Investor Relations and Corporate Secretary
    (416) 628-5928
    General Email: info@fnxmining.com
    Website: www.fnxmining.com