FNX Mining Company Inc.
AMEX : FNX
TSX : FNX

FNX Mining Company Inc.

October 31, 2005 07:00 ET

FNX Continues to Intersect High-Grade Mineralization and Significantly Expands Overall Potential at its Levack Mine

TORONTO, ONTARIO--(CCNMatthews - Oct. 31, 2005) - FNX Mining Company Inc. (TSX:FNX)(AMEX:FNX) announces that the on-going drill program, at its 100% owned Levack Property in the Sudbury, Ontario mining district, continues to intersect significant widths of high-grade, Cu-Ni-Pt-Pd-Au footwall mineralization (e.g. 30.3% Cu, 0.5% Ni, 31.3 g/t Pt-Pd-Au over 20.2' - C$2,000 per ton of ore) and to expand the size of the Levack Footwall Deposit.

This drilling also intersected high-grade Cu-Ni-Pt-Pd-Au mineralization hundreds of feet above ("Rob's Footwall Zone") and hundreds of feet below ("Lower Levack Footwall Zone") the Levack Footwall Deposit. In addition, FNX Mining earlier this year announced the discovery of similar, high-grade footwall mineralization ("Keel Footwall Zone") some 4,000 feet up plunge of the Levack Footwall Deposit (Figure 1).

This brings to four the total number of known, high-grade Cu-Ni-Pt-Pd-Au mineralized footwall zones behind the Levack Mine. Each of the four zones discovered to date occurs within the same Sudbury Breccia package, which has an exploration envelope of 2,000' along strike, 1,000' in thickness and over 6,000' down plunge. Although the Levack Footwall Deposit remains the most advanced and potentially significant deposit, all of the high-grade mineralized zones are open in all directions and have excellent stand alone potential.

The Company continues to be very encouraged by the results obtained to date. The economic significance of the individual zones and how they might relate to each other are unknown at this time and extensive additional diamond drilling is required to fully evaluate the four individual footwall zones and the overall potential of the large, very prospective, Levack footwall environment.

Pending similar encouraging drill results, the Company expects to initiate scoping studies in the first half of 2006 to evaluate possible underground access to the Levack Footwall Deposit to permit detailed close-spaced diamond drilling and the extraction of a bulk sample.

LEVACK FOOTWALL DEPOSIT

All seven of the Levack Footwall Deposit boreholes being reported today intersected Sudbury Breccia host rocks that contain high-grade, massive sulphide veins varying in thickness from a few feet to over 20 feet.



HIGHLIGHTS - LEVACK FOOTWALL DEPOSIT (see Figure 2)

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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6046C 7.2 28.5 3.0 30.5 0.9
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7.8 13.2 1.3 15.7 0.5
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20.2 30.3 0.5 31.3 0.9
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FNX6049 1.3 24.7 0.6 26.0 0.8
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FNX6049A 9.3 26.1 0.4 4.2 0.1
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FNX7036 37.6 12.2 2.6 10.4 0.3
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incl. 7.2 23.4 5.4 20.1 0.6
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incl. 8.7 24.5 4.5 20.4 0.6
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FNX7039 9.3 4.6 0.1 5.2 0.2
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1.0 23.6 1.0 7.4 0.2
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FNX7040 9.5 5.5 3.0 3.5 0.1
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FNX7042 12.4 27.0 2.6 16.5 0.5
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11.0 21.4 3.4 18.8 0.6
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The Levack Footwall Deposit responds very well to both UTEM and Radio Imaging Method ("RIM") borehole geophysical techniques. BH UTEM is an excellent tool to discover massive sulphide deposits in Sudbury, while RIM is more suited to delineating the deposits after discovery. The borehole UTEM geophysical surveys completed to date indicate that the Levack Footwall Deposit extends to the detection limits of the UTEM surveys and that it is at least 1,200 ft along plunge, 700 to 800 ft in width and is open in all directions.

Because RIM is a superior tool to delineate and better optimize the positioning of the conductive mineralized system, the focus of the borehole geophysical surveys in the Levack Footwall Deposit has recently shifted to the use of RIM. The limited RIM results to date indicate that the Levack Footwall Deposit may be larger than indicated by the BH UTEM results. The plunge direction RIM panels indicate a plunge extent of at least 1,400' for the most intense mineralization and up to 2,000' for the less intense mineralization. The strike direction RIM panel indicates a strike extent of over 1,000' as the deposit becomes possibly thicker, up to 200', and more complex in character to the east. Surface and underground platforms are being constructed to permit drill testing of this untested eastern portion of the RIM panels.

To date, the Levack Footwall Deposit has been intersected for over 700 feet along strike and for 700 feet down plunge (3,800' level to about the 4,400' level). Its mineralized system is characterized by chalcopyrite-rich veins, with significant cubanite, pentlandite and millerite and is interpreted as being a 'Sharp-walled' Cu-Ni-Pt-Pd-Au vein system. It is analogous to nearby past and currently producing Cu-Ni-Pt-Pd-Au vein deposits such as FNX's McCreedy West Footwall Cu Zone, Inco's McCreedy East 153/170 Zones, and Falconbridge's Fraser/Strathcona Deep Copper Zones. These ore deposits are some of the most profitable in the Sudbury mining district.

A detailed review of drill intersections from the Levack Footwall Deposit to similarly spaced boreholes in the mined out McCreedy West Footwall Cu Zone shows similar copper grades (20.3% versus 19.1%), higher nickel grades (3.2% vs. 2.0%) and much higher Pt+Pd+Au grades (22.3 g/t vs., 7.9 g/t) and wider drill intersection lengths (10.6 feet vs. 8.6 ft.) in the Levack Footwall Deposit. The historic mining grade and size of the mined out McCreedy West Footwall Cu Zone is unknown to FNX.

The Levack Footwall Deposit is in close proximity to both FNX's Levack Mine and Falconbridge's Craig Mine infrastructures. Drilling of the Levack Footwall Deposit will continue with four surface drill rigs on the Levack Mine property and two underground rigs operating from Falconbridge's Craig Mine.

ROB'S FOOTWALL ZONE

Rob's Footwall Zone (formerly called #7 Footwall Zone) was previously tested by five historical boreholes, all of which intersected massive sulphides containing Cu-Ni-Pt-Pd-Au mineralization over significant widths (e.g. 2.0% Cu, 3.2% Ni and 2.5 g/t Pt+Pd+Au over 47.3').



HIGHLIGHTS - ROB'S FOOTWALL ZONE

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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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Drilling Reported Today
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FNX6048B 47.9 3.3 3.7 5.1 0.2
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FNX7042 10.2 1.9 4.1 3.1 0.1
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FNX7045 8.6 2.6 4.5 2.7 0.1
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and 33.8 1.9 2.3 2.1 0.1
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FNX7046 18.1 2.1 3.3 1.7 0.1
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Historical Drilling
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BH 924430 47.3 2.0 3.2 2.5 0.1
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BH 886680 20.2 2.9 3.8 3.0 0.1
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BH 900550 28.2 1.2 1.2 0.8
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incl. 2.2 6.3 5.2 3.3 0.1
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and 2.6 3.4 5.3 2.7 0.1
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and 3.9 4.2 3.8 1.4
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Although realized to have excellent potential, Rob's Footwall Zone, which is close to underground infrastructure at Levack Mine, cannot be readily drill tested from surface due to its location below mined out areas. However, the recently established drill platforms in Falconbridge's Craig Mine have facilitated drill testing Rob's Footwall Zone.

Recent FNX drilling 300 feet east of the historic drilling intersected high-grade Cu-Ni-Pt-Pd-Au mineralization over similar widths (e.g. 3.3% Cu, 3.7% Ni, 5.1 g/t Pt+Pd+Au over 47.9' - C$768 per ton of ore) and has expanded Rob's Footwall Zone along strike and to depth. The zone is open in all directions and the possibility exists that it may join with the Levack Footwall Deposit.

Rob's Footwall Zone is hosted in thermally recrystallized Sudbury Breccia proximal to the base of the Sudbury Igneous Complex. The mineralization is characterized by massive veins and semi-massive sulphide zones rich in nickel and copper with elevated amounts of Pt-Pd-Au relative to the pyrrhotite-rich, low Pt-Pd-Au, sulphide assemblages typical of Sudbury Contact Ni styles of mineralization.

The location and the high-grade Ni and Cu values with significant Pt-Pd-Au are typical of Transitional Deposit styles of mineralization in Sudbury and may represent a transition from the nickel-dominant Levack Contact Deposits to the Cu-Pt-Pd-Au dominant Levack Footwall Deposit. An example of a transitional deposit being connected to a footwall deposit occurs a few kilometers to the west at FNX's McCreedy West Mine, where the mined out transitional Middle Main Deposit connects to the Footwall Cu Deposit.

Drilling underground to further test the potential of Rob's Footwall Zone is ongoing from an historical exploration drift that extends from Falconbridge's Craig Mine onto FNX's Levack Mine Property. These boreholes are relatively short as the exploration drift is only a few hundred feet from Rob's Footwall Zone.

LOWER LEVACK FOOTWALL ZONE

The Levack Footwall Deposit boreholes are routinely extended through the deposit into the lower portion of the host Sudbury Breccia package, which is considered to have potential to host Low-Sulphide Cu-Ni-Pt-Pd-Au mineralization similar to the McCreedy West PM Deposit. The mineralization reported today is from boreholes whose primary target was the Levack Footwall Deposit but, which intersected the previously unknown Lower Levack Footwall Zone.

The Lower Levack Footwall Zone sulphide mineralization varies from massive chalcopyrite-rich veins with very high metal values (e.g. 31.8% Cu, 2.8% Ni and 48.2 g/t of Pt+Pd+Au over 2.0 ft., - C$2,783 per ton of ore) to stringer and disseminated sulphides with high Pt-Pd-Au tenors (3.45% Cu, 0.3% Ni, 9.2 g/t Pt+Pd+Au over 20.9 ft - C$ 397 per ton of ore). This style of mineralization is similar to the 'Low Sulphide' type characteristic of FNX's McCreedy West PM Deposit which FNX brought into production earlier this year.



HIGHLIGHTS - LOWER LEVACK FOOTWALL ZONE

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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6045A 1.0 0.4 0.1 15.6 0.5
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FNX6046B 20.9 3.4 0.3 9.2 0.3
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incl. 2.0 31.8 2.8 48.2 1.4
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FNX6047 9.6 2.8 0.5 13.4 0.4
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12.9 0.3 0.1 4.5 0.1
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1.5 0.4 0.1 11.7 0.3
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5.8 0.2 0.0 5.7 0.2
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3.9 17.4 4.2 59.3 1.7
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FNX7039 2.9 0.8 0.3 11.5 0.3
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This type of low-sulphide mineralization tends to show weaker BH-UTEM responses, but responds very well to RIM surveys. RIM surveys were conducted using boreholes from both the Levack and Craig mines to better position the Levack Footwall Deposit and other possible mineral zones (Figures 3 and 4). The RIM surveys detected a very large, intense anomaly extending from below the Levack Footwall Deposit to the bottom of the surveyed boreholes and to the property boundary. The mineralized zone has not yet been investigated by drilling designed to optimize testing of the RIM anomaly and has only been tested by scattered drill intersections over a small part of the anomaly.

Drilling of the Lower Levack Footwall Zone continues from both surface and underground platforms.

KEEL FOOTWALL ZONE

In the January 21, 2005 press release, FNX Mining announced high-grade footwall mineralization at approximately the 600 ft level and some 4,000 feet up plunge from the Levack Footwall Deposit (e.g. 20.6% Cu, 1.0% Ni, 5.1 Pt-Pd-Au over 27.9' - C$1,218 per ton of ore). This mineralization, referred to as the Keel Footwall Zone, occurs in the same Sudbury Breccia package as the other footwall deposits.



HIGHLIGHTS - KEEL FOOTWALL ZONE (Previously reported)

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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6025 4.8 28.9 0.5 4.6 0.1
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FNX6028 1.0 6.2 11.6 0.0 0.0
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FNX6029 27.9 20.6 1.0 5.1 0.2
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and 5.2 7.1 1.6 1.9 0.1
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FNX6032A 1.4 11.3 2.6 10.1 0.3
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and 1.3 18.9 9.1 10.5 0.3
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FNX6037 6.7 3.9 0.8 3.6 0.1
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and 3.3 0.4 0.1 6.1 0.2
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FNX6038 3.1 28.9 0.1 7.6 0.2
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and 2.6 1.5 0.4 9.1 0.3
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and 1.8 22.7 0.5 11.4 0.3
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The 2004 FNX mineralized intersections range from inches to up to 27.9 ft in core length and, together with the results of historic drilling, indicate a strike length of 600 ft in the footwall behind the Levack Main Orebody. The Keel Footwall Zone is open in all directions and warrants extensive additional drilling. It has not been drill tested since the discovery of the Levack Footwall deposit early this year and no drilling is currently planned for the Keel Zone.



CO-ORDINATES FOR BOREHOLES REPORTED TODAY

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BOREHOLE CO-ORDINATES
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BHID Easting Northing Elevation Length Az Dip
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FNX6046C 9822.46 6936.63 13366.00 5413.4 351.09 -87.08
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FNX6048B 9633.25 8612.92 13099.47 3740 170.25 -76.47
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FNX6049 10195.90 7210.36 13320.00 5863 55.05 -89.29
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FNX6049A 10195.90 7210.36 13320.00 4809 55.05 -89.29
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FNX7036 9771.62 6186.21 9296.39 1754.8 0 -0.39
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FNX7039 9794.97 6191.72 9293.60 1722.4 13.0 -35.62
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FNX7040 9794.81 6191.30 9296.79 1997.8 13.3 -2.68
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FNX7042 9289.93 7328.66 10282.20 1569 65.6 -58.5
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FNX7045 9289.93 7328.66 10282.20 738 47.8 -39.7
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FNX7046 9289.93 7328.66 10282.20 798.1 45.4 -55.4
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QA-QC Statement

James M. Patterson, Ph.D., P.Geo, Vice President and Executive Consultant, a designated Qualified Person pursuant to NI 43-101 of the Canadian Securities Administrators, is responsible for the verification and quality assurance of the Corporation's exploration data and analytical results. Samples of half core are prepared at SGS Lakefield Laboratories in Garson and shipped to ALS Chemex in Vancouver for assay. Please see the July 16, 2003 FNX news release and the March 31, 2005 Annual Information Form for a description of sample preparation and assay procedures.

For a detailed description of FNX's properties and previous work, please refer to FNX's Annual Information Form dated March 31, 2005.

Notes to Highlight Tables

- For complete Drill Intersection Tables and additional Figures please go to "News Releases" on the FNX website "www.fnxmining.com".

- The lengths reported are drill intersected core lengths. Though the true widths of the vein system are estimated to range from 60% - 80% of the intersection length, that of individual veins cannot be determined at this stage due to the variable orientation of the veins within the system.

- Cu equals copper; Ni equals nickel; Pt equals platinum; Pd equals palladium; Au equals gold

- TPM equals Total Precious Metals defined as Pt+Pd+Au

- /t equals grams per metric tonne; oz/st equals ounces/short ton

- conversion of g/t to oz/st equals g/t x 0.02917

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 about potential discoveries or extensions of footwall type deposits are examples of forward-looking statements. There is no guarantee that any discovery of commercial mineralization will be made on FNX Mining's Levack or other properties. Accordingly, readers should not place undue reliance on forward-looking statements.

For further information, please contact: FNX Website - www.fnxmining.com



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To view the Levack Footwall Deposits Schematic Section (Looking East) map please click the link below:
http://www.ccnmatthews.com/docs/fnxlev.pdf

To view the Levack Mine Footwall Deposit East - West Inclined Section (plane dips at -54.5 degrees S) map please click the link below:
http://www.ccnmatthews.com/docs/fnxlev2.pdf

To view the Levack Mine Footwall Deposit South West - North East Vertical Section Radio Imaging Tomogram map please click the link below:
http://www.ccnmatthews.com/docs/fnxlev3.pdf

To view the Levack Mine Footwall Deposit North - South Section Radio Imaging Tomogram map please click the link below:
http://www.ccnmatthews.com/docs/fnxlev4.pdf

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