FNX Mining Company Inc.
AMEX : FNX
TSX : FNX

FNX Mining Company Inc.

November 09, 2005 18:18 ET

FNX Mining Company Inc. Announces Acquisition of Beneficial Ownership of Common Shares of Superior Diamonds Inc.

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2005) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

FNX Mining Company Inc. (TSX:FNX)(AMEX:FNX)("FNX") announces that, in connection with its acquisition of Aurora Platinum Corp., ("Aurora") it acquired beneficial ownership of 6,860,715 common shares (the "Acquired Shares") of Superior Diamonds Inc. ("Superior") representing approximately 20.56% of the issued and outstanding common shares of Superior as at June 30, 2005. All of the Acquired Shares are held by Aurora and FNX does not own any shares of Superior directly. FNX effectively acquired 50% of Aurora on July 1, 2005 and the remaining 50% of Aurora on October 21, 2005.

Aurora, through various ownership interests and agreements, holds an extensive land position in the Sudbury, Ontario mining camp. Aurora, in joint venture with Falconbridge Limited owns a majority interest in 1,600 hectares of patented mineral claims which cover the historic Falconbridge Mine and Falconbridge East Mine. Exploration has commenced on the Aurora properties.

The indirect acquisition of the Acquired Shares occurred as a result of FNX purchasing its interest in Aurora and FNX has no current future intention to acquire ownership of or control over additional securities of Superior.

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

Contact Information

  • FNX Mining Company Inc.
    Ronald P. Gagel
    Vice President and CFO
    416-368-0990
    416-360-0550 (FAX)
    rgagel@fnxmining.com
    or
    FNX Mining Company Inc.
    55 University Avenue, Suite 700
    Toronto, ON M5J 2H7
    www.fnxmining.com