FNX Mining Company Inc.
TSX : FNX

FNX Mining Company Inc.

February 21, 2007 06:30 ET

FNX Mining Discovers Main Depths Deposit Down Dip of the Levack Mine Main Orebody

TORONTO, ONTARIO--(CCNMatthews - Feb. 21, 2007) - FNX Mining Company Inc. (TSX:FNX) announces the discovery of the Main Depths nickel contact deposit located down-dip of the formerly producing Levack Main Orebody at FNX Mining's recently re-opened Levack Mine in the Sudbury mining district, Ontario, Canada (see Figure 1).

All nine surface boreholes drilled to date have intersected significant pyrrhotite-pentlandite-chalcopyrite nickel-rich sulphide mineralization down-dip of the Levack Main Orebody and east of the Levack No. 7 Orebody.

Highlights of the drill intersections are compiled in Table 1, including (see Figure 2):

- 45.7 ft grading 0.62% Cu, and 1.99% Ni, including 15.0 ft grading 1.04% Cu and 3.36% Ni;

- 63.6 ft grading 0.34% Cu, and 1.15% Ni, including 11.1 ft grading 0.24% Cu and 2.48% Ni and 13.0 ft grading 0.88% Cu and 2.59% Ni;

- 6.1 ft grading 2.14% Cu and 4.18% Ni;

- 32.4 ft grading 0.92% Cu and 1.65% Ni, including 10.3 ft grading 1.01% Cu and 2.49% Ni;

- 16.5 ft grading 0.52% Cu and 2.43% Ni


The FNX boreholes being reported today, along with data from historical holes (see Table 2), indicate that the new Main Depths nickel mineralization is a continuation of the Main Orebody's geological system. As such, the Main Depths Deposit may connect up-dip to the Levack Main Orebody and to the west with the No. 7 Orebody (see Figures 1 and 2). The top of the Main Depths Deposit starts just below the 1600 Level and is open down-plunge and along strike. It is located near underground infrastructure and is within 600 feet of the Levack No. 7 Orebody, which is currently being developed and mined by the Company. The Deposit's strategic location near existing mine infrastructure will greatly facilitate exploration and potential mining of this new deposit.

Borehole electromagnetic geophysical results to date are very positive and indicate that the Main Depths mineralization drilled to date occurs within a large, continuous conductive plate. The modeled plate has dimensions of 1300 feet (400 m) in the east-west strike direction and 800 feet (250 m) in the north-south dip direction (see Figure 2).

The determination of the orientation and size of the Main Depths Deposit, the extent of the mineralized pods and the nickel sulphide content will require extensive additional drilling. FNX will continue to aggressively drill the Levack Main Depths mineralization from surface and from underground.

The Levack Mine operated continuously from 1937 to 1999, when it was shut down by its former owners due to low nickel prices. It produced a total of 60.4 million tons of ore grading 1.3% Cu, 2.0% Ni and 1.4 g/t precious metals. FNX Mining acquired the Levack Mine in 2002, rehabilitated the surface facilities, the No.2 Shaft and much of the underground infrastructure over the past two years, reopened the mine and initiated production of nickel ore in January 2007.

The Levack Mine's Main Orebody consisted of a complex series of thick pods of nickel ore within interconnected pinches and swells in Granite Breccia host rocks along the base of the Sudbury Igneous Complex (SIC) (see Figure 3). Mining of the Main Orebody terminated at a pinch or uplift in the Granite Breccia at about the 1450 Level of the Levack Mine. No historical production records are available for the Main Orebody, but non-compliant modeling done by FNX on the Main Orebody to guide FNX's deeper exploration, suggests that about 15 million tons grading approximately 2.0% Ni was extracted from near surface down to the 1450 Level. FNX has identified 918,000 tons of independently audited Measured and Indicated nickel resources grading 1.9% Ni remaining in the Main Orebody.



Table 1: Highlights of FNX Mining drill holes

---------------------------------------------------------------------
Feet % g/t
---------------------------------------------------------
Borehole From To Length Cu Ni TPM
---------------------------------------------------------------------
FNX2003 1963.1 1969.2 6.1 2.14 4.18 3.22
---------------------------------------------------------------------
FNX2004 1679.1 1742.7 63.6 0.34 1.15 0.81
---------------------------------------------------------------------
incl. 1679.1 1690.2 11.1 0.24 2.48 1.39
---------------------------------------------------------------------
incl. 1729.7 1742.7 13.0 0.88 2.59 1.77
---------------------------------------------------------------------
FNX6054 2063.3 2071.3 8.0 1.31 2.86 1.82
---------------------------------------------------------------------
FNX6064 2175.5 2228.1 52.6 0.77 1.44 1.33
---------------------------------------------------------------------
incl. 2175.5 2185.8 10.3 1.02 2.48 1.97
---------------------------------------------------------------------
incl. 2192.6 2207.9 15.3 1.04 1.70 1.60
---------------------------------------------------------------------
incl. 2217.3 2228.1 10.8 0.93 2.01 1.79
---------------------------------------------------------------------
FNX6067 1604.9 1617.1 12.2 0.57 1.02 0.86
---------------------------------------------------------------------
1710.6 1723.9 13.3 0.25 1.04 0.89
---------------------------------------------------------------------
1802.4 1827.6 25.2 1.27 1.38 1.65
---------------------------------------------------------------------
incl. 1802.4 1809.6 7.2 2.12 2.82 2.68
---------------------------------------------------------------------
incl. 1821.4 1827.6 6.2 2.10 1.58 2.21
---------------------------------------------------------------------
FNX6066 2359.7 2384.2 24.5 0.46 1.89 1.06
---------------------------------------------------------------------
FNX6068 2430.6 2444.8 14.2 0.18 1.17 0.50
---------------------------------------------------------------------
2465.0 2473.2 8.2 0.37 1.22 0.32
---------------------------------------------------------------------
2493.9 2503.4 9.5 0.33 1.06 0.43
---------------------------------------------------------------------
FNX6069 2110.1 2161.8 51.7 0.26 1.20 0.33
---------------------------------------------------------------------
incl. 2110.1 2123.9 13.8 0.32 1.57 0.44
---------------------------------------------------------------------
incl. 2143.6 2161.8 18.2 0.29 1.47 0.33
---------------------------------------------------------------------
FNX6072 2330.0 2370.9 40.9 0.58 0.98 1.03
---------------------------------------------------------------------
incl. 2352.1 2370.9 18.8 0.82 1.40 1.41
---------------------------------------------------------------------
2427.3 2444.8 17.5 0.87 1.44 1.40
---------------------------------------------------------------------
FNX6074 2449.3 2495.0 45.7 0.62 1.99 0.53
---------------------------------------------------------------------
incl. 2480.0 2495.0 15.0 1.04 3.36 0.83
---------------------------------------------------------------------


Table 2: Highlights of historical drill holes.

---------------------------------------------------------------
Feet % g/t
-----------------------------------------------------
Borehole From To Length Cu Ni TPM
---------------------------------------------------------------
64460 241.3 246.3 5.0 0.63 3.29 n/a
---------------------------------------------------------------
22280 742.0 789.4 47.4 0.40 1.17 n/a
---------------------------------------------------------------
incl. 776.5 789.4 12.9 0.55 2.09 n/a
---------------------------------------------------------------
64450 248.5 282.3 33.8 1.10 2.78 n/a
---------------------------------------------------------------
and 328.5 364.0 35.5 0.41 1.27 n/a
---------------------------------------------------------------
incl. 356.5 364.0 7.5 0.72 3.24 n/a
---------------------------------------------------------------
120800 297.4 359.8 62.4 0.47 1.70 0.83
---------------------------------------------------------------
incl. 298.5 318.6 20.1 0.62 2.84 0.99
---------------------------------------------------------------
incl. 344.6 353.8 9.2 0.63 2.45 1.28
---------------------------------------------------------------
64470 265.3 271.7 6.4 0.63 3.04 n/a
---------------------------------------------------------------
596110 351.8 384 32.2 0.08 0.96 n/a
---------------------------------------------------------------
466990 913 925 12.0 0.14 1.24 n/a
---------------------------------------------------------------
LV20490 n/a n/a n/a n/a n/a n/a
---------------------------------------------------------------
520680 720 725 5.0 0.71 1.13 n/a
---------------------------------------------------------------
22120 712.5 726.2 13.7 0.54 1.31 n/a
---------------------------------------------------------------

- The lengths reported are drill intersected core lengths.

- 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

- g/t equals grams per metric tonne

- assays for TPM (Pt+Pd+Au) are denoted as 'n/a' where not completed.


QA-QC STATEMENT

James M. Patterson, Ph.D., P.Geo, 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, 2006.

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 mineralization and 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

To view the Figure 1 Levack Mine Longitudinal Section map, please click on the following link: http://www.ccnmatthews.com/docs/fnx-figure1.pdf

To view the Figure 2 Levack Mine West-East Inclined Section map, please click on the following link: http://www.ccnmatthews.com/docs/fnx-figure2.pdf

To view the Figure 3 Levack Mine 10050 E Vertical Section map, please click on the following link: http://www.ccnmatthews.com/docs/fnx-figure3.pdf

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