FNX Mining Company Inc.

FNX Mining Company Inc.

March 18, 2008 09:00 ET

James Wallace Appointed to the FNX Board

TORONTO, ONTARIO--(Marketwire - March 18, 2008) - FNX Mining Company Inc. (TSX:FNX) ("FNX" or the "Company") is pleased to announce the appointment of Mr. James D. Wallace, BSc., MBA, CMA, FCA to its Board of Directors, effective March 12, 2008 and subject to regulatory approval. Mr. Wallace is a Chartered Accountant and in 1988 was elected to the Fellowship of Chartered Accountants (FCA). He is a prominent businessman in Northern Ontario with close connections to the heavy construction, mining and finance sectors. He is President and owner of several private companies including, Pioneer Construction Inc. (heavy construction), Fisher Wavy Inc. (ready mix and cement supply), Ethier Sand and Gravel Limited (aggregates), Northern Ski Company Limited (investment company) and Marslen Investments Limited (real estate). In addition to his private holdings, Mr. Wallace is on the board of Xstrata Canada Limited, Brookfield Infrastructure Partners, Northstar Aerospace Inc. and was formerly on the boards of Falconbridge Limited, Rio Algom Limited, CTV Inc. and Baton Broadcasting Incorporated. Mr. Wallace has also served on many public and private company advisory boards and committees; accepted appointments to federal and provincial government boards and task forces and served associations for the road builders, concrete, construction and aggregate industries.

Mr. Wallace received a Bachelor of Science from Laurentian University and a Master of Business Administration from the University of Windsor. He also completed management programs at Harvard, Stanford, Northwestern, University of Toronto and University of Western Ontario. In 2001, Laurentian University awarded him an Honorary Doctor of Business Administration degree.

Terry MacGibbon, Executive Chairman of FNX commented that, "We are pleased that Jamie Wallace has agreed to join the FNX board of directors. Jamie brings more than 30 years of public and private business experience to FNX and also provides us with a Sudbury Region perspective, which we believe is invaluable to the Company as we expand our Sudbury operations. On behalf of senior management and the board of directors, I want to welcome Jamie to the FNX team and look forward to benefiting from his extensive experience and knowledge of Sudbury and the mining business."

About FNX

FNX produces, develops and explores for nickel, copper, platinum, palladium and gold from the McCreedy West, Levack and, imminently, the Podolsky mines in Canada's prolific Sudbury mining camp. Current plans call for the Company to double ore production in Sudbury over the next three years while potentially tripling revenues over the same period. For 2007, FNX reported $268 million (unaudited) in revenue, a 58 % increase from 2006 results. Debt free, FNX has a rapid growth profile, generates strong cash flow and is a successful explorer.

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, future production and revenue increases 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
    FNX Mining Company Inc.
    David Constable
    Vice President, Investor Relations and Corporate Secretary
    (416) 628-5929
    (416) 360-0550 (FAX)
    Email: info@fnxmining.com
    Website: www.fnxmining.com