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UPDATE ON SUDBURY JOINT VENTURE'S NORMAN PROPERTY
TORONTO, ONTARIO-October 30, 2003. FNX Mining Company Inc. (FNX-TSX/AMEX) and Dynatec Corporation (DY-TSX) report that this year's work on the Sudbury Joint Venture's Norman Property consisted of diamond drilling and environmental sampling along with engineering and scoping studies in anticipation of an underground exploration program and feasibility study expected to start in 2004.
The Sudbury Joint Venture is evaluating the respective merits of a vertical shaft or an inclined ramp to access and bulk sample the Norman deposits. The geobotanical, aquatic and hydrogeological sampling completed over the past twelve consecutive months will allow advanced exploration permit applications to be submitted this winter with the underground exploration program planned to start next year and take one year (shaft) to two years (ramp) to complete.
Twenty one holes, totaling 60,873 ft, have been drilled to date this year to further test the Norman 2000 Deposit (see Figure 2 and Table 1). Seven infill holes drilled within the core of the 2000 Deposit have better defined the deposit and are helping to locate a target area for bulk sampling. The mineralized intercepts from the 2000 Deposit being reported today are of the same style and tenor as those previously reported with wide intersections of Cu-Ni-Pt-Pd-Au mineralization and sub-zones of higher-grade mineralization. The best hole drilled this year (FNX 4130) grades 13.8% Cu, 1.0% Ni and 8.1 grams per tonne Pt+Pd+Au over 114.4 ft. and was drilled within the core of the 2000 Deposit but in an area not previously drill tested. Fourteen holes drilled within 500 ft. of the 2000 Deposit have partially defined the limits of the core of the 2000 Deposit. Twelve of these holes were drilled into the favourable Whistle Offset rocks and intersected narrow widths of massive sulphide stringers with high-grade Cu-Pt-Pd-Au values.
Five widely spaced holes, totaling 12,301ft, were drilled into the Whistle Offset between the 2000 Deposit and the North Deposit and to the southwest of the 2000 Deposit (Figure 1 and Tables 2-3). One hole drilled to the southwest of the 2000 Deposit intersected Cu-Pt-Pd-Au mineralization similar to that in the 2000 Deposit and will require follow-up drilling. The three holes drilled to the northeast towards the North Deposit did not locate significant mineralization but intersected favourable offset dyke host rocks. Further drilling is required to test the prospective Whistle Offset, which remains largely untested and will continue to be the focus of future exploration.
The Sudbury Joint Venture, because of the current and forecasted robust nickel price, has increased its nickel exploration activities on the Norman Property. Exploration and scoping studies have been initiated on two previously known, shallow, Ni-rich, contact-type mineralized lenses situated directly below the former producing Whistle Open Pit mine (Lens A and Lens B). The Sudbury Joint Venture has not yet drilled any holes into Lens B but drilled 11 holes totaling 8,721 ft. to confirm and expand Lens A (Figure 3 and Table 4). The Lens A boreholes intersected blebby to massive pyrrhotite and pentlandite mineralization at the base of the Sudbury Igneous Complex. Wide intersections of lower grade nickel (0.7% Ni, 0.1% Cu, 0.04% Co over 405.0 ft.) and shorter intersections of higher grade nickel were encountered (2.9% Ni, 0.2% Cu, 0.12% Co over 21.1 ft and 1.8% Ni, 0.2% Cu, 0.09% Co over 25.2 ft). Lens A is located between 300 ft. and 600 ft. below surface and directly above the 2000 Deposit (Figure 1). Current and historical drilling (Tables 4 and 5) suggest that significant Ni-rich mineralization extends below the previously mined Whistle Open Pit nickel mine and may continue at depth along the base of the Sudbury Igneous Contact. The two Ni-rich lenses could have a positive incremental impact on the economics of the 2000 and North Deposits. Future drilling will be conducted to determine the size and grade of the nickel lenses and to evaluate their economic potential.
Drilling on the Norman Property will continue for the rest of the year with four surface drill rigs focused on three target areas; the 2000 Deposit, the area between the 2000 and North Deposits and nickel-rich lenses situated immediately below the former producing Whistle Open Pit mine.
Sudbury Joint Venture - General
The Sudbury Joint Venture is owned 75% by FNX (exploration operator) and 25% by Dynatec (mining operator). The Sudbury Joint Venture properties (McCreedy West, Levack, Victoria, Norman and Kirkwood) are all former copper, nickel, platinum, palladium and gold producers. The properties are located in the Sudbury District of northeastern Ontario and are covered by previously announced agreements between FNX and Inco Limited (see January 11, 2002 FNX press release) and FNX and Dynatec Corporation (see February 3, 2002 FNX and DY press release). For a detailed description of the properties and previous work, please go to the FNX website "www.fnxmining.com" and refer to FNX's Annual Information Form dated May 9, 2003.
James M. Patterson, Ph.D., P.Geo., and Vice President Exploration of FNX, is the designated Qualified Person and responsible for the verification and quality assurance of the Sudbury Joint Venture's exploration data and analytical results as well as historical data reported herein. Anthony P. Makuch, M. Eng., P. Eng., M.B.A., and Dynatec's Vice President, Sudbury Joint Venture Mining Operations, oversees mining activities on behalf of the Sudbury Joint Venture. Please see the July 16, 2003 FNX press release for a description of sample preparation and assay procedures for the Sudbury Joint Venture.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgment, they are subject to a variety of risks and uncertainties, including the risk factors listed in FNX Mining's Annual Information Forms posted on FNX's website, that are beyond the company's ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information, please contact:
Terry MacGibbon, President and CEO
Tel: 416-628-5929, Fax 416-360-0550, Email: tmacgibbon@fnxmining.com
David Constable, Vice President, Investor Relations and Corporate Affairs
Telephone: 416-628-5938, Fax: 416-360-0550, Email: dconstable@fnxmining.com,
FNX Website - www.fnxmining.com
TABLE 1 - 2000 DEPOSIT - HOLES REPORTED TODAY
| | | Grid | | Feet | % | g/t |
Borehole | East | North | Bearing° | Dip° | From | To | Length | Cu | Ni | Pt | Pd | Au | TPM |
FNX4051 | 352.6 | 223.1 | 268.7 | -60.0 | 1130.9 | 1953.0 | | | | SM | | | |
FNX4052 | -1277.8 | 294.6 | 91.3 | -66.0 | 1726.6 | 1843.5 | | | | SM | | | |
FNX4054 | 352.4 | 216.2 | 237.9 | -60.0 | 1839.3 | 2101.8 | | | | SM | | | |
FNX4090 | -1278.1 | 294.5 | 90.1 | -74.0 | | | | | | nsv | | | |
FNX4091 | -1498.5 | -251.2 | 90.5 | -74.0 | 2795.0 | 2817.8 | | | | SM | | | |
FNX4092 | -1544.4 | -95.9 | 86.1 | -72.7 | | | | | | nsv | | | |
*FNX4093 | 352.5 | 216.7 | 247.9 | -66.0 | 1844.5 | 2329.2 | | | | SM | | | |
FNX4094 | -1516.7 | -195.9 | 89.3 | -66.5 | 2366.0 | 2420.0 | 54.0 | 2.5 | 0.2 | 2.0 | 1.1 | 0.4 | 3.6 |
| | | | incl. | 2366.0 | 2376.8 | 10.8 | 7.1 | 0.5 | 1.1 | 1.2 | 0.5 | 2.8 |
| | | | incl. | 2399.4 | 2420.0 | 20.6 | 2.4 | 0.1 | 4.6 | 2.2 | 0.8 | 7.6 |
| | | | incl. | 2399.4 | 2412.0 | 12.6 | 3.4 | 0.2 | 6.3 | 2.9 | 1.2 | 10.4 |
| | | | | 2490.0 | 2505.0 | 15.0 | 0.5 | 0.0 | 3.1 | 1.3 | 0.6 | 5.0 |
FNX4095 | -1403.0 | -351.0 | 91.4 | -62.0 | 2042.4 | 2237.9 | 195.5 | 1.7 | 0.2 | 0.6 | 0.7 | 0.4 | 1.7 |
| | | | incl. | 2124.0 | 2237.9 | 113.9 | 2.4 | 0.2 | 0.9 | 1.0 | 0.5 | 2.5 |
| | | | incl. | 2131.9 | 2136.0 | 4.2 | 7.7 | 0.4 | 2.0 | 2.1 | 0.4 | 4.5 |
| | | | incl. | 2150.0 | 2153.4 | 2.9 | 16.4 | 2.3 | 4.3 | 5.1 | 4.1 | 13.5 |
| | | | incl. | 2199.1 | 2237.9 | 38.9 | 3.6 | 0.2 | 1.6 | 1.9 | 1.0 | 4.4 |
| | | | incl. | 2199.1 | 2206.6 | 7.6 | 0.9 | 0.1 | 4.6 | 2.0 | 0.7 | 7.2 |
| | | | incl. | 2220.0 | 2237.9 | 18.0 | 7.4 | 0.3 | 1.4 | 3.3 | 1.8 | 6.5 |
| | | | incl. | 2221.5 | 2225.5 | 4.0 | 27.5 | 0.1 | 2.3 | 11.2 | 0.7 | 14.3 |
FNX4096 | -1516.0 | -195.3 | 86.4 | -58.0 | 1922.9 | 2098.0 | 175.1 | 1.9 | 0.2 | 0.9 | 0.4 | 0.2 | 1.5 |
| | | | incl. | 1922.9 | 1925.4 | 2.5 | 20.2 | 1.9 | 3.5 | 3.4 | 1.3 | 8.2 |
| | | | incl. | 1942.0 | 1949.8 | 7.8 | 4.8 | 0.2 | 0.9 | 0.6 | 0.6 | 2.1 |
| | | | incl. | 1960.9 | 1964.4 | 3.5 | 5.2 | 0.2 | 1.1 | 1.7 | 0.2 | 2.9 |
| | | | incl. | 2049.9 | 2098.0 | 48.1 | 3.2 | 0.4 | 2.4 | 0.6 | 0.5 | 3.5 |
| | | | incl. | 2078.4 | 2098.0 | 19.6 | 6.3 | 0.2 | 4.9 | 1.1 | 0.8 | 6.7 |
| | | | incl. | 2088.8 | 2098.0 | 9.2 | 13.1 | 0.3 | 8.8 | 1.8 | 1.3 | 11.9 |
| | | | | 2229.8 | 2238.0 | 8.2 | 3.5 | 0.2 | 0.9 | 1.0 | 0.5 | 2.3 |
FNX4097 | -1403.0 | -351.0 | 90.0 | -57.0 | 1864.5 | 2187.0 | | | | SM | | | |
FNX4098 | -1515.8 | -195.3 | 87.8 | -54.0 | 1942.0 | 2014.0 | | | | SM | | | |
FNX4099 | -1324.9 | -505.6 | 94.9 | -62.0 | 1130.3 | 2125.0 | | | | SM | | | |
FNX4121 | -1403.0 | -351.0 | 85.2 | -62.0 | 1933.0 | 2169.8 | 236.8 | 3.0 | 0.2 | 1.1 | 1.1 | 0.8 | 3.0 |
| | | | incl. | 2064.7 | 2169.8 | 105.1 | 5.5 | 0.2 | 2.0 | 2.0 | 1.5 | 5.5 |
| | | | incl. | 2075.1 | 2091.6 | 16.5 | 12.4 | 0.3 | 2.0 | 2.9 | 1.1 | 5.9 |
| | | | incl. | 2121.3 | 2169.8 | 48.5 | 6.7 | 0.2 | 2.6 | 2.5 | 2.7 | 7.7 |
| | | | incl. | 2124.4 | 2145.1 | 20.7 | 10.6 | 0.2 | 3.0 | 3.5 | 4.9 | 11.3 |
| | | | | 2245.0 | 2249.3 | 4.3 | 4.1 | 0.1 | 2.1 | 2.0 | 4.3 | 8.3 |
FNX4122 | -1514.6 | -195.2 | 86.7 | -50.0 | 1828.6 | 1831.5 | | | | SM | | | |
FNX4123 | -1637.0 | -557.0 | 83.9 | -66.5 | 2570.5 | 2697.6 | 127.1 | 1.8 | 0.2 | 1.9 | 1.1 | 0.5 | 3.5 |
| | | | incl. | 2570.5 | 2572.0 | 1.5 | 1.5 | 2.2 | 9.3 | 3.7 | 15.7 | 28.6 |
| | | | incl. | 2578.7 | 2589.6 | 11.0 | 12.0 | 0.1 | 2.9 | 4.2 | 1.3 | 8.4 |
| | | | incl. | 2643.0 | 2697.6 | 54.6 | 1.4 | 0.4 | 3.4 | 1.6 | 0.4 | 5.3 |
| | | | incl. | 2643.0 | 2673.1 | 30.2 | 2.1 | 0.6 | 5.0 | 2.4 | 0.5 | 7.9 |
| | | | incl. | 2654.0 | 2673.1 | 19.1 | 2.7 | 0.2 | 7.1 | 3.5 | 0.7 | 11.3 |
FNX4124 | -1539.0 | -96.0 | 91.0 | -66.0 | 2071.5 | 2284.1 | | | | SM | | | |
FNX4125 | -1403.0 | -351.0 | 83.9 | -58.5 | 1925.8 | 2085.8 | | | | SM | | | |
FNX4126 | -1507.0 | -735.0 | 97.1 | -65.0 | 2054.1 | 2055.1 | | | | SM | | | |
FNX4127 | -1790.4 | -400.3 | 87.3 | -64.5 | 2453.9 | 2456.8 | 2.9 | 0.7 | <0.1 | 5.6 | 1.5 | 2.5 | 9.6 |
| | | | | 2564.4 | 2605.4 | 41.0 | 0.9 | <0.1 | 3.0 | 2.2 | 0.2 | 5.4 |
| | | | incl. | 2577.3 | 2591.3 | 14.0 | 1.3 | 0.1 | 2.1 | 1.0 | 0.2 | 3.3 |
| | | | incl. | 2602.9 | 2605.4 | 2.5 | 2.5 | 0.1 | 26.0 | 25.9 | 1.6 | 53.4 |
| | | | | 2704.8 | 2716.7 | 11.9 | 0.7 | 0.1 | 1.9 | 1.1 | 0.4 | 3.4 |
| | | | | 2832.0 | 2844.9 | 12.9 | 0.6 | <0.1 | 3.4 | 0.9 | 1.6 | 6.0 |
| | | | incl. | 2840.6 | 2844.9 | 4.3 | 0.9 | 0.1 | 9.0 | 2.2 | 4.6 | 15.7 |
| | | | | 2967.2 | 2979.0 | 11.8 | 0.8 | 0.2 | 1.0 | 0.4 | 0.3 | 1.7 |
FNX4130 | Wedge off hole FNX4127 | | 2665.9 | 2780.3 | 114.4 | 13.8 | 1.0 | 3.1 | 3.4 | 1.6 | 8.1 |
| | | | incl. | 2665.9 | 2707.4 | 41.5 | 19.5 | 0.9 | 3.3 | 4.2 | 2.5 | 10.1 |
| | | | incl. | 2724.6 | 2743.4 | 18.8 | 19.9 | 3.1 | 6.6 | 4.2 | 2.1 | 12.9 |
| | | | incl. | 2736.6 | 2743.4 | 6.8 | 7.9 | 7.2 | 3.4 | 2.9 | 5.7 | 12.0 |
| | | | incl. | 2762.1 | 2769.1 | 7.0 | 26.2 | 1.1 | 3.7 | 7.2 | 0.1 | 11.0 |
TABLE 2 -GENERAL OFFSET DRILLING - HOLES REPORTED TODAY
| | | Grid | | Feet | % | g/t |
Borehole | East | North | Bearing° | Dip° | From | To | Length | Cu | Ni | Pt | Pd | Au | TPM |
FNX4053 | -1761.0 | 638.6 | 88.6 | -56.0 | | | | | | nsv | | | |
FNX4058 | -1490.5 | 1098.3 | 85.0 | -52.0 | | | | | | nsv | | | |
FNX4065 | -1821.5 | 1487.3 | 83.5 | -65.0 | | | | | | nsv | | | |
FNX4067 | -1175.9 | -1416.9 | 62.1 | -45.0 | 332.2 | 937.2 | | | | SM | | | |
FNX4068 | -1179.1 | -1417.7 | 78.9 | -62.0 | 320.5 | 993.2 | | | | SM | | | |
| | | | | 1910.3 | 1913.3 | | | | SM | | | |
TABLE 3 -GENERAL OFFSET DRILLING - HISTORICAL INTERSECTIONS
| | | Grid | | Feet | % | g/t |
Borehole | East | North | Bearing° | Dip° | From | To | Length | Cu | Ni | Pt | Pd | Au | TPM |
346850 | 150.0 | -2112.0 | 316.9 | -58.2 | | | | nsv |
600410 | -1420.0 | 601.0 | 85.5 | -54.4 | 1452.2 | 1501.5 | | SM |
600430 | 599.0 | 2001.0 | 273.8 | -48.7 | 2361.0 | 2364.0 | | SM |
780000 | 365.0 | 1400.0 | 272.4 | -45.2 | | | | nsv |
789580 | 551.0 | -1202.0 | 271.6 | -52.3 | | | | nsv |
811700 | 170.0 | -1499.0 | 289.1 | -57.6 | | | | nsv |
811710 | 366.0 | -903.0 | 269.8 | -54.6 | | | | nsv |
855880 | -944.0 | 955.0 | 144.4 | -64.1 | 1584.0 | 1595.8 | | SM |
TABLE 4 -NICKEL MINERALIZATION BELOW PIT- LENS A- HOLES REPORTED TODAY
| | | Grid | | Feet | % |
Borehole | East | North | Bearing° | Dip° | From | To | Length | Cu | Ni |
FNX4030 | 50.0 | -600.0 | 270.0 | -51.5 | | | | nsv |
FNX4055 | -95.6 | -251.7 | 263.6 | -52.0 | 554.6 | 575.7 | 21.1 | 0.2 | 2.9 |
FNX4056 | -94.3 | -251.6 | 262.0 | -66.0 | | | | nsv |
FNX4057 | -96.6 | -251.9 | 256.4 | -48.0 | | | | nsv |
FNX4059 | -412.0 | -513.7 | 301.0 | -70.0 | 195.0 | 457.7 | 262.7 | 0.2 | 1.0 |
| | | | | 507.1 | 532.3 | 25.2 | 0.2 | 1.8 |
| | | | incl. | 517.2 | 532.3 | 15.1 | 0.2 | 2.7 |
FNX4060 | -412.6 | -521.2 | 263.0 | -64.0 | 179.1 | 416.7 | 237.6 | 0.2 | 0.8 |
| | | | incl. | 379.7 | 411.7 | 32.0 | 0.2 | 1.2 |
FNX4061 | -412.1 | -522.0 | 254.0 | -74.0 | 182.5 | 500.3 | 317.8 | 0.1 | 0.6 |
| | | | incl. | 367.8 | 393.4 | 25.6 | 0.2 | 1.2 |
FNX4062 | -412.3 | -523.3 | 244.0 | -66.0 | 138.0 | 543.2 | 405.2 | 0.1 | 0.7 |
| | | | incl. | 454.1 | 469.0 | 14.9 | 0.2 | 1.1 |
FNX4063 | -410.9 | -525.4 | 224.0 | -77.0 | 172.4 | 386.2 | 213.8 | 0.1 | 0.7 |
| | | | incl. | 318.2 | 381.2 | 63.0 | 0.2 | 0.9 |
| | | | | 500.8 | 545.2 | 44.4 | 0.2 | 0.9 |
| | | | | 623.8 | 638.4 | 14.6 | 0.4 | 0.8 |
FNX4064 | -417.9 | -513.1 | 296.0 | -45.0 | | | | nsv | |
FNX4069 | -98.5 | -252.8 | 257.5 | -45.0 | 575.4 | 635.1 | 59.7 | 0.1 | 1.0 |
| | | | incl. | 606.0 | 635.1 | 29.1 | 0.2 | 1.4 |
TABLE 5 - NICKEL MINERALIZATION BELOW PIT- LENS A - HISTORICAL INTERSECTIONS
| | | Grid | | Feet | % |
Borehole | East | North | Bearing° | Dip° | From | To | Length | Cu | Ni |
56010 | -675.0 | -385.0 | 314.5 | -89.1 | | | | nsv |
56160 | -576.0 | -285.0 | 314.5 | -89.1 | | | | nsv |
56190 | -684.0 | -476.0 | 0.0 | -90.0 | | | | nsv |
56220 | -576.0 | -383.0 | 314.5 | -88.8 | 428.3 | 542.2 | 113.9 | 0.4 | 1.4 |
| | | | incl. | 493.3 | 542.2 | 48.9 | 0.4 | 2.3 |
56240 | -473.0 | -381.0 | 314.5 | -89.0 | 537.3 | 539.8 | 2.5 | 0.1 | 2.9 |
56280 | -671.0 | -587.0 | 314.5 | -89.7 | 293.0 | 358.0 | 65.0 | 0.2 | 0.8 |
56290 | -574.0 | -483.0 | 314.5 | -88.7 | 325.0 | 525.0 | 200.0 | 0.4 | 1.3 |
| | | | incl. | 345.0 | 395.0 | 50.0 | 0.3 | 1.9 |
56310 | -372.0 | -479.0 | 314.5 | -88.5 | 571.1 | 574.6 | 3.5 | 0.3 | 2.1 |
56320 | -274.0 | -576.0 | 314.5 | -88.7 | 753.3 | 755.1 | 1.8 | 0.2 | 3.2 |
56330 | -489.0 | -167.0 | 314.5 | -89.4 | | | | nsv |
139610 | -381.0 | -585.0 | 314.5 | -88.6 | 515.0 | 535.0 | 20.0 | 0.2 | 0.7 |
324990 | -432.0 | -674.0 | 0.0 | -90.0 | 396.3 | 428.0 | 31.7 | 0.2 | 0.8 |
| | | | | 597.2 | 623.2 | 26.0 | 0.3 | 0.7 |
346780 | -611.0 | -300.0 | 314.5 | -88.7 | | | | nsv |
346800 | -391.0 | -279.0 | 314.5 | -89.8 | 463.0 | 527.7 | 64.7 | 0.2 | 1.9 |
| | | | incl. | 463.0 | 475.0 | 12.0 | 0.3 | 3.0 |
| | | | incl. | 492.5 | 527.7 | 35.2 | 0.2 | 2.4 |
405770 | -356.0 | -422.0 | 314.5 | -89.2 | 550.2 | 554.5 | 4.3 | 0.3 | 2.0 |
405890 | -767.0 | -636.0 | 314.5 | -89.8 | | | | nsv |
405910 | -251.0 | -325.0 | 314.5 | -88.7 | | | | nsv |
412320 | -256.0 | -226.0 | 314.5 | -89.1 | | | | nsv |
412420 | -484.0 | -511.0 | 314.5 | -88.8 | 374.7 | 516.5 | 141.8 | 0.2 | 1.0 |
| | | | incl. | 385.0 | 432.0 | 47.0 | 0.2 | 1.3 |
| | | | incl. | 490.8 | 516.5 | 25.7 | 0.2 | 1.3 |
412430 | -397.0 | -181.0 | 314.5 | -88.4 | 394.1 | 396.2 | 2.1 | 2.4 | 2.0 |
412440 | -499.0 | -287.0 | 314.5 | -89.4 | 391.3 | 449.6 | 58.3 | 0.1 | 2.0 |
| | | | incl. | 409.5 | 449.6 | 40.1 | 0.2 | 2.3 |
424340 | -498.0 | -286.0 | 314.5 | -69.5 | | | | nsv |
Notes for Tables:
- The lengths reported are core intersection lengths; true widths for 19 of the FNX boreholes reported for the 2000 deposit are estimated to be between 60% to 80% of the intersection lengths, with the other two holes (*) estimated at <60%. These two holes were drilled down the trend of the overall mineralized envelope. The true widths for the Ni-rich contact mineralization in Lens A are estimated between 70-95% of the intersection lengths.
- Cu = copper; Ni = nickel; Pt = platinum; Pd = palladium; Au = gold
- TPM = total precious metals defined as Pt+Pd+Au
- g/t = grams per metric tonne
- nsv = no significant values
- SM = stringer mineralization (narrow widths of sulfide mineralization with variable Cu-Pt-Pd-Au values)
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