ONTARIO Toronto-based FNX MINING COMPANY has released the latest mineral resource estimates for its Podolsky property in the northeast corner of the Sudbury Basin. Indicated resources in the 2000 and North deposits total 3.24 million tonnes at 3.37% Cu, 0.30% Ni and 3.75 g/t PM (Pt, Pd and Au). The 2000 deposit also contains 1.24 million tonnes of inferred resources at 3.27% Cu, 0.39% Ni and 3.57 g/t PM.
At Podolsky FNX is currently conducting an advanced underground exploration program consisting of sinking a 820-metre vertical shaft and driving a 520-metre exploration drift from the shaft to the 2000 deposit. To date, the shaft has been sunk to 750 metres with stations established at the 1750 and 2450 levels. This $42 million program, initiated in 2004, is expected to be completed during the first quarter of 2007 and will be followed by a feasibility study to determine the economic viability of the 2000 deposit. Pending positive results and the conversion of the resources into reserves, pre-production ore is expected in late 2007 with commercial production in early 2008.
A description of the various mineralized zones in the 2000 deposit and the North deposit is available at www.FNXMining.com.