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NICKEL MINE DEVELOPMENT $8.0-million Reconditioning of Levack No.2 Shaft to Proceed

SUDBURY, ONTARIO The Sudbury Joint Venture partners FNX MINING CO. INC. and DYNATEC CORP. have approved an $8.0-m...



SUDBURY, ONTARIO The Sudbury Joint Venture partners FNX MINING CO. INC. and DYNATEC CORP. have approved an $8.0-million reconditioning program for the Levack No.2 shaft and headframe, in anticipation of a positive production decision at the Sudbury-area nickel mine. Work is scheduled to commence later this summer when all permits and approvals have been received. When this reconditioning program and Phase 2 mine development are complete, all ore from the lower McCreedy West and Levack mine complex will be brought to surface through the Levack No.2 shaft.

Recent results from the joint venture’s ongoing drill program in support of the feasibility study to reopen the Levack mine property continue to confirm and expand the mineralization in the 1300 deposit. The mineral resource reported last year for the Levack mine property was 5.1 million tons grading 1.9% Ni and 0.9% Cu in the measured and indicated categories, with a further 0.98 million tons grading 2.0% Ni and 0.9% Cu in the inferred category (independently audited by ROSCOE POSTLE ASSOCIATES). The 1300 Deposit is included in the Levack resource; it consists of nickel-rich contact-type mineralization and is readily accessible and well located between the previously mined Levack Main orebody and the Levack No.1 orebody. A revised resource estimate for the 1300 deposit will be issued after the current drill program is completed later this year.

The Levack mine initially operated between 1915 and 1929 and was in continuous production from 1937 to 1999. It produced approximately 64.3 million tons of ore averaging 1.88% Ni, 1.3% Cu, 0.056% Co and 0.049 oz/ton total precious metals. Since closure in 1999, the upper part of the Levack mine has been maintained in a dry condition. The Levack property has usable surface infrastructure, including the Levack No.2 headframe, hoists, fresh air raises and buildings. The mine has extensive underground infrastructure and is accessible via the multi-compartment Levack No.2 shaft, which has a production capacity in excess of 4,000 tpd, and is currently dry to the 2600 level. Access to the 1600 level of the mine has been gained via the 1600 level from the immediately adjacent McCreedy West mine, which is currently in production by the joint venture.

For a detailed description of the joint venture’s properties and previous work, please go to www.fnxmining.com and refer to FNX’s Annual Information Form dated March 23, 2004.


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