ONTARIO - DYNATEC and FNX MINING now share a 60% interest (with FALCONBRIDGE) in the former Falconbridge nickel mine near Sudbury. The property (including the old mine) contains over 8 km of favourable, relatively unexplored, Sudbury Basin footwall environment, an area with excellent potential for high-grade, copper-nickel-platinum-palladium-gold footwall deposits similar to the high-grade mineralization recently discovered by the Sudbury Joint Venture behind its Levack mine. FNX and Dynatec are equal partners in the Sudbury Joint Venture.
FNX obtained a 60% interest in the Falconbridge mine when it completed the acquisition of AURORA PLATINUM on July 1 by issuing 4.27 million common shares to Aurora investors. Immediately after the Aurora deal closed, FNX sold a 50% indirect interest in Aurora to Dynatec for $12.25 million and 7.7 million common shares of Dynatec.
Daniel G. Innes, former president and CEO of Aurora has joined the FNX board of directors. Aurora's share have been delisted from the TSX Venture exchange.
In related news, Dynatec's unionized workers, members of the United Steelworkers Union Local 2020 in Sudbury, have voted to accept a new three-year labour agreement that took effect on July 1.
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