FNX Mining Company Inc., Canada’s Newest Mid-Sized Mining Company, is an aggressive explorer and producer of Nickel, Copper, Platinum, Palladium and Gold in Canada’s prolific Sudbury Basin. FNX Mining owns a number of properties in the Sudbury Basin in various stages of mine operation, advanced exploration and preproduction development.

The McCreedy West mine is budgeted to produce 635,000 tons of ore from underground in 2006. The ore reserves and resources at the mine are sufficient to support this mine production rate, under current market conditions, for 5 years. Exploration drilling to expand and replace reserves is continuing.

At the Levack Mine, FNX is completing the Phase 1 Mine Rehabilitation and Advanced U/G Exploration Program. Ore resources on the property are slightly higher than 5 million tons, and the target is to re-establish mine production at 1500 tons per day by the end of 2007, enough to support a mine life of 8 to 10 years. We expect to begin an advanced underground exploration program into the Footwall Zone from both the Craig and Levack mine sides by the third quarter of this year.

At the Podolsky Mine Project, FNX is currently carrying out an Advanced Underground Exploration Program for the 2000 Deposit. In February 2007, we expect to begin pre-production development of the mine in order to meet our objective to achieve commercial production by June 2008.

An aggressive surface and underground exploration and diamond drilling program is also being carried out on the properties, with the main objective to find and identify additional new deposits to advance through to production.

The current underground services Agreement with Dynatec is scheduled to be completed as of December 31st, 2007.