PODOLSKY (NORMAN)

FNX Mining Company Inc. reports that it is continuing its Sudbury, Ontario mining operations as planned and with its full complement of employees. However, as a result of a previously announced 8-week temporary shutdown of the company’s normal custom processing facilities, effective May 29 2009, it has suspended shipments of ore production to the custom mill and is temporarily stockpiling its ore production on surface for future processing. The underground development at both the Levack Footwall Deposit and the Podolsky Mine’s 2000 Deposit will also continue as planned.

FNX Mining Company Inc. reports financial and operational results for the quarter ending March 31, 2009 for its Sudbury Mining Operations and its DMC Mining Services business. Consolidated revenues for the first quarter were $49.0 million, compared to $140.7 million in the first quarter of 2008. Operating activity cash flow was $10.4 million and, after $13.1 million of cash outflow for non-cash working capital, the consolidated cash flow from operating activities for this quarter was ($2.7) million or ($0.03) per share, compared to $55.8 million ($0.66 per share) in the comparable period of 2008. Adjusted EBITDA for the first quarter was $12.4 million, compared to $48.3 million during the same period in 2008. Production from Sudbury Mining Operations during the quarter generated revenues of $35.5 million, compared to revenues of $91.3 million in the same period in 2008. Sudbury Mining Operations shipped a total of 105,000 tons of ore during the first quarter, primarily (88%) from the Podolsky Mine.

The Podolsky Mine continues to progress toward anticipated production levels of 1,000 tons per day, with an average of 916 tons per day produced in the third quarter. Podolsky has progressed from 24,000 tons in the first quarter, to 55,000 tons in the second quarter, to 82,000 tons in the third quarter, illustrating its ramp up towards full production levels. Development of the first three levels within the longhole mining sequence has allowed the cycling of stopes to mature. Mining in the main longhole block of the 2000 Deposit continues on the 2450 and 2500 Levels. Podolsky mining crews have crossed the 2000 Deposit on the 1925 Level and commenced mining on several veins. The Grey Gabbro Deposit has also been crossed and several veins of mineable size have been identified.