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New Footwall Discovery and Aurora Acquisition Highlighted FNX Mining's Q1.

Article Excerpt
TORONTO -- FNX Mining Company Inc. (TSX:FNX)(AMEX:FNX) reports financial and operating results for the three months ending March 31, 2005.

Footwall Discovery

In late February, FNX announced a new footwall discovery at approximately 3,900 ft vertically below surface and 1,500 ft horizontally from the bottom of the Company's Levack No. 2 Shaft. Two massive sulfide veins were intersected in FNX hole 6010 containing chalcopyrite, cubanite, pendlandite and millerite. The first vein was 10.2 ft wide and graded 26.2% copper, 3.0% nickel and 0.42 ounces per ton platinum+palladium+gold, while the second vein was 16.4 ft wide and averaged 26.2% copper, 3.7% nickel and 0.45 ounces per ton platinum+palladium+gold. The mineralization was associated with a large bornite vein halo and a strong UTEM-4 in-hole and off-hole geophysical anomaly; which measures approximately 1,000 ft x 650 ft and contains a highly conductive core area of approximately 225 ft by 375 ft.

Financial Results

The Company reported a net income of $0.7 million or $0.01 per share on revenues of $15.1 million in the first quarter of 2005, compared to revenue of $9.5 million which generated a net income of $1.3 million or $0.03 per share in the similar period of 2004. Payable revenue per ton in this reporting period was $203 compared to $240 per ton in the first...