FNX Mining Company Inc.: Levack Mine Commences Commercial Production Effective January 1, 2007
Posted on: Wednesday, 2 May 2007, 12:00 CDT
FNX Mining Company Inc. ("FNX") (TSX: FNX) announces that commercial production from the Levack Mine began effective January 1, 2007. All production from the first quarter will be recorded as revenue and will be reported with our Q1-2007 financial and operating results on May 3, 2007.
All production to date at the Levack Mine is from the nickel-copper No. 7 Orebody, which is still being fully developed. Additional development began during the quarter to bring the No. 1, No. 2, and 1300 Orebody into production later in the year. The Levack Mine is scheduled to increase production during the year until the planned production rate of 1,500 tons per day is reached later in 2007. A total of 265,000 tons of ore is scheduled to be produced from the Levack Mine in 2007 from a proven and probable reserve base of 1.42 million tons grading 1.54% nickel and 0.57% copper and measured and indicated resource base of 4.77 million tons averaging 2.04% nickel and 1.01% copper.
The McCreedy West Mine, which was put into commercial production in November 2003, and the adjacent Levack Mine are considered one mining entity and going forward will be collectively referred to as the "Levack Complex".
FORWARD LOOKING STATEMENT
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. In this news release, terms, future production and ultimate production rate at the Levack Mine are examples of forward-looking statements. There is no guarantee FNX will be able to complete all aspects of the purchase. Accordingly, readers should not place undue reliance on forward-looking statements.
Contacts: FNX Mining Company Inc. Terry MacGibbon President and CEO (416) 628-5929 (416) 360-0550 (FAX) FNX Mining Company Inc. David Constable Vice President, Investor Relations and Corporate Affairs (416) 628-5929 (416) 360-0550 (FAX) Email: info@fnxmining.com Website: www.fnxmining.com
SOURCE: FNX Mining Company Inc.
Source: MARKET WIRE
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