FNX Mining Company Inc. Issues 2003 Second Quarter Report.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 26, 2003 Emerging Producer... ...Aggressive Explorer FNX Mining FNX Mining Company Inc. TSX: FNX is a Toronto, Ontario based company that produces and explores for nickel, copper, platinum, palladium, gold and cobalt in the Sudbury Basin, Ontario, Canada. Company Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :FNX) (AMEX AMEX See: American Stock Exchange :FNX) reported a net loss of $825,000 or $0.02 per share for the quarter ended June June: see month. 30, 2003 compared to a net loss of $112,000 or $0.01 per share for the same period last year. For the first six months of 2003 the net loss was $1,235,000 or $0.03 per share. At June 30, 2003 the Company had debt free, with $23.4 million in cash. Two significant milestones were achieved subsequent to the end of the quarter, a bought deal financing for gross proceeds of $48 million and a listing on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . Highlights -- Production was initiated at McCreedy West on May 26, 2003. -- $48 million financing from sale of 7.5 million shares commenced in the second quarter of 2003, closed July July: see month. 11, 2003. -- Positive exploration results from 2003 exploration program.
Results of Operations
($Cdn 000's, except per share data)
Three months ended Six months ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
---------------------------------------------------------------------
Revenue $206 $39 $418 $62
Net loss $(825) $(112) $(1,235) $(201)
---------------------------------------------------------------------
Loss per share $(0.02) $(0.01) $(0.03) $(0.01)
Revenue in all reported periods consists entirely of interest income. Administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. during the second quarter of 2003 were $0.9 million compared to $0.1 million during the same period last year. Administrative costs for the first six months of 2003 were $1.5 million compared to $0.3 million during the same period last year. The increased administrative costs in all reporting periods of 2003 against comparable 2002 reporting periods reflected the increase in professional and technical staff required to support the additional exploration and mining activity of the Company, costs pursuant to the AMEX listing, enhanced investor relations Investor relations The process by which the corporation communicates with its investors. efforts and increased capital taxes due to increased net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. . The 2003 interest expense relates to flow-through share funds raised in 2002 which are being spent in 2003. Financial Condition Cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. deposits at June 30, 2003 totaled $23.4 million compared to 30.9 million at December December: see month. 31, 2002. During the second quarter of 2003, $6.3 million was spent on the Sudbury Basin The Sudbury Basin, also known as Sudbury Structure, is the second largest known impact crater or astrobleme on Earth, and a major geologic structure in Ontario, Canada. The basin is located on the Canadian Shield in the city of Greater Sudbury, Ontario. exploration and development properties and $0.9 million was spent on administrative costs. Effective July 11, 2003, the Company issued 7,500,000 shares for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $45.5 million. The cash was raised to fund exploration and mine development on the Inco Properties and for general corporate purposes. Non-cash working capital decreased $0.5 million in the quarter mostly due to increased payables Payables Related: Accounts payable associated with the AMEX listing and the July 2003 equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . The Company has no debt. The Company's mineral exploration assets at June 30, 2003 totaled $23.6 million compared to $12.9 million at year end 2002. The rapid increase in exploration is a result of the aggressive program the Company, together with Dynatec Corporation, its 25% Sudbury Sudbury, city, Canada Sudbury, city (1991 pop. 92,884), central Ont., Canada. It is the center of Canada's largest mining region, which produces much of the world's nickel and large quantities of copper, platinum, gold, silver, cobalt, and sulfur. Joint Venture partner, have implemented for 2003. Exploration and Development Activities During the second quarter of 2003, a total of 117,262 ft of drilling was completed in 128 holes on the properties and 4,531 samples were submitted for assay ASSAY. A chemical examination of metals, by which the quantity of valuable or precious metal contained in any mineral or metallic mixture is ascertained. 2. By the acts of Congress of March 3, 1823, 3 Story's L. U. S. 1924; of June 25, 1834, 4 Shars. cont. Story's L. U. S. . Drilling programs for the balance of the year will focus on continued testing of the Phase 1 mining targets such as the Inter To cross over boundaries; for example, internetwork means from one network to another. Contrast with intra. Main, East Main and 950 Deposits. Drilling to upgrade Phase 2 mining targets such as the PM Deposit at McCreedy West and the Levack Mine area will include both underground and surface programs. In addition, drilling will continue at the Norman Norman, city (1990 pop. 80,071), seat of Cleveland co., central Okla.; inc. 1891. It is the center of a livestock region. Oil wells, food processing, and printing and publishing contribute to the economy, and there is diverse manufacturing (machinery, communication Property where the potential of the 2000 Deposit will be further tested. Advanced exploration targets will also be pursued at Victoria and the North Range Footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. Projects. Following the announcement of the initial resource estimate on February February: see month. 28, 2003, efforts during the second quarter of 2003 focused on identifying a reserve estimate to support mining activities at McCreedy West. These activities culminated July 24, 2003 with the announcement of an initial probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. reserve. This reserve, in the probable category, comprised 1.24 million tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. grading 1.91% nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. and 0.23% copper in the contact type deposit and 0.12 million tons grading 0.8% nickel, 6.8% copper and 0.17 ounces per ton of platinum platinum (plăt`ənəm), metallic chemical element; symbol Pt; at. no. 78; at. wt. 195.08; m.p. 1,772°C;; b.p. 3,827±100°C;; sp. gr. 21.45 at 20°C;; valence +2 or +4. , palladium palladium, chemical element palladium [Gr. Pallas, goddess of wisdom], metallic chemical element; symbol Pd; at. no. 46; at. wt. 106.42; m.p. 1,554°C;; b.p. 2,970°C;; sp. gr. 12.02 at 20°C;; valence +2, +3, or +4. and gold in the footwall-type deposits. This reserve is adequate to support the proposed mining plan for Phase 1 mining of the McCreedy West Deposits. Pre-Production Activities Production commenced at the McCreedy West Mine on May 26, 2003. Total production in the quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. amounted to 9,500 tons from both nickel-rich contact deposits and copper-rich footwall deposits. By May month end, 3,000 tons of ore ore, metal-bearing mineral mass that can be profitably mined. Nearly all rock deposits contain some metallic minerals, but in many cases the concentration of metal is too low to justify mining the ore. had been shipped to the Inco Clarabelle Mill. Further shipments were suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. due to the labour dispute at Inco. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3,500 tons of ore has been stockpiled on surface at McCreedy West with a further 3,000 tons stored underground in the mine. No revenue from production has been recognized by the Company to date. Mine development is proceeding at an accelerated pace to achieve access to the nickel-rich Inter Main and East Main Deposits. Metal Price and Exchange Rate Outlook FNX Mining is exploring and developing nickel, copper, platinum, palladium and gold deposits in the prolific Sudbury Basin mining camp. Commodity price fluctuations will significantly affect the results of operations and economics of a mineral resource. The monitoring of price movements and trends for our target metals are essential to understand and monitor the viability of the Company's assets. Most of the costs incurred by the Company are denominated in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . Revenue from metal sales is quoted and earned in US dollars. The US:Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. exchange rate will also significantly affect the results of operations of the Company. The Company has not hedged hedge n. 1. A row of closely planted shrubs or low-growing trees forming a fence or boundary. 2. A line of people or objects forming a barrier: a hedge of spectators along the sidewalk. metal prices or exchange rates. Official closing prices as at June 30, 2003 for the reported commodities were: Nickel (lb.) (LME) US$ 3.81 Copper (lb.) (LME) US$ 0.75 Platinum (oz.) (London PM fix) US$ 665 Palladium (oz.) (London PM fix) US$ 179 Gold (oz.) (London PM fix) US$ 346 Cobalt (lb.) (Metall Bulletin) US$ 10.65 $ Canadian: $ US 0.74 Bloomsbury Bloomsbury section of London where, in the first half of the 20th century, a group of artists and intellectuals frequently congregated. [Br. Culture: Benét, 115] See : Bohemianism Mineral Economics reported nickel prices increased slightly in the quarter due to a combination of strong economic activity in Asia and a labour dispute at Inco which reduced production despite the release of some 60,000 tonnes of a strategic nickel inventory by Norilsk Norilsk (nərēlsk`), city (1989 pop. 175,000), Krasnoyarsk Territory, N Siberian Russia. The northernmost major city of Russia and the world's second largest city (after Murmansk) above the Arctic Circle, Norilsk is the center of a region where . Prices are expected to maintain current levels for the near term and could increase with continued strength in the Asian economy. BMO Nesbitt Burns  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . reported copper prices increased slightly in the quarter due to a modest increase in demand and a reduction in inventories at the exchanges. A summer slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. could limit price increases in the near term with increased economic activity coinciding co·in·cide intr.v. co·in·cid·ed, co·in·cid·ing, co·in·cides 1. To occupy the same relative position or the same area in space. 2. To happen at the same time or during the same period. 3. with seasonal demands providing the catalyst catalyst, substance that can cause a change in the rate of a chemical reaction without itself being consumed in the reaction; the changing of the reaction rate by use of a catalyst is called catalysis. for improved prices for the balance of the year. Precious metal prices are most significantly affected by the US dollar and hence the US economy. Platinum prices increased in the quarter due to continued strength on tight supplies. Palladium continued to trade in the US$150 to $190 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. range due to oversupply o·ver·sup·ply n. pl. o·ver·sup·plies A supply in excess of what is appropriate or required. tr.v. o·ver·sup·plied, o·ver·sup·ply·ing, o·ver·sup·plies and a thin market. Johnson Matthey Johnson Matthey plc (LSE: JMAT) is a British chemical company which has its headquarters near Holborn in central London. It is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index. expects the metal to remain range bound in the near term. Gold prices fell in the quarter as any war premium was removed from the price. The US dollar weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. against the Canadian dollar during the
quarter. The US economy did not produce a clear signal as to future
strength or weakness which made for a fairly volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. quarter for exchange rates. The Canadian economy showed relative strength against the US economy during the quarter and the exchange rate increased. The Company has no assurance that future commodity prices or exchange rates will be at a level sufficient to make mining operations viable. While exploration in a proven mining camp in known geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. environments with the benefit of a large historic database serves to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·gation n. exploration risk, future exploration success does still contain
a significant degree of exploration risk.On behalf of the Board Signed Terry MacGibbon President and Chief Executive Officer August 23, 2003
FNX Mining Company Inc.
Balance Sheets
(Canadian dollars in 000's)
(Unaudited)
As at As at
June 30 December 31
2003 2002
---------------------------------------------------------------------
Assets
CURRENT ASSETS
Cash $22,278 $30,159
Short-term deposits 1,111 774
Accounts receivable 670 975
Prepaid expenses and other 267 43
---------------------------------------------------------------------
24,326 31,951
CAPITAL ASSETS (Note 2) 246 252
MINERAL EXPLORATION
PROPERTIES (Note 3) 23,632 12,880
---------------------------------------------------------------------
$48,204 $45,083
---------------------
Liabilities and Shareholders' Equity
Liabilities
CURRENT LIABILITIES
Accounts payable and accrued Liabilities
$2,016 $992
---------------------------------------------------------------------
Shareholders' Equity
CAPITAL STOCK (Note 4) 57,218 53,886
Special WARRANTS (Note 5) - -
DEFICIT (11,030) (9,795)
---------------------------------------------------------------------
46,188 44,091
---------------------------------------------------------------------
$48,204 $45,083
---------------------
FNX Mining Company Inc.
Statements of Operations
and Deficit
(Canadian dollars in 000's, except per share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30, June 30,June 30,
2003 2002 2003 2002
---------------------------------------------------------------------
INCOME
Interest earned $206 $39 $418 $62
---------------------------------------------------------------------
COST AND EXPENSES
Administration 671 146 1,085 248
Exploration administration 233 4 414 14
Amortization 33 1 58 1
Interest 94 - 96 -
---------------------------------------------------------------------
1,031 151 1,653 263
-----------------------------------
OPERATING LOSS (825) (112) (1,235) (201)
---------------------------------------------------------------------
Deficit, beginning of period (10,205) (6,669) (9,795) (5,966)
Less: Financing charges - - - (614)
---------------------------------------------------------------------
Deficit, end of period (11,030) (6,781) (11,030) (6,781)
---------------------------------------------------------------------
Net loss per share $(0.02) $(0.01) $(0.03) $(0.01)
-----------------------------------
FNX Mining Company Inc.
Statements of Cash Flow
(Canadian dollars in 000's, except per share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30, June 30,June 30,
2003 2002 2003 2002
---------------------------------------------------------------------
CASH PROVIDED BY (USED IN):
Operating activities:
Net loss $(825) $(112) $(1,235) $(201)
Amortization 33 1 58 1
Change in non-cash
working capital
balances 493 1,122 1,105 914
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(299) 1,011 (72) 714
---------------------------------------------------------------------
Investing activities:
Short term investments (5) (4) (337) 67
Purchase of capital assets (2) (8) (52) (178)
Mineral exploration properties:
Exploration
expenditure (6,337) (1,699) (10,752) (4,899)
---------------------------------------------------------------------
(6,344) (1,711) (11,141) (5,010)
---------------------------------------------------------------------
Financing activities:
Common shares issued 387 1,856 3,332 13,012
Special warrants issued (converted) - (1,170) - (1,320)
Financing costs - - - (614)
---------------------------------------------------------------------
387 686 3,332 11,078
---------------------------------------------------------------------
(Decrease) increase
in cash (6,256) (14) (7,881) 6,782
Cash:
Beginning of
the period 28,534 7,000 30,159 204
---------------------------------------------------------------------
End of
the period $22,278 $6,986 $22,278 $6,986
The accompanying notes are an integral part of these financial
statements.
FNX Mining Company Inc. Notes to the Financial Statements For the period ending June 30, 2003 (Canadian dollars in 000's, except per share data) (Unaudited) 1. Accounting Policies The interim financial statements presented herein follow the same accounting policies and their methods of application as the 2002 financial statements. Generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting for interim financial statements do not conform in all respects to the disclosures required for annual financial statements, and accordingly, these interim financial statements should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the Company's 2002 audited financial statements and the accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. notes contained in the Company's Annual Report. 2. Capital Assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) (Cdn $000's) Capital assets are carried at cost less accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. amortization. The Company amortizes its capital assets using the following rates and amortization methods:
Computer hardware: Straight line over 4 years
Furniture & equipment: Straight line over 5 years
Equipment: Straight line over 5 years
Computer software: Straight line over 3 years
Leasehold improvements are amortized on the straight-line basis over
a period of five years.
December 31,
June 30, 2003 2002
---------------------------------------------------------------------
Accumu-
lated Net Net
Opening Closing Amorti- Book Book
Balance Additions Balance zation value value
---------------------------------------------------------------------
Office equipment $68 $21 $89 $24 $65 $54
Furniture and fixtures 33 - 33 10 23 27
Computer hardware 103 25 128 42 86 76
Computer software 118 4 122 62 60 76
Leasehold improvements 38 2 40 28 12 19
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$360 $52 $412 $166 $246 $252
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3. Mineral Properties (Cdn $000's)
Exploration and acquisition expenditures:
December 31 Incurred June 30
2002 this YTD 2003
---------------------------------------------------------------------
Alaska, USA
Gunsite $205 $- $205
---------------------------------------------------------------------
205 - 205
---------------------------------------------------------------------
Ontario
Larder Lake 1,128 - 1,128
Fawcett Township 951 - 951
Sudbury Basin:
McCreedy West 4,699 6,964 11,663
Levack 1,900 542 2,442
Victoria 1,589 552 2,141
Norman 1,908 1,432 3,340
Kirkwood 172 2 174
North Range Footwall 324 300 624
Other 4 - 4
---------------------------------------------------------------------
12,675 9,792 22,467
---------------------------------------------------------------------
Total 12,880 9,792 22,672
Development expenditures:
---------------------------------------------------------------------
McCreedy West - 960 960
---------------------------------------------------------------------
Total Mineral Properties $12,880 $10,752 $23,632
------------------------
4. Capital Stock (Cdn $000's, except share information)
Shares issued:
Shares Consideration
---------------------------------------------------------------------
Balance December 31, 2002 36,302,540 $53,886
---------------------------------------------------------------------
Issued during 2003:
Special Warrants exercised to March 31 1,946,129 2,433
Stock options exercised to March 31 428,500 512
Stock options exercised April 1 to June 30 478,500 387
---------------------------------------------------------------------
2,853,129 3,332
---------------------------------------------------------------------
Balance June 30, 2003 38,155,669 $57,218
------------------------
5. Special Warrants
Balance December 31, 2002 1,946,129
Exercised to March 31, 2003 1,946,129
-------------------------------------------------
Outstanding as at June 30, 2003 -
---------
6. Stock Options The following table reflects the status of the share option plan and activity for the three-month period ended June 30, 2003.
Weighted
Options Average Price
---------------------------------------------------------------------
Outstanding, March 31, 2003 2,856,500 $2.56
Granted during the quarter 465,000 $5.50
Exercised during the quarter (478,500) $0.81
---------------------------------------------------------------------
Outstanding, June 30, 2003 2,843,000 $3.24
------------------------
Options exercisable, June 30, 2003 2,258,500 $3.04
------------------------
The Company records no expense when it issues options. Had the Company elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to recognize the cost of its stock-based compensation based on the estimated fair value of stock options granted, the Company's results (Cdn $000's, except per share information) would have been as follows:
Three months Six months
ended ended
June 30, 2003 June 30, 2003
---------------------------------------------------------------------
Fair value of options granted
and compensation expense $700 $1,023
Pro forma net loss $1,525 $2,258
Pro forma basic loss per share $0.04 $0.06
The fair value of stock options granted is estimated using the Black-Scholes options pricing model on the date of grant with the following weighted average assumptions: Stock price at grant date $ 5.94 Exercise price $ 5.94 Expected life of options (years) 2.0 Expected stock price volatility 99% Expected dividend yield Nil Risk-free interest rate 3% 7. Comparative Figures Certain of the 2002 comparative figures have been reclassified to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the financial statement presentation adopted for 2003. 8. Subsequent Event (Cdn $000's, except share information) On July 11, 2003, the Company issued 7,500,000 shares at $6.45 per share for proceeds of $48.4 million. Issuing costs of $2.9 million will be netted against these proceeds for net proceeds to the Company of $45.5 million. As of July 11, 2003, the equity of the Company (Cdn $000's, except share information) was:
Shares Consideration
---------------------------------------------------------------------
Balance June 30, 2003 (see note 4) 39,155,669 $57,218
Additions July 11, 2003 7,500,000 45,500
---------------------------------------------------------------------
Balance July 11, 2003 46,655,669 $102,718
Corporate Information
Directors
Bank
James W. Ashcroft The Royal Bank of Canada
Consulting Mining Engineer Royal Bank Plaza
Former President, Toronto, Ontario
Ontario Division, M5J 2J5
Inco Limited
Wayne G. Beach Transfer Agent
Barrister and Solicitor CIBC Mellon Trust Company
320 Bay Street
PO Box 903
Toronto, Ontario
Robert D. Cudney M5H 4A6
President and CEO
of Northfield Capital Corporation
Terry MacGibbon Counsel
President and CEO Goodman and Carr llp
Suite 2300
Terrence Podolsky 200 King Street West,
Consulting Geologist Former VP Toronto, Ontario
Exploration, Inco Limited M5H 3W5
Donald M. Ross
Chairman of Jones, Gable &
Company Auditors
Smith, Nixon and Co llp
Officers Suite 1900
390 Bay Street
Terry MacGibbon Toronto, Ontario
President and CEO M5H 2Y2
James M. Patterson, Ph.D.
Vice President Exploration Listing
Toronto Stock Exchange
David W. Constable American Stock Exchange
Vice President Investor Symbol "FNX"
Relations and
Corporate Affairs
Capitalization:
Gord Morrison $298,000,000
Director of Exploration (August 8, 2003)
John C. Ross, C.A.
Chief Financial Officer
Head Office Share Price
55 University Avenue 52 Week High/Low:
Suite 700 $7.48/3.95
Toronto, Ontario, Canada
M5J 2H7 Issued and Outstanding Shares:
39,155,669
Tel 416 628 5929 (June 30, 2003)
Fax 416 360 0550 46,655,669
(July 11, 2003)
Email:
info@fnxmining.com Fully Diluted Shares:
41,998,669
Sudbury Field Office (June 30, 2003)
1300 Kelly Lake Road 49,498,669
Sudbury, Ontario, Canada (July 11, 2003)
P3E 5P4
Tel 705 671 1779 Major Shareholders (greater than 10%)
Fax 705 671 1137 Dundee Wealth Management Inc
Web Site Cash:
www.fnxmining.com $65,000,000
(July 31, 2003)
Debt:
Nil
This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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. Accordingly, readers should not place undue reliance on forward-looking statements. |
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