FNX GOLD STREAMS

On October 21st, 2008 FNX Mining Company Inc. announced that, due to low commodity prices and provisional metal accountabilities, along with high operating costs, it has suspended commercial production from its Levack contact nickel deposits. The Levack complex consists of five deposit components, one of which is the Levack contact nickel deposits. FNX has informed Gold Wheaton that "the Levack nickel contact deposits do not contain or produce any precious metals, and the suspension of production from these deposits will not affect FNX's precious metal production and its agreements with Gold Wheaton."

(1) Subject to 1% inflation adjustment following 3rd anniversary of transaction closings

Aerial View of Podolsky Mine Click to Enlarge

Massive CuNiPtPdAu Footwall vein from LFD Click to Enlarge

Ground Breaking Results...

FNX Mining Company Inc. (TSX-FNX) produces, develops and explores for nickel, copper, cobalt, platinum, palladium and gold in Canada's prolific Sudbury mining camp. The Company purchased the mining rights for five former producing properties in 2002 from Vale Inco. These properties were all former producing mines and have extensive surface and underground infrastructure. The infrastructure permitted the mines to be brought back into production quickly and at low capital cost. FNX's first mine, the McCreedy West Mine, began production in 2003 followed by a second mine at Levack in 2007. At the beginning of 2008, Podolsky Mine began commercial production.

The Sudbury mining operations produce two broad types of ore; historic nickel-copper "contact" ore and the newer, high grade, copper-nickel-platinum-palladium-gold "footwall" ore. The contact ore is mined from McCreedy West's Inter Main Deposit and Levack Mine's No. 7, 1300, 1900, #1 and #2 orebodies. Footwall ore is generated from McCreedy West's 700 and PM Deposits and from the Podolsky 2000 Deposit and footwall production will be further expanded in 2009 to include the Levack Footwall Deposit and the Podolsky North Deposit. Current plans call for ore production to more than double from 2007 to 2010, but revenues and operating margins will grow at a faster rate with the addition of higher margin footwall ores.

From 2002-8 FNX spent $116 million on exploration in the Sudbury camp, drilled 3.15 million ft of core in Sudbury and were rewarded with several significant discoveries, including the McCreedy West Inter Main Deposit in 2002 and the high grade Levack Footwall Deposit in 2005. The FNX exploration team has been particularly successful discovering and delineating high grade Cu-Ni-Pt-Pd-Au footwall ore, including the McCreedy West PM Deposit and Podolsky 2000 and North Deposits. Since 1883, when nickel-copper ore was discovered in Sudbury, mining was almost exclusively from large tonnage contact ore bodies. Over the last 25 years, geologists at Vale Inco and Xstrata Nickel have discovered that large amounts of copper-nickel-platinum-palladium-gold metals migrated from the contact deposits into the footwall Sudbury breccia, where it was deposited in massive sulphide, sharp-walled veins. Although generally smaller than the contact deposits, footwall deposits have a high unit value and are rich in precious metals. Examples of footwall deposits currently being mined or developed include, Xstrata's Strathcona Deep Copper and Nickel Rim South Deposits and Vale Inco's 153 and 170 Deposits, while FNX's Levack Footwall Deposit is the newest footwall discovery (2005). The 2008 exploration budget for FNX in Sudbury is $20.7 million, a significant portion of that dedicated to expanding the known footwall deposits or searching for new ones.

FNX has a strong balance sheet and zero debt to support its ambitious growth plans and to finance any corporate or asset transaction.