FNX Mining Company Inc. is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities Ltd. and BMO Nesbitt Burns Inc., which have agreed to purchase, on a bought deal basis, 7.5 million common shares of FNX at a price of $13.60 per common share for aggregate gross proceeds of $102 million. The underwriters also have the option to purchase for resale up to an additional 2.5 million common shares at a price of $13.60 per common share on the closing date. If the option is exercised the gross proceeds will be $136 million. FNX plans to use the net proceeds of the offerings for development of FNX's 100% owned Sudbury properties including; rehabilitation and development of the Levack Mine; Phase I development of the Podolsky 2000 Deposit; Phase II development of the PM Deposit; exploration and development of the Levack Footwall Deposits; continued exploration and development of the Podolsky North and South Deposits; exploration of the Aurora properties; and for working capital and general corporate purposes.