FNX Mining's Terry MacGibbon Wins PDAC DeveloFNX Mining's Terry MacGibbon Wins PDAC Developer's Award
TORONTO -- (Business Wire) -- Feb. 3, 2005
FNX Mining Company Inc. (TSX:FNX)(AMEX:FNX) is proud to
announce that Terry MacGibbon, President and Chief Executive Officer
of the Company, has been awarded the 2004 Viola MacMillan Developer's
Award by the Prospectors and Developers Association of Canada
("PDAC"). The prestigious Viola MacMillan Developer's Award is given
to a person who has demonstrated leadership in management and
financing for the exploration and development of mineral resources
and will be presented at the PDAC's 2004 Annual Awards Banquet,
Monday, March 7, 2005.
¶ Under Terry's leadership, FNX Mining has evolved from a junior
exploration company into a profitable nickel mining company in less
than two years. Terry's development and utilization of the "FNX
Model" has allowed the Company to acquired five former Ni-Cu-Pt-Pd-Au
producing Sudbury Basin properties, to conduct one of the most
aggressive exploration programs in North America, to put one property
back into production in just 14 months and, pending the results of
its three ongoing feasibility studies on the Sudbury properties, the
Company plans to put an additional deposit into production in each of
the next three years. In its first year of commercial operation, the
Company paid back its mine capital investment and had significant
positive cash flow and earnings. FNX Mining has grown from a company
with one employee, a market capitalization of less than $10 million
and a treasury of $300,000 to a company with a market capitalization
of over $250 million, zero debt, a treasury of approximately $60
million and over 300 direct and indirect employees working in the
Sudbury, Ontario area. In 2003, the Company was listed for trading on
the American Stock Exchange and added to the TSX/S&P Composite Index.
¶ Bob Horn, former Vice President Exploration, Inco Limited noted,
"Terry ranks among the leaders of Canadian economic geologists. He
had the intelligence, drive and imagination first to win the bidding
process for the Sudbury properties and then to put together a young
talented team and raise over $100 million to finance exploration and
to rapidly develop the first of what I believe will be several new
Ontario nickel mines. He has made a major contribution to the mining
community and to the economy of the province."