Platinum Exploration (PGM)

[Ed Monton]

Seems like PGM's go along with copper and nickel.

Globe says FNX's new Levack holes show promise

2005-03-01 08:04 ET - In the News

Also In the News (C-DY) Dynatec Corp



The Globe and Mail reports in its Tuesday, March 1, edition that FNX Mining jumped 95 cents to finish Monday in Toronto at $6.80 after the company announced the discovery of two deep copper and nickel veins near its 75-per-cent-owned Levack mine, which is part of its Sudbury joint-venture properties in Ontario. The Globe's Tip Sheet column reports that the two veins are about 3,900 feet below surface and 1,500 feet east of the Levack No. 2 shaft, which is being reconditioned by the joint venture. The 10-foot intercept and the deeper 26-foot intercept both graded 26 per cent copper. The two veins also contain a combined 0.42 ounce and 0.45 ounce a ton of platinum, palladium and gold. FNX has four drill rigs testing targets on the Levack property. "Follow-up drilling is planned soon with an additional rig to be added to the four exploration rigs," said Haywood Securities analyst Chantal Gosselin. She described the results as a "very promising hole discovery" but cautioned the exploration is still in its early stages. The new discoveries are near existing major deposits, FNX said. Dynatec, the mine operator, owns 25 per cent of the joint venture. Its shares rose 12 cents to $1.07.