-B1-

According to:

http://www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-764380-C:FNX&symbol=FNX&news_region=C

FNX Mining digs deep for resolve to remain public

2007-12-20 11:43 ET - News Release

Mr. John Lill reports

FNX COMMENTS ON SHAREHOLDER LETTER AND FILING

FNX Mining Company Inc.'s board of directors has completed a review of York Capital's letter of Nov. 19, 2007 (as reported in Stockwatch on Nov. 20, 2007). Since receiving York Capital's letter, the FNX board has given careful and full consideration to the points raised in the York Capital letter and advice received from its financial and legal advisers, and has determined that, at this time, it would not be in the best interests of the company's shareholders to run a public process to sell the company.

As part of its mandate, the FNX board regularly conducts strategic reviews to determine appropriate strategies for the company, including potential merger and acquisition activity, and opportunities on both sides of a transaction. To assist the FNX board in its strategic reviews, the board consults with its long-time financial adviser, BMO Capital Markets, and third party consultants for advice as to which strategies are expected to create the greatest shareholder value.

FNX has successfully put two mines into production and expects to achieve commercial production at a third mine early in 2008. The company has made several material discoveries and is poised to bring two of its highest-margin ore deposits into production. The board believes that, at this time, following through on its current production plans and exploration successes is the best way to maximize shareholder value.

The FNX board has, and will continue, to be open to entertaining any bona fide offers from qualified parties interested in the company and will give full and careful consideration to such offers.

We seek Safe Harbor.