10:03 AM EST - FNX Mining Co. : reports that it is quadrupling its total resource estimates for nickel, copper, platinum, palladium and gold at its properties in Sudbury, Ont., and says strong commodity prices should extend mining there. The estimates for the McCreedy West, Levack, Podolsky (formerly Norman), Kirkwood and Victoria mineral properties now include 42.7 million tons of measured and indicated resources, plus 35.1 million tons of inferred resources. "The new resources being published today are strategically located near underground infrastructure in the company's current operating mines and within past producing mines which could be reconditioned and put back into production quickly and at modest capital costs, as the company has successfully done at the McCreedy West and Levack Mines," Toronto-based FNX said in a release. "This could provide the company with new business and production opportunities and significantly extend the mine life of the Sudbury operations." FNX said it was prompted to re-examine its holdings amid current record high commodity prices, "the long term supply/demand outlook for nickel and precious metals, along with the company's low capital and operating costs experienced over the past four years on its Sudbury properties." FNX Mining Co.
shares FNX:CA are trading up two dollars sixty one cents at $34.15.
