ADEX UPDATE ON CORPORATE ACTIVITIES, DEFINITIVE FEASIBILITY STUDY AND
NEW DRILLING UNDERWAY
Adex Mining Inc. (�Adex� or the �Company�) (TSX-V:
ADE) is pleased to provide an update on corporate activities including the
appointment of Patrick Merrin as Chief Operating
Officer. Adex also reports that the definitive
feasibility study (�DFS�) for its wholly owned Mount
Pleasant Mine property and additional drilling are now underway.
PATRICK MERRIN APPOINTED
AS CHIEF OPERATING OFFICER
Adex has appointed Patrick Merrin
as Chief Operating Officer (�COO�). Among his initial responsibilities, Mr. Merrin will oversee completion of the DFS for Mount
Pleasant, which has now commenced.
Mr. Merrin holds a bachelor's degree in chemical
engineering from McGill University and a Master�s of Business Administration
from the University of Toronto�s Rotman School of
Business. He is a metals and mining executive with more than 15 years of
operations, business and engineering experience in multiple countries. His
background includes management and executive-level positions with Xstrata
Nickel and metals manufacturer Lucas Milhaupt (Handy
& Harman), working in both Canada and Europe. Mr. Merrin�s
leadership positions built on his earlier experience as both a zinc and copper
smelter process engineer, and senior plant metallurgist. Mr. Merrin has also held progressively senior mine foreman
roles with Hudbay Minerals Inc. operations in Flin Flon, Canada.
"Patrick brings a tremendous amount of operating experience in a variety
of metals and mining environments to Adex and we are
pleased to welcome an executive of his calibre to the
Company," said Linda Lam Kwan, interim President and Chief Executive
Officer for Adex.
FEASIBILITY STUDY
COMMENCES AT MOUNT PLEASANT
Adex has commenced a flowsheet
definition study and a mine dewatering plan as part of a DFS on the company�s
Mount Pleasant Mine property. Thibault &
Associates Inc. of Fredericton, New Brunswick has been engaged to conduct the
studies.
The Mount Pleasant property includes two potentially economic mineral deposits
� the tin-indium-zinc North Zone and the tungsten-molybdenum Fire Tower Zone �
and is located in south-western New Brunswick, Canada. Both resource estimates
are compliant with Canada's National Instrument 43-101 (NI 43-101), Standards of
Disclosure for Mineral Projects.
The Mount Pleasant DFS will help Adex prepare for a
potential production decision by the end of 2012 and full production in 2014.
ADDITIONAL DRILLING
UNDERWAY AT MOUNT PLEASANT
Adex commenced a new 7,000-metre diamond drilling
program at Mount Pleasant in August. More than half of this new drilling is
focused on the North Zone deposit to add additional resources to the previously
outlined NI 43-101 resource estimates and acquire core for metallurgical
testing. Adex has accelerated this program with the
use of two drills and expects the program to be completed by mid-November and
an updated 43-101 by year end.
The total Sn-In-Zn NI 43-101 resource estimate
presently includes an indicated resource of 10,882,700 tonnes
grading 0.43% Sn, 67.8 g/t In
and 0.67% Zn plus an inferred resource of 7,602,800 tonnes
grading 0.22% Sn, 74.6 g/t In and 0.99% Zn completed
in May 2009. These resource estimates are expected to be revised upwards, based
upon the results of both the 2010 and 2011 drill programs, when an updated NI
43-101 technical report on the North Zone is completed in late 2011 or early
2012.
GRANTS OF OPTIONS
The Company has also granted the following options to purchase common shares to
directors and management of the Company:
- 2,350,000 options with an exercise price of $0.15 expiring August 15, 2016
- 250,000 options with an exercise price of $0.13 expiring September 18, 2016
- 250,000 options with an exercise price of $0.14 expiring October 17, 2016
ABOUT ADEX
Adex Mining Inc. is a Canadian junior mining company
with an experienced management team. The Company is focused on developing its
flagship Mount Pleasant Mine property, a multi-metal project that is host to
promising tungsten-molybdenum and tin-indium-zinc mineralization. Located in
Charlotte County, New Brunswick, the Mount Pleasant Mine property is 80 kilometres south of Fredericton, the provincial capital,
and 65 kilometres from the United States border. The
common shares of Adex trade on the TSX Venture
Exchange under the stock symbol �ADE�.