ADEX DRILL RESULTS INCLUDE
HIGH-GRADE INDIUM-ZINC-COPPER INTERSECTION AT MOUNT PLEASANT
Toronto ?
Monday, July 7, 2008 ? Adex Mining Inc.
(?Adex? or the ?Company?) (TSX-V: ADE) is pleased to announce results from the
third hole of its 2008 diamond drill program at the Mount Pleasant Mine
Property in southwestern New Brunswick, Canada. The results are from assays of sampled
core taken at the property?s Deep Tin Zone.
Results from Hole AM-08-03 include a 198-metre intersection with significant
tin-indium-zinc-copper values, including an 18-metre contained interval with
771 grams per tonne (g/t) indium. In addition, the results demonstrate that
historically delineated (non-National Instrument 43-101(?NI
43-101?) compliant) mineralization at
the property?s Deep Tin Zone remains open to the west.
?We?re greatly encouraged by the results from
hole AM-08-03,? said Kabir Ahmed,
President and CEO of Adex. ?At a time of strong markets
for the metals hosted at Mount Pleasant,
our results continue to highlight the considerable potential of the project?s
tin-indium-zinc-copper mineralized zones. We look forward to further
delineating the extent of the property?s mineralization as our 2008 drilling
program continues to unfold.?
Hole AM-08-03 returned a 198-metre
intersection from 12 to 210 metres down hole. Included in this intersection is
the abovementioned high-grade indium-zinc-copper section of 18 metres from 63
to 81 metres down-hole, which contains 771 g/t indium, 9.08 wt.% zinc and 1.22
wt.% copper, as well as four samples of over-limit indium (greater than 1000
ppm). These overlimit indium samples are undergoing re-assay and will result in
an upward revision of these reported indium values. Assays from hole AM-08-03
also include an additional, separate intersection of 18 metres from 321 to 339
metres down-hole, containing a higher grade tin intersection of 0.44 wt.% tin.
Detailed results for hole AM-08-03 are as
follows:
Hole ID
|
From (m)
|
To
(m)
|
Tin
(wt.%)
|
Indium
(g/t)
|
Zinc
(wt.%)
|
Copper
(wt.%)
|
Bismuth
(wt.%)
|
Tungsten
WO3
(wt.%)
|
Molybdenum
MoS2
(wt.%)
|
Arsenic
(wt.%)
|
AM-08-03
(a)
|
12
|
210
|
0.20
|
154
|
2.10
|
0.20
|
0.06
|
0.08
|
0.09
|
0.78
|
including
|
63
|
81
|
0.27
|
771
|
9.08
|
1.22
|
0.12
|
0.13
|
0.08
|
2.02
|
|
|
|
|
|
|
|
|
|
|
|
AM-08-03
(b)
|
321
|
339
|
0.44
|
116
|
0.53
|
0.14
|
0.10
|
0.12
|
0.13
|
1.95
|
Hole-08-03 is located approximately 10 metres
west of historical (non- NI 43-101 compliant) vertical drill hole MPS 195,
which had reported 192 metres of 0.16wt.% tin, 121 g/t indium and 1.56wt.%
zinc, including a short high-grade indium-rich section similar to that found in
AM-08-03. This demonstrates that the Deep Tin Zone and its historical
high-grade subsection remain open to the west. Follow-up drilling to further
delineate mineralization in this area is planned for completion by the second
drill located at Mount Pleasant.
The historical, non-NI 43-101 compliant total ?resource? at the North and Deep
Tin zones consists of 3,645,429 tonnes of 0.80wt.% tin, 107 ppm (107 g/t)
indium, 0.87wt.% zinc and 0.19wt.% copper based on a 1997 feasibility study
completed by Kvaerner Metals Davy Ltd.
Since March of 2008, a total of 22 drill
holes encompassing approximately 7,400 metres have been completed on the Mount
Pleasant property. Assay results remain pending for 19 of
the 22 holes, as well as for additional splitting and sampling of core from 16
historical holes. The nature of the geological setting of the North Zone?s
mineralized bodies results in highly variable shapes and orientations of its
zones. For this reason, no estimation of true widths can be provided for
results at this stage. Drilling at both the tin-indium-zinc-copper and
tungsten-molybdenum zones at Mount
Pleasant is continuing, with both drills on the property
in operation.
The 2008 drilling program is being completed
as part of an ongoing review of the Mount
Pleasant property with the purpose of completing an
updated NI 43-101-compliant evaluation of the resource at the North and Deep
Tin zones. As this work continues, demand for the metals hosted at Mount
Pleasant remains robust, resulting in price levels
favourable to mining development. The London Metal Exchange price for tin was
US$23,100 per tonne at close on July 3, near its all-time high, according to
Platts Metals. The price of indium is at US$685-$700/kilograms (ingot) as of
June 30, according to the Northern Miner.
Additional
information concerning the Mount Pleasant Property is contained in the NI
43-101 compliant Technical Review of the Mount Pleasant Property, Including a
Mineral Resource Estimate for the Fire Tower Zone Southwestern New Brunswick
dated August 1, 2006 completed by Paul Dunbar, M.Sc., P.Geo., Senior Associate
Geologist, Andrew Hara, P.Eng., Senior Associate Mining Engineer, Robert de
l?Etoile, M.Sc., P.Eng., Senior Associate Engineer, and Dorota A. El-Rassi,
M.Sc., P.Eng., Geological Engineer of Watts, Griffis and McOuat Limited, and
Dr. Trevor Boyd, Ph.D., P.Geo., Independent Consultant, which is available at
www.sedar.com
Quality Assurance/Quality Control
Adex Mining has implemented an industry
standard QA/QC program. Core is split in half using a hydraulic core splitter,
sealed in secure packages and shipped by bonded carrier to S.G.S. Laboratories
in Toronto for
analysis using sodium peroxide fusion with ICP-MS finish for indium and ICP-OES
finish for tungsten, molybdenum, tin, bismuth, arsenic, zinc, copper and lead.
A pulp duplicate unknown to the laboratory is submitted per batch of 10
samples, while a polymetallic standard unknown to the laboratory is included
with each shipment of duplicate samples. S.G.S. fulfills standard QA/QC
protocols.
Qualified Person
The Mount
Pleasant exploration program is being conducted under the
direction of Trevor Boyd, P.Geo., the company?s independent Geological
Consultant and a qualified person as defined by NI 43-101. Mr. Boyd supervised
the preparation of the technical information contained in this press release in
compliance with NI 43-101.
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
situated approximately 80 kilometres south of Fredericton,
the provincial capital, and is 65 kilometres from the United
States border. The common shares of Adex trade
on the TSX Venture Exchange under the stock symbol ?ADE.?
No securities commission or regulatory
authority has approved or disapproved the contents of this press release.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
CONTACT INFORMATION:
Adex Mining Inc.
Kabir Ahmed
President, Chief Executive Officer and
Director
1-866-508-2339 (ADEX)
Email: investorrelations@adexmining.com
Website: www.adexmining.com
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may
constitute "forward-looking" statements which involve known and
unknown risks, uncertainties and other factors which may cause actual results,
performance or achievements of Adex, its subsidiary or the industry in which
they operate to be materially different from any future results, performance or
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"anticipate", "intend", "expect",
"plan", "may", "should", "will", the
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could cause actual results, performance or achievements to differ materially
from those expressed or implied by those forward-looking statements. These
risks and uncertainties are detailed from time to time, including, without
limitation, under the heading "Risk Factors", in reports filed by
Adex with the Alberta, British Columbia and Ontario Securities Commissions
which are available at www.sedar.com and to which readers of this press release
are referred for additional information concerning Adex, its prospects and the
risks and uncertainties relating to Adex and its prospects. New risk factors
may arise from time to time and it is not possible for management to predict
all of those risk factors or the extent to which any factor or combination of
factors may cause actual results, performance and achievements of Adex to be
materially different from those contained in forward-looking statements.
Although the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions, Adex cannot
assure investors that actual results will be consistent with these
forward-looking statements. Given these risks and uncertainties, investors
should not place undue reliance on forward-looking statements as a prediction
of actual results.
The forward-looking information contained in
this press release is current only as of the date of the press release. Adex
does not undertake or assume any obligation to release publicly any revisions
to these forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events.