ADEX PROVIDES UPDATE ON ITS 2008 MOUNT PLEASANT
DEVELOPMENT PROGRAM
Toronto ?
October 22, 2008 ? Adex Mining Inc. (?Adex? or the ?Company?) (TSX-V:
ADE) is pleased to provide an update on its 2008 development program at the
Mount Pleasant Mine Property (?Mount Pleasant?
or the ?Property?) located in southwestern New Brunswick, Canada.
?Adex has now completed its highly
productive 2008 field season at its Mount Pleasant Mine Property,? said Kabir
Ahmed, President and CEO of Adex Mining. ?With our 2008 drill
results in hand, we are continuing to aggressively advance the project on a
number of fronts, including the preparation of updated mineral resource
estimates and scoping study work on the property?s mineralized zones. This, in
turn, will prepare us for a decision regarding a full feasibility study and a
possible return to active production at Mount Pleasant.?
Completion of 2008 Drill Program
The Company has
now completed its 2008 Mount Pleasant
drill program, which comprised a total of 13,300 metres of definition and
exploration drilling. The 2008 drill program was carried out in order to
upgrade and expand on the existing mineral resource estimates at the Property?s
Fire Tower Zone (?FTZ?) and North Zone (?NZ?). The FTZ hosts a
tungsten-molybdenum deposit, while the NZ hosts a tin-indium-zinc-copper
deposit.
All of the analytical results of the 2008 drill program have now been
released to the public (see prior news releases, available at www.sedar.com,
for details).
Preparation of NI 43-101-Compliant Technical Reports
The Company has engaged Watts Griffis and McOuat Limited (?WGML?), a
leading firm of consulting geologists, to prepare an updated mineral resource
estimate and National Instrument 43-101 (?NI 43-101?)-compliant technical
report for each of the FTZ and NZ.
Adex expects that the results of its 2008 drill program will lead to an
upgrade of the current NI 43-101-compliant FTZ mineral resource estimate from
?inferred? to ?indicated? status (as each term is defined in NI 43-101). Currently,
there is a NI 43-101 compliant inferred resource of 13,074,438 tonnes at 0.35%
WO3 and 0.21% MoS2 at the FTZ as outlined 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, Dorota A. El-Rassi, M.Sc.,
P.Eng., Geological Engineer of WGML and Dr. Trevor Boyd, Ph.D., P.Geo.,
Independent Consultant, which is available at www.sedar.com. Adex expects to announce the upgraded FTZ mineral
resource estimate within the next week to 10 days, with the NI 43-101-compliant
technical report to be filed at www.sedar.com within 45 days of
such announcement. An ?indicated? mineral resource estimate is a required
precursor to advancing the FTZ to the definitive feasibility stage of mine
development.
There is an historical non-NI 43-101 compliant total ?resource? of
3,645,429 tonnes of 0.80% Sn, 107 parts per million Indium, 0.87% Zn and 0.19 %
Cu at the NZ, based upon a 1997 feasibility study completed by Kvaerner Metals
Davy Ltd. These historic estimates were prepared prior to the implementation of
NI 43-101. A qualified person has not done sufficient work to classify
these historical estimates according to NI 43-101 standards or the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards and Adex is
not treating these historical estimates as current mineral resources as defined
in NI 43-101. They are presented because Adex considers them to be
relevant and of historic significance. These historical estimates should
not be relied on.
The Company expects that the results of the 2008 drill program will
bring the historical non-NI 43-101-compliant mineral resource estimate into NI
43-101 compliance and upgrade it to ?indicated? status, and that an updated
mineral resource estimate for the NZ will be announced by the Company by late
December 2008, with the NI 43-101-compliant technical report prepared by WGML
to be filed at www.sedar.com within 45 days of
such announcement.
Fire Tower Zone Scoping
Study
The Company has engaged
Aker Solutions Canada Inc., a major multinational engineering consulting firm,
to conduct a scoping study on the FTZ. An important step in assessing the
economic potential of the FTZ's tungsten-molybdenum mineralization, the scoping
study will be undertaken in compliance with NI 43-101 technical requirements. The
study was commenced on June 30, 2008 and is expected to be completed by late
October 2008.
The scoping study is designed to generate
capital and operating cost estimates for the FTZ at a scoping level of
definition. In support of these cost estimates, the study is to include a
mining equipment list and capital cost estimate, proposed tailings management
systems and projected additional site infrastructure needs, as well as a number
of other deliverables.
A positive indication from the scoping study
would assist the Company in making a decision to proceed with a full
feasibility study of, and to obtain the regulatory approvals necessary to
re-start production on, the tungsten and molybdenum-bearing FTZ.
Potential NZ
Scoping Study
Once a NI 43-101-compliant technical report is
completed for the NZ, it is expected that the Company will proceed with a
scoping-level study, similar to that currently being prepared on the FTZ, to
assess the economic possibilities for this tin-indium-zinc-copper mineralized
zone as well. Recent analytical results of the 2008 drill program indicate both
near-surface and at-depth tin-indium mineralization. A positive scoping study
would potentially lead to a definitive feasibility study on the NZ.
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-copper 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
achievements expressed or implied by such forward-looking statements. When used
in this press release, the words "estimate", "believe",
"anticipate", "intend", "expect",
"plan", "may", "should", "will", the
negative thereof or other variations thereon or comparable terminology are
intended to identify forward-looking statements. Such statements reflect the
current expectations of the management of Adex with respect to future events
based on currently available information and are subject to risks and uncertainties
that 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, except as
required by law.