___________________________________________________________________________________
Adam
Bello
Investor
Relations
Primoris
Group Inc.
360 Bay Street, Suite 901
Toronto,
Ontario M5H 2V6
Tel.: (416) 489-0092 1 (866)
508-2339 * Fax: (416) 352-5239 * E-mail: abello@primorisgroup.com
___________________________________________________________________________________
October 21, 2008
ADEX REPORTS FINAL PHASE 2 DRILL RESULTS FOR ITS
MOUNT PLEASANT PROPERTY, INCLUDING 44 METRES OF 1.11% TIN
AND 242 G/T INDIUM
Toronto ? October 20, 2008
? Adex Mining Inc. (?Adex? or the ?Company?) (TSX-V: ADE) is pleased to
announce the remaining analytical results for the Phase 2 drilling program at
the Mount Pleasant Mine Property in southwestern New Brunswick, Canada. The
results, for sampled core from Holes AM-08-17 to AM-08-20 and Holes AM-08-40 to
AM-08-47, confirm that both the Deep Tin and North Adit sub-zones of the
property?s tin-indium North Zone remain open laterally in multiple directions.
?These results, indicative of significant near-surface
and at-depth mineralization, further underscore the significant potential of
the tin-indium areas of the Mount Pleasant Mine Property,? said Kabir
Ahmed, President and CEO of Adex Mining. ?In addition, the
completion of our 2008 drilling program is an important milestone for us as we
continue our fast-track approach to moving the Mount
Pleasant project to the feasibility stage of mine
development."
All of the holes are vertical with the exception of Hole
AM-08-44, which was drilled to the northeast at 45 degrees, and Holes AM-08-42
and AM-08-43, which were drilled to the east at 60 and 45 degrees,
respectively. Holes AM-08-17 to AM-08-20 and Holes AM-08-44 to AM-08-47 were
drilled to evaluate a known historical surface exposure of
tin-zinc-copper mineralization in the North Zone named the #4 Tin Lode, drilled
in the 1970s, and located 100
metres northeast of the North Adit sub-zone. Eight
short, closely-spaced holes covered the occurrence over a surface area of 55 by
40 metres.
Summary results are as
follows:
Hole
Identification
|
From
(m)
|
To
(m)
|
Tin
(wt.%)
|
Indium
(g/t)
|
Zinc
(wt.%)
|
Copper
(wt.%)
|
Arsenic
(wt.%)
|
AM-08-17
|
4
|
34
|
0.40
|
36
|
0.63
|
0.07
|
0.12
|
AM-08-18
|
2
|
46
|
1.11
|
242
|
2.88
|
0.37
|
0.45
|
AM-08-19
|
7
|
208
|
0.29
|
61
|
0.97
|
0.11
|
0.40
|
Including
|
7
|
55
|
0.73
|
134
|
1.52
|
0.19
|
0.35
|
AM-08-20
|
4
|
34
|
0.29
|
87
|
1.10
|
0.10
|
0.23
|
AM-08-44
|
5
|
83
|
0.33
|
112
|
1.23
|
0.14
|
0.23
|
AM-08-45
|
13
|
79
|
0.16
|
66
|
0.89
|
0.10
|
0.72
|
AM-08-46
|
10
|
46
|
0.31
|
96
|
1.31
|
0.10
|
0.31
|
AM-08-47
|
5
|
62
|
0.14
|
42
|
0.57
|
0.06
|
0.14
|
These
results are particularly encouraging because Hole AM-08-19, the only hole
drilled below 100 metres,
intersected tin-indium-zinc-copper mineralization to a depth of greater than 200 metres. Results from
Hole AM-08-45, collared 30
metres northeast of AM-08-22, suggest the intersected
mineralization remains open laterally and extends below the surface to the
southwest towards the North Adit sub-zone. The results from Holes AM-08-46 and
AM-08-47 indicate the #4 Tin Lode remains open to the north. These results are
being assessed in conjunction with the historical drill records in the
continuing evaluation of the lode.
Two drill holes tested a second known surface exposure
of tin-zinc-copper mineralization, historically named the Fire Tower
Breccia, located in the vicinity of the Fire Tower Zone. The results are as follows:
Hole
Identification
|
From
(m)
|
To
(m)
|
Tin
(wt.%)
|
Indium
(g/t)
|
Zinc
(wt.%)
|
Copper
(wt.%)
|
Arsenic
(wt.%)
|
AM-08-42
|
14
|
68
|
0.13
|
55
|
1.57
|
0.20
|
0.73
|
AM-08-43
|
11
|
41
|
0.16
|
54
|
1.62
|
0.22
|
0.40
|
Subsequent
to this drilling, the exposure has been trenched and chip-sampled, with
analytical results pending.
In
addition, follow-up Holes AM-08-40A and AM-08-41 were drilled 50 metres west and north,
respectively, of Hole AM-08-34
in the Deep Tin sub-zone. Results are as follows:
Hole
Identification
|
From
(m)
|
To
(m)
|
Tin
(wt.%)
|
Indium
(g/t)
|
Zinc
(wt.%)
|
Copper
(wt.%)
|
Arsenic
(wt.%)
|
AM-08-40A
|
140
|
185
|
0.31
|
112
|
1.76
|
0.05
|
1.28
|
AM-08-41
|
14
|
74
|
0.14
|
64
|
0.95
|
0.05
|
0.39
|
The
results from Hole AM-08-40A indicate the Deep Tin sub-zone remains open to the
west.
Future
drilling will focus on enlarging these zones as well as continuing to
investigate the shallowly emplaced #4 Tin Lode and its spatial relationship to
the rest of the North Zone. The nature of the geological setting of the Mount
Pleasant mineralized bodies hosted within and along the
contacts of granite bodies and breccias results in highly variable shapes and
orientations of its zones. Consequently, no estimation of true widths can be
provided from these results at this stage.
Besides
the drilling exploration, an extensive program of additional splitting and
sampling of historical core is continuing, as is the completion of missing
indium analyses for sample pulps and split core stored at the Mount
Pleasant mine site. The aim of this work is to better
define the shape and extent of these bodies, particularly at shallow depths.
The 2008
drilling program was completed as part of an ongoing review of the Mount
Pleasant Mine Property with the purpose of completing an updated National
Instrument 43-101 (?NI 43-101?)-compliant evaluation of these resource bodies.
Concurrent with this drilling, a program of additional sampling and analysis of
core, pulps and rejects from historical holes located in the vicinity of the
2008 drilling is ongoing. The results are being compiled and incorporated into
Adex?s GEMCOM database of the North Zone with the purpose of generating a NI
43-101-compliant deposit model and resource estimate for the mineralized
bodies.
Additional
information concerning the Mount Pleasant Mine 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. Samples are also sent to Activation Laboratories in Ancaster,
Ontario for analyses by Fusion XRF
for tin and tungsten, and sodium peroxide fusion with either ICP-MS or ICP-OES
finish for indium, molybdenum, bismuth, arsenic, zinc, copper and lead. A
pulp duplicate unknown to the laboratory is submitted per batch of 10 samples
and sent to the alternate laboratory, while a polymetallic standard unknown to
the laboratory is included with each shipment of duplicate samples. Both S.G.S.
and Activation Laboratories fulfill 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 National Instrument 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 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.