Adex Mining Inc.

Published : September 23rd, 2008

Reports Fire Tower Zone Drill Results

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Adex Reports Fire Tower Zone Drill Results, Including Six Metres of 0.77% Tungsten and 0.43% Molybdenum

 

Toronto ? Sept. 23, 2008 ? Adex Mining Inc. (?Adex? or the ?Company?) (TSX-V: ADE) is pleased to announce the final analytical results for the Fire Tower Zone (?FTZ?) Phase 1 definition drilling program at its Mount Pleasant Mine Property in southwestern New Brunswick, Canada. The results, which include six metres of 0.77% tungsten and 0.43% molybdenum, are for sampled core from 3,312 metres of drilling completed in eight holes testing the FTZ's North, South, West and East mineralized bodies.

 

?The tungsten and molybdenum grades returned in this group of results are equal to or higher than the values contained in our previous National Instrument 43-101 (?NI 43-101?)-compliant inferred resource estimate for the FTZ completed by Watts, Griffis and McOuat in August 2006,? said Kabir Ahmed, President and Chief Executive Officer of Adex. ?We look forward to utilizing the results from our Phase 1 drill program in the preparation of an updated resource estimate, which we anticipate will upgrade the FTZ to the NI 43-101 ?indicated? category, which will, in turn, enable us to continue fast-tracking the Mount Pleasant Mine Property towards feasibility.?

 

Summary analyses for FTZ holes AM-08-08 to AM-08-09 and holes AM-08-11 to AM-08-16 are as follows:

 

Hole Identification
(ID)

From (m)

To

(m)

Bismuth

(wt.% )

Tungsten

(wt.%)

(WO3)

Molybdenum

(wt.%)

(MoS2)

Arsenic

(wt.%)

AM-08-08

278

353

0.06

0.27

0.22

 

0.30

AM-08-09

 

167

248

0.15

0.28

0.15

2.89

including

218

 

248

0.24

0.43

0.23

4.82

plus

341

 

374

0.27

0.28

0.17

0.36

AM-08-11

 

198

330

0.15

0.39

0.23

3.08

including

273

279

0.23

0.77

0.43

 

2.60

AM-08-12

 

313

363

0.06

0.34

0.12

0.27

including

319

334

0.09

0.66

0.11

 

0.79

AM-08-13a

 

186

213

0.08

0.34

0.14

0.96

AM-08-14

305

362

0.10

0.67

0.18

 

0.72

AM-08-15

299

335

0.02

0.38

0.16

 

0.28

AM-08-16

171

192

0.12

0.22

0.09

 

1.53

 

Holes AM-08-11 to AM-08-14 were drilled to better delineate the FTZ as part of Adex's updated NI 43-101-compliant evaluation of the tungsten-molybdenum-bismuth (WO3-MoS2-Bi)-bearing FTZ. Holes AM-08-08 and AM-08-09 were drilled as twins of historical Holes PRL-95-04 and PRL-95-02, respectively. The analytical results from these two holes are comparable with their twins.

 

Hole AM-08-15 was an angle hole drilled to the west to follow-up the intersection of significant mineralization from the additional sampling of historical Hole PRL-95-04 that had been previously announced in the news release issued by Adex on April 25, 2008 (82.3 metres down-hole grading 0.30 wt.% WO3 and 0.21 wt.% MoS2). The results of Holes AM-08-08 and AM-08-15 (shown in the table above) confirm the presence of a separate tungsten-molybdenum mineralized body east of the FTZ named the Fire Tower East Sub-Zone. Hole AM-08-16, drilled 50 metres north of historical Hole PRL-95-04, found the Fire Tower East Sub-Zone was mostly cut off by the Fire Tower Fault, but intersected a narrow shallow extension of the mineralized body.

 

The Phase 1 drill results are either consistent with or better than the expectations of management of Adex. Holes AM-08-08 and AM-08-15, with the intersection of the Fire Tower East Sub-Zone, demonstrates the exploration potential of extending the FTZ to the east. All Phase 1 holes were vertical with the exceptions of Holes AM-08-13a and AM-08-15.

 

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. For this reason, no estimation of true widths can be provided from these results at this stage.

 

Phase 2 Exploration Program at Fire Tower Zone Completed

 

Adex has also completed the Phase 2 exploration program at the FTZ, designed to increase the size of the mineral resource. Results of the Phase 2 program, which consisted of follow-up drill testing of the Fire Tower East Sub-Zone to the south of Hole AM-08-08 and of the Fire Tower North to the north of Hole AM-08-11, are pending.

 

Since early March 2008, Adex has completed 47 drill holes in total for its Phase 1 and 2 programs, testing both the tin-indium-zinc-copper and tungsten-molybdenum-bismuth zones throughout the Mount Pleasant Mine Property.

 

The 2008 drilling program is being completed as part of the ongoing independent review of the Mount Pleasant Mine Property. The results of this drilling program and the additional sampling of historical core in the vicinity of these holes are being compiled and incorporated into Adex's GEMCOM database of the FTZ with the purpose of generating an updated NI 43-101-compliant deposit model and resource estimate for the FTZ.

 

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 (the ?2006 Fire Tower Zone Report?). The 2006 Fire Tower Zone Report is available at www.sedar.com.

 

The new technical report with respect to the Fire Tower Zone will update the 2006 Fire Tower Zone Report which reported an ?inferred? resource of 13,074,438 tonnes at 0.35 wt.% WO3 and 0.21 wt.% MoS2.

 

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 and sent to a second laboratory, 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 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-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.?

 

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.

 

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.

 

Adex Mining Inc.

EXPLORATION STAGE
CODE : ADE.V
ISIN : CA0069032070
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Adex Mining Inc. is a tin and zinc development stage company based in Canada.

Adex Mining Inc. holds various exploration projects in Canada.

Its main exploration properties are MOUNT PLEASANT MINE and AYLMER LAKE EAST in Canada.

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