Re: Adex
Mining targets tin-indium deposits for detailed evaluation at Mount Pleasant.
Adex Mining Inc. (TSX-V: ADE)
today provided an update on its development plan for the North Zone
("NZ") at it wholly-owned Mount Pleasant
Mine Property in southwestern New Brunswick, Canada (Mount Pleasant or the
Property). The development plan has been designed to assess a low-cost,
moderate-tonnage mining and processing operation to produce marketable tin,
indium and zinc products from the NZ. Several of the activities included
in the plan are currently underway, including wastewater treatment system
design, bulk sampling, and resampling for indium
analysis of historical core. The plan also includes hydrometallurgical
flow-sheet development for tin and indium and a mine development plan. These
activities will support a NZ scoping study, which is underway and scheduled for
completion in late 2009. A positive result from this scoping study is
expected to lead to the preparation of a definitive feasibility study proposed
for completion in 2010. Adex currently has sufficient
financial resources to complete this development work, including the definitive
feasibility study.
In the fourth quarter of 2009, Adex plans to
conduct a 1,200-metre diamond drilling program and sample historical core to
better delineate individual high-grade mineralization shoots and to upgrade its
inferred NZ results to the NI 43-101 indicated category.
A copy of the complete press release is included below for your
reference.
Please do not hesitate to contact me with any questions or for
additional information about Adex Mining.
Sincerely,
Adam Bello
Investor Relations
Primoris Group Inc.
Tel.: (416) 489-0092 * 1 (866)
508-2339 x 226
Fax: (416) 352-5239
E-mail: abello@primorisgroup.com
ADEX
MINING TARGETS TIN-INDIUM DEPOSITS FOR DETAILED EVALUATION AT MOUNT PLEASANT
Toronto July 23, 2009 Adex Mining
Inc. (Adex or the Company) (TSX-V: ADE) is pleased to
provide an update on its development plan for the North Zone (NZ) at its
wholly-owned Mount Pleasant Mine Property in southwestern New Brunswick, Canada
(Mount Pleasant or the Property). The development plan includes bulk sampling,
hydrometallurgical flow sheet development for tin and indium, the development
of a waste water treatment process and a mine development plan. These
activities will support a NZ scoping study expected to be completed in late 2009.
A positive result from this scoping study is expected to lead to the
preparation of a definitive feasibility study proposed for completion in 2010. Adex currently has sufficient financial resources to
complete this development work, including the definitive feasibility study.
The scoping study, wastewater
treatment system design, collection of the bulk samples for bench and pilot
plant work, and re-sampling for indium analysis of historical core are
currently underway at Mount Pleasant.
A National Instrument 43-101 (NI
43-101) compliant Technical Report (the NZ Technical Report) was completed by
Watts, Griffis and McOuat
Limited (WGM), Consulting Geologists and Engineers, and SGS-Geostat
Limited (SGS), in May, 2009. The NZ Technical Report, entitled A Technical
Review of the Mount Pleasant Property, Including a Mineral Resource Estimate on
the North Zone, Southwestern New Brunswick for Adex
Mining Inc., dated May 6, 2009 and completed by Paul Dunbar, P.Geo. Senior Associate Geologist of WGM and Robert de l’Etoile, Eng. Senior Geological Engineer of SGS, is
available on SEDAR at www.sedar.com. The NZ Technical Report recommends that Adex complete an economic evaluation of both the
surface-exposed and near-surface zones of tin-indium-zinc (Sn-In-Zn)
mineralization in the NZ. The report also recommends bulk sampling and pilot
plant testing in order to define optimal mineral recovery processes, as well as
opening the existing 600 adit to provide access to
the near surface deposits.
On the basis of the recommendations
in the NZ Technical Report, Adex management has
designed a development program that will assess a low cost, moderate tonnage
mining and processing operation to produce marketable Sn,
In, and Zn products from the NZ.
The NZ Technical Report includes a Sn-In-Zn resource estimate for the NZ which consists of an
Indicated Mineral Resource of 10,882,000 tonnes plus
an Inferred Mineral Resource of 7,603,000 tonnes.
Details of this NI 43-101 compliant mineral resource estimate are as follows.
NORTH ZONE - MINERAL
RESOURCE ESTIMATE, MOUNT PLEASANT PROPERTY
Sub-Zones
|
Tonnes
|
% Sn
|
g/t In
|
g/t In (Capped)
|
% Zn
|
% As
|
%WO3
|
%MoS2
|
% Cu
|
% Bi
|
Indicated
|
|
|
|
|
|
|
|
|
|
|
Deep Tin
|
5,006,000
|
0.39
|
101.0
|
95.2
|
0.86
|
1.25
|
0.08
|
0.06
|
0.14
|
0.08
|
Endogranitic
|
4,336,000
|
0.55
|
21.8
|
20.3
|
0.28
|
0.85
|
0.12
|
0.06
|
0.10
|
0.09
|
Upper Deep Tin
|
838,000
|
0.22
|
102.8
|
94.9
|
1.36
|
0.76
|
0.08
|
0.06
|
0.07
|
0.05
|
#4 Tin Lode
|
702,000
|
0.25
|
74.1
|
74.1
|
1.00
|
0.19
|
0.01
|
0.01
|
0.09
|
0.00
|
Total Indicated
|
10,882,000
|
0.43
|
67.8
|
64.0
|
0.67
|
0.98
|
0.09
|
0.06
|
0.11
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
Inferred
|
|
|
|
|
|
|
|
|
|
|
#1-3 Tin Lode
|
2,345,000
|
0.18
|
76.8
|
73.5
|
1.08
|
0.28
|
0.02
|
0.03
|
0.09
|
0.01
|
#5 Tin Lode
|
1,267,000
|
0.15
|
115.4
|
111.3
|
1.50
|
0.70
|
0.07
|
0.04
|
0.08
|
0.03
|
North Adit
|
3,076,000
|
0.27
|
62.1
|
62.1
|
0.83
|
1.16
|
0.09
|
0.06
|
0.09
|
0.07
|
North W-Mo
|
915,000
|
0.26
|
54.3
|
49.8
|
0.58
|
1.14
|
0.25
|
0.12
|
0.12
|
0.10
|
Total
Inferred
|
7,603,000
|
0.22
|
74.6
|
72.3
|
0.99
|
0.80
|
0.08
|
0.05
|
0.09
|
0.05
|
High grade portions of the near
surface #1-3 Sn lode and #4 Sn
lode are the targets of the proposed development plan.
A 1,200 metre
diamond drill program, along with sampling of historical core, is also planned
for the fourth quarter of 2009 to better delineate individual high grade
mineralized shoots and to upgrade the #1-3 Sn lode
deposit to NI 43-101 indicated category. The #4 Sn
lode which is expected to be mined during the initial five years of operation
under the proposed development plan, falls into the NI 43-101 indicated
category.
Adex has retained Thibault
& Associates Inc. to develop the hydrometallurgical flow-sheets for the
production of marketable Sn and In
products which may have direct applications in the electronics industry (i.e. Sn-In oxide powders). Flowsheet
development will be carried out concurrently with the scoping study.
Pilot plant test work will use a
bulk sample from the 600 adit which was explored
extensively during the 1960s and which includes approximately 1,000 metres of drifting, cross-cuts and raises.
Preparation for the bulk sample collection is currently in progress at the 600 adit.
A sustainable wastewater treatment
(WWT) process is being developed that could serve commercial operations
associated with the NZ and operations associated with the potential re-start of
production at the tungsten and molybdenum Fire Tower Zone (FTZ). The FTZ is the site of a former
tungsten-molybdenum mine which produced tungsten concentrate during the
1980s. Thibault & Associates Inc. has
designed and commissioned environmentally friendly industrial WWT plants
throughout Atlantic Canada.
A NI 43-101-compliant technical
report on the FTZ (the FTZ Technical Report) entitled A Technical Review of the
Mount Pleasant Property, Including an updated Mineral Resource Estimate on the
Fire Tower Zone, Southwestern New Brunswick for ADEX Mining Inc. dated December
1, 2008 and completed by Paul Dunbar, M.Sc., P.Geo.
Senior Associate Geologist of WGM, Dorota A. El-Rassi, M.Sc., P.Eng., Geological Engineer of SRK Consulting and John S. Rogers,
P.Eng., of Aker Metals, a division of Aker Solutions
Canada Inc., is available on www.SEDAR.com.
Qualified Person
Trevor Boyd, P.Geo.,
the Company’s Geological Consultant, and Mr. J. Dean Thibault,
M.Sc., P.Eng., of Thibault
& Associates Inc., are qualified persons as defined by National Instrument
43-101 (?NI 43-101?) and 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.Technical
materials relating to Adex’s Mount Pleasant
property is available on SEDAR at www.sedar.com.
FOR FURTHER INFORMATION PLEASE
CONTACT:
J. Errol Farr, CMA
President, Chief Executive Officer
and Director
Adex Mining Inc.
1-866-508-2339 (ADEX)
Email:
investorrelations@adexmining.com
Website: www.adexmining.com