ADEX MINING INC. ENGAGES LEADING GLOBAL ENGINEERING
FIRM TO COMPLETE SCOPING STUDY AT MOUNT PLEASANT
Toronto, Ontario ? July 2, 2008 ?
Adex Mining Inc. (?Adex? or the ?Company?) (TSX-V: ADE) is pleased to announce
that it has contracted Aker Metals, a division of Aker Solutions Canada Inc.
(?Aker Solutions?) to conduct a scoping study on the Fire Tower Zone of Adex?s wholly
owned Mount Pleasant Mine property in southwestern New Brunswick, Canada. An
important step in assessing the economic potential of the Fire Tower Zone?s
tungsten-molybdenum mineralization, the scoping study will be undertaken in
compliance with National Instrument 43-101 technical requirements. The study
was commenced on June 30, 2008 and a site visit to the Mount Pleasant Mine
property on July 3, 2008 has been scheduled by Aker Solutions. The scoping
study is expected to be completed in approximately 12 to 14 weeks.
?The scoping study is a key step forward for Adex that
will greatly assist us in our efforts to fast-track mine development at the
Mount Pleasant Mine property, with a view to resuming active production,? said Kabir
Ahmed, President and CEO of Adex Mining. ?The study will
provide Adex?s management team with an important decision-making tool in
preparation for definitive feasibility work at the property. We are very
pleased to have an organization of Aker Solutions? calibre and track record
working with us on this project.?
The scoping study is designed to generate capital and
operating cost estimates for the Fire Tower Zone at a scoping level of
definition. In support of these cost estimates, the study is to include a
process equipment list, process building major equipment layout, proposed
tailings management systems and projected additional site infrastructure needs,
as well as a number of other deliverables. Information in the scoping study is
designed to be suitable for inclusion, in summarized form, in a National
Instrument 43-101-compliant technical report.
A positive indication from the scoping study would
assist Adex in determining the viability of proceeding with a full feasibility
study on the Mount Pleasants Mine property, which would be an important step
towards the resumption of active mining. In addition, a positive indication
would assist the Company in planning for any necessary financing in preparation
for feasibility work, and in placing orders for equipment for timely delivery
ahead of the commencement of feasibility activities.
The property's Fire Tower Zone contains a National
Instrument 43-101-compliant inferred resource of 13,074,438 tonnes at 0.35%
tungsten oxide (WO3) and 0.21% molybdenum disulphide (MoS2). In the early
1980s, Billiton Exploration Canada Ltd. invested over $150 million in the
construction of a tungsten mine and mill at Mount
Pleasant's Fire Tower Zone. The facility was active from
1983 to 1985, milling 990,200 tonnes of tungsten ore at a grade of 0.35%.
Difficult economic conditions and a downturn in the price of tungsten led to
the mine's closure in 1985.
Existing infrastructure of the Mount Pleasant Mine
property includes a tailings pond and well-preserved surface facilities, such
as ore storage areas, conveyor galleries, warehouse space and office space. The
cost of upgrading the existing infrastructure at the Mount Pleasant Mine
property is inexpensive relative to the cost of constructing such
infrastructure from zero, meaning material reductions to Adex's capital costs
if feasibility studies indicate that the property is economically viable.
ABOUT AKER SOLUTIONS:
Until recently known as Aker Kvaerner, Aker Solutions
is a leading global provider of engineering and construction services,
technology products and integrated solutions. The businesses within Aker
Solutions comprise several industries, including Oil & Gas, Refining &
Chemicals, Mining & Metals and Power Generation. The Aker Solutions group
is organised in a number of separate legal entities. Aker Solutions is used as
the common brand/trademark for most of these entities. The parent company in
the group is Aker Solutions ASA. Aker Solutions has aggregated annual revenues
of approximately NOK 50 billion and employs approximately 23 000 people in
about 30 countries. With its Metals Headquarters based in Santiago, Chile, Aker
Solutions has other Metals offices located in Toronto, Canada; Tucson, Arizona,
U.S.A.; combined with regional metals capabilities in Perth, Brisbane, and
Melbourne, Australia; Mumbai, India and Stockton-on-Tees, U.K. The Metals
Division of Aker Solutions provides global capability to serve its clients
across the full project cycle from studies through to design engineering,
procurement, construction, commissioning and startup. Specialized
expertise spans: precious metals, nickel, copper, molybdenum, iron ore, zinc,
uranium, evaporites and industrial minerals.
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.