By Brian Truscott
Dow Jones Newswires
November 21, 2007
(Reprinted in National Post)

VANCOUVER (Dow Jones)--Adex Mining Inc. (ADE.V) is a recently listed Venture company that's working aggressively to put an old BHP Billiton Ltd. (BHP) mine back into production.

The New Brunswick-based Mount Pleasant property - it's about an hour from the U.S. border and from the province's deep-water port - used to be a primarily tungsten mine.

"(BHP) actually spent C$150 million to put the mine into production," said President and Chief Executive Kabir Ahmed. "Production commenced in December 1982 and stopped in July 1985 when metal prices for tungsten collapsed."

So what you have now is a company that acquired a care-and-maintenance mine in 1995 and has held the asset until market conditions improved - that's now.

"Although the property was the site of a past-producing tungsten mine, it also holds significant deposits of molybdenum," he said.

The Mount Pleasant property now holds 102 prospective claims covering 4,000 acres and is also, according to a government report, North America's largest tin deposit as well as the world's largest reserve of indium.

Indium has been around for a long time; it's now used in things like liquid crystal displays. Back in World War II, the stuff was used to coat ball bearings.

Basically, the Mount Pleasant property has two significant zones - one is the Fire Tower Zone, which contains an NI 43-101-compliant inferred resource of more than 13 million metric tons of tungsten oxide and moly.

The other site - called the North and Deep Tin Zones - is sitting on a resource of 3.65 million tons of tin, indium, zinc and copper, with grades obviously varying here.
Adex's mission is to redevelop the site and push all of the inferred resources into the measured and indicated category. That's going to take something like 18 to 30 months, Ahmed said.

The company has to date raised about C$12 million to fund what Ahmed describes as an "aggressive exploratory and development program" for the Fire Tower zone as well as the North zone, plus some further in-fill exploration on another area call the Saddle Zone.

"We will now be moving to a NI43-101-compliant resource estimate for the North zone," Ahmed said.

He anticipates that drilling will start in March.

"The drilling will be done on the Fire and North zones to upgrade the resource quality," he said.

That's another way of saying Adex is pushing ahead for a bankable feasibility study, which, as noted, is about a year and a half way.

This always raises the question: Does Adex intend to put this asset into production or wait to be taken out by a senior or mid-tier miner looking for inventory?

"Our goal is to bring it up to production and beyond," he said.