Toronto - July 24, 2008 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce that it has contracted Watts, Griffis and McOuat Limited ("WGM") to prepare updated mineral resource estimates and NationaI Intsrument 43-101 ("NI 43-101")-compliant technical reports for the Fire Tower Zone (tungsten-molybdenum) and the North Zone (tin-indium) of the Company's Mount Pleasant Mine Property ("Mount Pleasant") in southwestern New Brunswick, Canada. The purpose of retaining WGM to prepare the reports is to upgrade the mineral resource estimates for the two zones to the NI 43-101 "indicated" category and to assist the Company in preparing for feasibility work at Mount Pleasant.
WGM is completing two stand-alone NI 43-101-compliant technical reports on the Fire Tower Zone and the North Zone, respectively, in order to keep the mineral resource estimates for the two zones separate and to avoid delays in the completion of the reports. The two reports will incorporate data from the Company's ongoing 2008 exploration drilling program, which includes extensive drill testing at both the Fire Tower Zone and the North Zone.
The Fire Tower Zone was the focus of 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 (the "2006 Fire Tower Zone Report") 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 WGM, and Dr. Trevor Boyd, Ph.D., P.Geo., Independent Consultant, which 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% tungsten oxide and 0.21% molybdenum disulphide.
The North Zone and the Deep Tin Zone contain a non-NI 43-101 compliant historical total resource of 3,645,429 tonnes at 0.80% tin, 107 parts per million indium, 0.87% zinc and 0.19 % copper based upon a 1997 feasibility study completed by Kvaerner Metals. The new technical report with respect to North Zone will provide a new 43-101-compliant mineral resource estimate.
The historical estimates presented above with respect to the North Zone and the Deep Tin Zone were prepared prior to the implementation of NI 43-101. A qualified person has not done sufficient work to classify these historical estimates according to NI 43-101 standards or the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and Adex is not treating these historical estimates as current mineral resources as defined in NI 43-101. They are presented because Adex considers them to be relevant and of historic significance. These historical estimates should not be relied on.
"The upgrading of the mineral resource estimates for Mount Pleasant represents another important step in Adex's fast-track approach to moving the project towards feasibility, which in turn allows us to evaluate our options as they relate to development and the commencement of production", said Kabir Ahmed, President and CEO of Adex. "WGM has previous experience at Mount Pleasant, having prepared the 2006 Fire Tower Zone Report and we look forward to working with them again as we build on those promising early findings."
Since March 2008, Adex has completed a total of 22 drill holes encompassing approximately 7,400 metres at Mount Pleasant. Results from the first three holes of the program were reported in the Company's press releases dated June 9, 2008 and July 7, 2008. Assay results are pending for the remaining 19 holes, as well as for additional splitting and sampling of core from 16 historical holes.
Since its inception in 1962, WGM has served the mining industry by completing projects in over 120 countries. Successful technical due diligence reviews, mineral resource/reserve estimates and audits, valuations, mine planning, engineering and metallurgical investigations have all contributed to the firm's reputation for excellence. These studies have been carried out for governments, banks, mining companies, law firms and international financial institutions. More information on WGM's services and experience can be found on WGM's website at www.wgm.ca.
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)
e-mail: 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.
