| 2009 |
| 2009 |
| Adex Announces NI 43-101 Compliant Indicated Mineral Resource Estimate of 10.88 Million Tonnes for the North Zone's Tin-Indium-Zinc Deposit at Mount Pleasant |
|
Toronto - April 6, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce that it has completed a National Instrument 43-101 ("NI 43-101") compliant Mineral Resource estimate for seven tin-indium-zinc (Sn-In-Zn) sub-zones and one tungsten-molybdenum-bismuth (WO3-MoS2-Bi) sub-zone which make up the North Zone ("NZ") at its wholly-owned Mount Pleasant Mine Property in southwestern New Brunswick, Canada ("Mount Pleasant" or the "Property"). The total Sn-In-Zn resource estimate includes an Indicated Mineral Resource of 10,882,000 tonnes, plus an Inferred Mineral Resource of 7,603,000 tonnes.
The NI 43-101 compliant Mineral Resource estimate for the NZ indicates the opportunity for both near surface and at depth mineralization. This will have implications for further studies when assessing the economic potential of developing a near surface, open pit and/or underground mining operation at the NZ. The NI 43-101 compliant Mineral Resource estimate, completed by Watts, Griffis and McOuat Limited ("WGM") using an updated GEMCOM model, was completed in conjunction with the preparation by WGM of an independent NI 43-101 Technical Report under the supervision of Trevor Boyd, P.Geo., the Company's Geological Consultant. Details of the NI 43-101 compliant mineral resource estimate are as follows. NORTH ZONE - MINERAL RESOURCE ESTIMATE, Until an economic evaluation is completed, the economic cut-off for this deposit is unknown. Mineral resources that are not mineral reserves do not have demonstrated economic viability. A policy of capping of high indium grades was implemented based upon the statistical distribution of the metal within each individual sub-zone. Hence the Upper Deep Tin, Deep Tin, #5 Tin Lode, #1-3 Tin Lode, Endogranitic and North W-Mo sub-zones had capped indium grades at 965, 830, 750, 500, 200 and 200 g/t, respectively. No capping of indium was required for the North Adit or the #4 Tin lode. If a cut-off grade of 0.30% WO3 equivalent is applied to the estimate of the North W-Mo sub-zone then the Inferred Resource is estimated to be 3,278,800 tonnes grading 0.10 % Sn, 23.5 g/t In (21.9 g/t In capped) 0.27 % Zn, 1.02 % As, 0.27 % WO3, 0.16 % MoS2, 0.05 % Cu, and 0.14 % Bi. The cut-off grade of 0.30% WO3 equivalent, equal to % WO3 + 1.5 x % MoS2, was provided by Adex. This was based on a value of the mineralized material of US$30/tonne at a tungsten price of US$100/MTU (US$10.0/kg WO3) similar to that used for the NI 43-101 resource estimation and technical report for the Fire Tower Zone (the "FTZ") at the Property. The 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 Watts, Griffis and McOuat Limited, 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. The boundaries of the mineralized body were interpreted manually by Trevor Boyd, P.Geo., the Company's Geological Consultant. Mineralized zones were commonly cross-cutting geological units and structural boundaries. Consequently, resource boundaries were defined based solely on % Sn and % In values (or % WO3 and % MoS2 values in the case of the North W-Mo sub-zone). These were plotted on cross sections spaced 25 metres apart and mineralization boundaries were drawn halfway between drill holes. If no holes existed to limit the mineralization outlines, the boundaries were extended to a maximum of 20 metres away from the nearest hole. In general, extensions of the boundaries were made consistent with the trends defined by joining known cut-off boundaries. A minimum width of 3 metres was used for defining the zones, and a specific gravity of 2.70 was used for estimating the resources. The eight modeled sub-zones that make up the North Zone are distributed over an area of 450 by 250 metres extending from the surface to a vertical depth of 450 metres. They are located 800 metres north of the WO3 - MoS2 FTZ for which an NI 43-101 compliant Indicated Resource of 13,489,000 tonnes, plus an Inferred Resource of 841,700 tonnes, was reported in FTZ Technical Report. The #4 Tin Lode and #5 Tin Lode sub-zones extend from the surface to a vertical depth of 70 metres. The #1-3 Tin Lode sub-zone extends from the surface to a vertical depth of 160 metres. The Upper Deep Tin sub-zone is situated beneath the #5 Tin Lode extending from 80 to 160 metres vertical depth. The Deep Tin sub-zone reaches to within 40 metres laterally of the Upper Deep Tin Zone extending from 140 to 270 metres vertical depth. The North Adit sub-zone consists of four mineralized regions distributed from the surface to a vertical depth of 250 metres. The North W-Mo sub-zone consists of three mineralized regions extending from 80 to 350 metres vertical depth. The Endogranitic sub-zone extends from 250 to 450 metres vertical depth. An 1,100 metre decline, which was used to collect bulk samples in 1986, extends from the Fire Tower Zone underground workings to the Endogranitic sub-zone. The decline and underground workings are presently flooded. An exploration drive developed in the 1960s extends from the surface to the vicinity of the #4 Tin Lode and the #1-3 Tin Lode sub-zones. The condition of the drive is presently unknown. The mineral resources are reported in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards, November 2004 and have been estimated in conformity with the CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines, November 2003. The Company has implemented an industry standard quality control program on its drill core and assaying since the inception of its drilling program. Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist of WGM, an independent qualified person as defined by National Instrument 43-101, carried out site visits to the Property in May and June, 2008 during which he examined the drilling program and core, and completed check sampling and assaying of core samples. Robert de l'Etoile, P.Eng., Geological Engineer and consultant to WGM, an independent qualified person as defined by National Instrument 43-101, checked assay results against the GEMCOM database. The database verification found no significant discrepancies in the geological information, which conformed to industry standards. Pulp duplicates of the drill core samples, unknown to the laboratory, were sent to a second laboratory fulfilling standard QA/QC protocols. Analytical results for some of these samples remain pending. None of Trevor Boyd, the Company's Geological Consultant, Paul Dunbar, Robert de l'Etoile or Management of the Company is aware of any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues that may materially affect the estimate of the mineral resource. Trevor Boyd, P.Geo., the Company's Geological Consultant, supervised the preparation of the mineral resource estimate for the North Zone and the technical information contained in this press release in compliance with NI 43-101. Paul Dunbar is preparing the NI 43-101 Technical Report on the North Zone, which Adex will file on SEDAR within 45 days of today's date. Additional information concerning the Property is contained in the FTZ Technical Report. 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," and the Company has 88,117,361 common shares issued and outstanding. 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, except as required by law. |
| Adex Appoints Interim CEO and Commences Executive Search for Experienced Mine Developer as Permanent CEO |
|
Toronto - April 21, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V:ADE) is pleased to announce the appointment of J. Errol Farr as the interim President and Chief Executive Officer of the Company effective May 1, 2009. The Company's board of directors will immediately commence a search for a permanent President and Chief Executive Officer who has experience in mine development and mineral production.
Kabir Ahmed, the current President and Chief Executive Officer of Adex, will resign from that position effective May 1, 2009. While in his leadership role at Adex, Mr. Ahmed has been responsible for reviving the Company, listing its common shares on the TSX Venture Exchange, and re-capitalizing its treasury. In addition, over the past 18 months, Mr. Ahmed has worked to prepare the Company's Mount Pleasant Property (the "Property" or "Mount Pleasant"), located in New Brunswick, Canada, for feasibility level studies, with a view to re-commencing mineral production. The Company has completed a 13,300 meter expansion and definition drill program and National Instrument 43-101-compliant Indicated Mineral Resource Estimates for both the tungsten-molybdenum Fire Tower Zone and the tin-indium North Zone at the Property. The Company has also preserved a strong treasury of $3.88 million as of December 31, 2008.
"I am very pleased to have successfully positioned Adex for feasibility, with a view to re-commencing mineral production at Mount Pleasant in the near future", said Kabir Ahmed. "The progress made by Adex to date has been made possible by an engaged board of directors, an experienced management team, and an accomplished team of technical consultants and staff, all of whom have worked tirelessly to advance the Mount Pleasant project."
Mr. Farr, the Company's Chief Financial Officer and a member of the board of directors, commented that, "On behalf of the board of directors and the management team of Adex, I thank Mr. Ahmed for the significant contributions he has made during his tenure in order to move the Mount Pleasant project forward".
Mr. Ahmed will remain as a member of the Company's board of directors.
ABOUT ADEX:
Adex Mining Inc. 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, Mount Pleasant 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.
J. Errol Farr
Chief Financial Officer and Director
1-866-508-2339 (ADEX)
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.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
|
| Adex Announces Filing of North Zone NI 43-101 Compliant Technical Report |
|
Toronto - May 14, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce the filing of a National Instrument 43-101 ("NI 43-101") compliant Technical Report on the North Zone ("NZ") at its wholly-owned Mount Pleasant Mine Property in southwestern New Brunswick, Canada ("Mount Pleasant" or the "Property") with the Ontario, British Columbia and Alberta securities commissions. The Technical Report, completed by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, is the final Technical Report in relation to the NI 43-101 Mineral Resource estimate for the NZ announced by Adex in a Press Release dated April 6, 2009 titled "Adex Announces NI 43-101 Compliant "Indicated" Mineral Resource Estimate of 10.88 Million Tonnes for the North Zone's Tin-Indium-Zinc Deposit At Mount Pleasant". The NZ is one of two mineralized zones found at Mount Pleasant. The other zone, the Fire Tower Zone, is the site of a past-producing tungsten-molybdenum underground mining operation during the 1980s.
The 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 Watts, Griffis and McOuat Limited, and Robert de l'Etoile, Eng. Senior Geological Engineer of SGS-Geostat Limited, is now available on SEDAR at www.sedar.com.
Qualified Person
Trevor Boyd, P.Geo., the Company's Geological Consultant and a qualified person as defined by National Instrument 43-101 ("NI 43-101"), 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".
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Adex Mining Inc.
Errol Farr
Interim President and Chief Executive Officer,
Chief Financial Officer and Director 1-866-508-2339 (ADEX)
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.
|
| Adex Makes Appointment of President and Chief Executive Officer Permanent, Appoints Chairman and Appoints Chief Financial Officer |
|
Toronto - May 29, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce that Errol Farr's previous appointment, effective May 1, 2009, as interim President and Chief Executive Officer of Adex has been made permanent effective May 29, 2009. The Company's board of directors will continue its search for a senior executive with experience in mine development and mineral production. The position with Adex to be occupied by such person will be determined by his or her qualifications and experience.
Adex is also pleased to announce that Alan Marshall has been appointed to the position of Chairman of the Board effective May 29, 2009. Mr. Marshall was previously Lead Director of Adex.
Adex is also pleased to announce the appointment of William C. Burton as the Chief Financial Officer of the Company effective May 29, 2009. Mr. Burton, a Chartered Accountant, was previously the Controller of the Company and replaces Errol Farr in the role of CFO.
ABOUT ADEX:
Adex Mining Inc. 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, Mount Pleasant 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".
FOR FURTHER INFORMATION PLEASE CONTACT:
J. Errol Farr
President and Chief Executive Officer and Director
Adex Mining Inc.
1-866-508-2339 (ADEX)
Website: www.adexmining.com
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
|
| Adex Provides Progress Report on Metallurgical Programs for Optimizing Metal Production at Mount Pleasant |
|
Toronto, July 20, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to provide a progress report on metallurgical test programs that were carried out by the Company in relation to its Mount Pleasant Mine Property ("Mount Pleasant" or the "Property"). The results of the metallurgical test programs provide the Company with valuable information required to develop an optimal commercial extraction and recovery process for the principal metals hosted at Mount Pleasant, being tungsten, molybdenum, tin and indium. This information will also help guide the Company in developing production options for the Property. GRAVITY-FLOTATION SEPARATION TEST PROGRAM SGS Lakefield Research Europe Ltd. of Cornwall, United Kingdom ("SGS Europe") has completed initial bench scale testing of a multi-stage grinding and gravity-flotation separation process (the "Gravity Process"). The Gravity Process is being considered by the Company as an innovative approach to improving the grade and recovery (by pre-concentration) of the metals hosted at Mount Pleasant's two mineralized zones - being the tungsten-molybdenum bearing Fire Tower Zone (the "FTZ") and the tin-indium-zinc bearing North Zone (the "NZ"). The Gravity process was designed by Thibault & Associates Inc. of Fredericton, New Brunswick and was tested using bench scale techniques by SGS Europe to quantify its metallurgical performance for the production of tungsten concentrate from the FTZ deposit. The Company is evaluating the use of tungsten concentrate from the Gravity Process and a hydrometallurgical Process for possible production of ammonium paratungstate ("APT"). APT is considered the primary intermediate for the production of tungsten carbide which is used primarily for hard steel applications. The Gravity Process was bench scale tested for conceptual design of the concentrator. The results of the bench scale test were also used to model the performance of the proposed flowsheet. Bench scale batch test results combined with computer modeling of a fully integrated flowsheet for continuous concentrate production has indicated that a recovery of 83.3% for tungsten with a concentrate grade of 25.6% tungsten tri-oxide (WO3) may be achieved. A continuous pilot test of the proposed Gravity Process will be required to verify the overall grade and recovery of processing the ore from the FTZ. The Gravity Process tested on ore samples from the FTZ was also used to assess tin concentrate production from the NZ deposit. The results of the Gravity Process test program indicate that modifications to the flowsheet developed for tungsten production will be required for the production of tin concentrate. TUNGSTEN GRAVITY CONCENTRATE LEACHING TEST PROGRAM Development of the Gravity Process: a representative sample of ore from the FTZ zone was processed by the Minerals Engineering Centre of Dalhousie University in Halifax, Nova Scotia to produce a low grade tungsten concentrate. Research and Productivity Council ("RPC") of Fredericton, New Brunswick then completed a bench scale test program to improve on the quality of the gravity concentrate for APT production. Bench scale flotation tests on the low grade gravity concentrate achieved up to 70% reduction of the arsenic bearing minerals prior to tungsten leaching, thereby improving feedstock for APT production. The tungsten leach is the initial step of the APT hydrometallurgical process developed by Thibault & Associates Inc. and the test program was conducted by RPC to assess the technical viability of the proposed leaching process. Two stage atmospheric bake-leach and single stage autoclave leach tests were carried out on the arsenic (arsenopyrite, loellingite) flotation tails (tungsten concentrate) to assess processing alternatives for the extraction of tungsten from low grade concentrates. The results of the leach test program indicate a selective process for optimum tungsten extraction (using an autoclave leach) in the range of 95% to 99% may be achieved based on bench scale batch testing. The arsenic flotation and tungsten leach tests will assist the Company in the design of a hydrometallurgical process for the production of APT from a gravity concentrate. Continuous piloting of the leach and solution purification unit operations will be required to confirm the purity of the APT. MINERALOGY ASSESSMENT PROGRAM SGS Lakefield Research Limited of Lakefield, Ontario ("SGS Lakefield") has completed a detailed mineralogy assessment (the "Mineralogy Assessment") of ore from both the FTZ and NZ. The initial results of the Mineralogy Assessment, which were first reported in the Company's press release dated December 23, 2008, provide information on grain size for various minerals, liberation or grind requirement and theoretical grade-recovery relationships for the beneficiation of various metals. The results of the Mineralogy Assessment also suggest that sphalerite is the predominant host of indium at Mount Pleasant. The foregoing series of metallurgical programs that have been completed by the Company at its contract laboratory facilities, being SGS Lakefield, SGS Europe, Dalhousie University and RPC, were necessary in order for the Company to move forward in developing various production options for the Property. In addition, the information obtained from the metallurgical programs will assist the Company in designing and developing a future pilot plant program which may lead to commercial-level production of tungsten, molybdenum, tin and indium at Mount Pleasant. SGS Lakefield and SGS Europe are leading mineralogy research and metallurgical testing firms. RPC is an independent R&D firm situated in Fredericton, New Brunswick. Thibault & Associates Inc. - Applied Process Chemical Engineering of Fredericton, New Brunswick serves as an independent consulting firm to the Company with respect to Mount Pleasant metallurgical and environmental process development, design and planning. QUALIFIED PERSON: Mr. J. Dean Thibault, M.Sc., P. Eng., is the Senior Process Chemical Engineer of Thibault & Associates Inc., and is an independent qualified person as defined by National Instrument 43-101. Mr. Thibault has managed the metallurgical test programs and supervised the preparation of the technical information contained in this press release in compliance with National Instrument 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, Mount Pleasant 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". 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. 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 No securities commission or regulatory authority has approved or disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
| 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  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 No securities commission or regulatory authority has approved or disapproved the contents of this press release. FORWARD-LOOKING STATEMENTS |
| Adex Mining Reports Tin-Indium-Zinc Bulk Sample Results from Mount Pleasant |
|
Toronto - September 15, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to provide an update on its evaluation of the North Zone ("NZ") at its wholly-owned Mount Pleasant Mine Property ("Mount Pleasant" or the "Property") located in southwestern New Brunswick, Canada. As discussed in its news release dated July 23, 2009, this evaluation will support a 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 and a production decision. As part of this detailed evaluation program, a total of 162 tonnes of mineralized material was collected from rock previously mined from the 600 Adit, which accessed the #1-3 Tin Lode Sub-Zone of the NZ mineralization. The 162 tonnes were portioned into separate bulk samples, crushed to 90% passing 0.5", and each pile then randomly sampled. The largest pile, weighing 42 tonnes, was double sampled and assayed. The location and providence of the mineralized material is based upon review of historical documentation associated with the development of the 600 Adit during the 1960's and is supported by a due diligence review and sampling of the dump mineralized material. Analytical results from random sampling of the bulk samples are as follows:  Analytical results of the bulk sample showed metal grades in excess of the grades that were reported for the Inferred Resource estimate for the #1-3 Tin Lode Sub-Zone as reported in the National Instrument 43-101 ("NI 43-101") compliant Technical Report (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 Watts, Griffis and McOuat Limited and Robert de l'Etoile, Eng., Senior Geological Engineer of SGS-Geostat Limited, which is available on SEDAR at www.sedar.com. The higher grades are due to the fact that the mineralized material had originally been mined from high-grade shoots within the #1-3 Tin Lode Sub-Zone. The In concentrations reported are encouraging when compared to the corresponding Zn and Sn values for these samples. Assaying of historical drill core focused on In in the vicinity of the #1-3 Tin Lode is currently underway with results pending. The bulk samples will be utilized for detailed metallurgical testing at an independent minerals laboratory. This work will be undertaken shortly and will form the basis of the next phase in the evaluation of a potential mining scenario for the NZ at Mount Pleasant. Quality Assurance/Quality Control Adex Mining has implemented an industry standard QA/QC program. Samples were sealed in secure packages and shipped by bonded carrier to Activation Laboratories in Ancaster, Ontario for analyses by Fusion XRF for tin and tungsten, and sodium peroxide fusion with either ICP-MS or ICP-OES finish for indium, molybdenum, bismuth, arsenic, zinc, copper and lead. A pulp duplicate unknown to the laboratory is submitted per batch of 10 samples and sent to the alternate laboratory, while a polymetallic standard unknown to the laboratory is included with each shipment of duplicate samples. Activation Laboratories fulfills standard QA/QC protocols. Qualified Person Trevor Boyd, P.Geo., the Company's Geological Consultant, a qualified person as defined by NI 43-101, supervised the due diligence sampling associated with the preparation of the bulk samples and 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 No securities commission or regulatory authority has approved or disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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. |
| Adex Mining Launches New Website and Provides Corporate Update |
|
Toronto - October 21, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce the launch of its updated and completely redesigned website. The Company's management team and Board of Directors invite you to visit www.adexmining.com to see the new face of Adex and learn about recent accomplishments and current activities. "The new Adex website was designed to present our corporate story in an easily understood and investor friendly format," said Errol Farr, President and CEO of Adex. "Adex has achieved many important milestones over the past year and we believe that our website is a key part of our overall communications strategy, where we will continue to inform shareholders regarding the advancement of our multi-mineral Mount Pleasant Mine property." Adex is currently focused on its development plan for Mount Pleasant, with expectations of producing tin, indium and zinc from the North Zone (the "NZ") at its wholly-owned Mount Pleasant Mine Property in southwestern New Brunswick, Canada ("Mount Pleasant" or the "Property"). Once the NZ resource is in production, Adex will expand its focus to include feasibility leading to production from the tungsten-molybdenum Fire Tower Zone ("FTZ") at the Property. A Preliminary Assessment Study on the NZ is on schedule for completion in autumn 2009. This is an important component of the Company's development plan because it will provide a third-party economic assessment of a small to medium-scale mining operation including a forecast of mine production rates, capital costs to develop and sustain the operation, operating costs and cash flows. A positive result from this scoping study is expected to lead to a definitive feasibility study and subsequent production decision. The NZ is the subject of a National Instrument 43-101 ("NI 43-101") compliant Mineral Resource estimate including an Indicated Mineral Resource of 10,882,000 tonnes of at 0.43% tin, 67.8 grams per tonne of indium, and 0.67% zinc, and an inferred Mineral Resource of 7,603,000 tonnes at 0.22% tin, 74.6 grams per tonne of indium, and 0.99% zinc. An NI 43-101-compliant Technical Report including these resource estimates 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 is available on SEDAR at www.sedar.com. Concurrent with the Preliminary Assessment Study, Adex is undertaking additional work as part of its NZ development plan. Activities currently underway include the design of a wastewater treatment system, the collection of bulk samples for bench and pilot plant work, and re-sampling of historical core from the 600 Adit for indium analysis. Adex has sufficient financial resources to complete its NZ development work, including the definitive feasibility study. Over the past year, Adex has also completed a number of important development activities at the tungsten-molybdenum FTZ, including the completion of a resource estimate and scoping study. The FTZ is the subject of a NI 43-101 compliant Mineral Resource estimate including an Indicated Mineral Resource of 13,489,000 tonnes at 0.33% tungsten and 0.21% molybdenum, and an Inferred Mineral Resource of 841,700 tonnes at 0.26% tungsten and 0.20% molybdenum. Based on the pricing assumptions in the scoping study, the FTZ is projected to generate approximately C$1.1 billion in revenue over a 13-year mine life according to a scoping study prepared by Aker Metals. An NI 43-101 technical report (the "FTZ technical Report"), including these resource estimates and an Executive Summary of the scoping study, 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 is available on SEDAR at www.sedar.com. "The demand for tungsten, molybdenum, tin and indium has risen in recent years, fuelled by the development of new technologies and rapid growth in the developing world," adds Mr. Farr. "Adex's fundamental philosophy is to maximize shareholder value through appropriate and diligent extraction and processing of our mineral resources. Currently, Adex is developing the capacity to expand into value-added production of zinc, indium and tungsten products, thereby demanding higher value for our mineral resources while ensuring security in our market position." Trevor Boyd, P.Geo., the Company's Geological Consultant, a qualified person as defined by NI 43-101, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 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-mineral 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 information regarding 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 No securities commission or regulatory authority has approved or disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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. |
| Adex Mining to Exhibit at Global Chinese Financial Forum Conference |
|
Toronto, ON, November 30, 2009 -- Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce that it is scheduled to exhibit and speak at the upcoming Global Chinese Financial Forum (GCFF) Shanghai Conference 2009, which is being held on December 2-3, 2009 at the Shanghai Pudong Grand Hyatt Hotel in China. William B. Burton, Director and Technical Advisor of Adex, will be on hand to update attendees on the Company's Mount Pleasant Mine property in southwestern New Brunswick, Canada. Adex is planning to produce tin, indium, tungsten and molybdenum from mineral resources outlined on the property. The GCFF Shanghai Conference 2009 will bring together more than 80 exhibiting companies as well as high-level representatives from the Chinese mining and resource industries as well as the international financial sector. Adex will have the opportunity to meet with international leaders from public and private companies, financial institutions and government agencies, giving the company access to valuable networking opportunities in a country where the metals hosted at Mount Pleasant are in great demand. Full conference details are available on the Global Chinese Financial Forum website. ABOUT ADEX: FOR FURTHER INFORMATION PLEASE CONTACT: No securities commission or regulatory authority has approved or disapproved the contents of this press release. FORWARD-LOOKING STATEMENTS |
| Adex Mining Reports Indium, Zinc and Tin Production Options for Mount Pleasant North Zone |
|
Toronto - December 9, 2009 - Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce the results of a new Preliminary Assessment ("PA") on its wholly-owned Mount Pleasant Mine Property ("Mount Pleasant" or the "Property") located in southwestern New Brunswick, Canada. Mount Pleasant is the site of a past-producing tungsten-molybdenum underground mining operation, which operated during the 1980s. This PA is a preliminary technical and economic assessment of the production of tin, indium and zinc products from the North Zone ("NZ") of the Property. The results of the PA indicate that there are two viable production options for the NZ, including the production of tin concentrate, indium sponge and zinc metal and the production of tin concentrate and zinc-indium concentrate. Based on a 10-year project life and production rate of 850 tonnes per day ("tpd"), the PA shows pre-tax internal rates of return ("IRR") for the tin concentrate, indium sponge and zinc metal production option and the tin concentrate and zinc-indium concentrate production option of 28.87% and 23.49% respectively as shown in the table below. "These are exciting times for Adex," said Errol Farr, President and CEO of Adex. "The PA results reinforce Adex's plans for piloting the concentrate and metals flowsheets as a next phase leading to definitive feasibility and production. The NZ development is an integral part of Adex's overall strategy for producing tin, indium, zinc, tungsten and molybdenum from the resources at the Property." NZ production is based on the economic assessment of the resource over a 10 year mine life, and on conceptual mining and metallurgical processing methods as well as end-user standard revenue agreements. The PA indicates that the in situ outlined mineable blocks total 2,894,579 tonnes grading 0.76% tin, 191 grams per tonne ("gpt") indium, and 1.91% zinc. The actual production rate of 850 tpd was determined by applying a 10% dilution factor with 85% mining extraction. Results from previously completed metallurgical test programs characterizing the recovery of tin, indium and zinc from the NZ resource were used to design a conceptual process flowsheet using flotation and gravity separation. A dynamic process simulation and economic model was used to assess the economic potential of the resource by varying tonnage, grade and prospective revenue generation for value-added products. Value-added products to be produced on site include indium sponge and zinc metal from chloride hydrometallurgy. The PA is considered to be accurate within minus 10% to plus 35% on the basis of the:
The preliminary NZ technical/economic assessment including site administration, mining, processing, environmental management and product marketing is summarized below for the two processing options. Each model includes zinc flotation followed by tin flotation. Option 1 - Production of Tin Concentrate, Indium Sponge and Zinc Metal Optimum process chemistry for the hydrometallurgical processing of zinc concentrate is being defined by bench scale studies prior to piloting. High-grade indium sponge and zinc metal are the target products, which rely on a combination of leaching, solvent extraction and impurity precipitation stages. Metallurgical and hydrometallurgical test programs designed to verify the selected process technology, discussion with various zinc smelters regarding revenue generation from zinc/indium concentrate, and discussion with indium metal producers are currently ongoing. Adex has also opened dialogues regarding tin concentrate sales with metal traders and off-shore tin smelters. The PA includes a review by Trevor Boyd, P. Geo., the Company's Geological Consultant and a qualified person as defined by National Instrument 43-101 ("NI 43-101"), of the NI 43-101 compliant mineral resource estimate for the NZ completed by Watts, Griffis and McOuat Limited ("WGM"), Consulting Geologists and Engineers, and SGS-Geostat Limited ("SGS") in May, 2009, a mine plan provided by Andrew Hara, P. Eng., Senior Mining Engineer of Hara Mining Enterprises Inc., a qualified person as defined by NI 43-101, and an economic assessment of process alternatives, market evaluation, and environmental management technology completed by Dean Thibault, P. Eng., Senior Process Chemical Engineer of Thibault & Associates Inc., a qualified person as defined by NI 43-101. Dean Thibault, P. Eng., Senior Process Chemical Engineer of Thibault & Associates Inc., an independent qualified person and consultant to Adex, is preparing a NI 43-101 compliant Technical Report with respect to the PA which Adex will file on SEDAR within 45 days of today's date. The mineral resource estimate for the NZ is contained in a 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, which is available on SEDAR at www.sedar.com. Details of this NI 43-101 compliant mineral resource estimate are as follows:
"The Fire Tower Zone scoping study plus North Zone PA confirm the potential for a unique multi-metal production opportunity for Adex," Mr. Farr continued, "which includes simultaneous commercial production of tungsten and molybdenum products from the Fire Tower Zone, and tin, indium and zinc products from the North Zone." The PA and the economic analyses contained therein are preliminary in nature and contain inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the results of the PA will be realized with more detailed work. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Qualified Persons ABOUT ADEX FOR FURTHER INFORMATION PLEASE CONTACT: No securities commission or regulatory authority has approved or disapproved the contents of this press release. FORWARD-LOOKING STATEMENTS |
| Adex Announces the Completion of a Private Placement of Units Consisting of One Flow-Through Common Share and One Half of One Common Share Purchase Warrant Raising $1,009,040 |
|
Toronto – December 30, 2009 – Adex Mining Inc. (“Adex” or the “Company”) (TSX-V: ADE) is pleased to announce that it has raised $1,009,040 through a private placement completed today of 8,408,665 units (the “Units”) at a price of $0.12 per Unit (the “Offering”). Each Unit is comprised of one flow-through common share of Adex (a “Flow-Through Share”) within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one common share of Adex at a price of $0.175 at any time prior to 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and at a price of $0.20 at any time following 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering at which time any unexercised Warrants will expire. On the closing of the Offering, First Canadian Securities, a division of Limited Market Dealer Inc., (“First Canadian”) was paid a cash finder's fee of $19,000 representing 2% of the gross proceeds of the Offering raised through the subscriptions by members of the MineralFields Group of Companies for an aggregate of $950,000 of Units. In addition, First Canadian was issued irrevocable and non-transferable finder’s fee options (the “First Canadian Finder’s Fee Options”) to purchase 554,166 finder’s fee units (the “Finder’s Fee Units”) (equal to 7% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies) at a price of $0.12 per Finder’s Fee Unit at any time prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering. Each Finder’s Fee Unit will consist of one common share and one-half of one Warrant. Kingsdale Capital Markets Inc. (“Kingsdale”) was paid a cash finder's fee of $600 representing 2% of the gross proceeds of the Offering raised through subscriptions arranged for by Kingsdale. Kingsdale was also issued irrevocable and non-transferable finder’s fee options (the “Kingsdale Finder’s Fee Options”) to purchase 262,499 finder’s fee units (the “Finder’s Fee Units”) (equal to 3% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies and 10% of the 250,000 Units sold to subscribers arranged for by Kingsdale). The Kingsdale Finder’s Fee Options have terms identical to those of the First Canadian Finder’s Fee Options Adex will use the gross proceeds from the Offering to incur exploration expenditures which are eligible as Canadian Exploration Expenses under the Income Tax Act ( “We are very pleased to be commencing a relationship with MineralFields Group”, said Errol Farr, the President and Chief Executive Officer of Adex. “This is an important milestone in the growth of Adex and we look forward to working with MineralFields Group as we advance the development of our wholly-owned Mount Pleasant Mine Property located in All securities issued pursuant to the Offering (and any underlying securities) will be subject to applicable statutory and regulatory hold periods expiring on May 1, 2010.
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-mineral 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 and business information regarding Adex’s ABOUT MINERALFIELDS, PATHWAY AND FIRST CANADIAN SECURITIES MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities. FOR FURTHER INFORMATION PLEASE CONTACT: President, Chief Executive Officer and Director Adex Mining Inc. 1-866-508-2339 (ADEX) Email: investorrelations@adexmining.com Website: www.adexmining.com No securities commission or regulatory authority has approved or disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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. |