TORONTO, ONTARIO (TSX VENTURE: 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 organized 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.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
Contacts: Adex Mining Inc. Kabir Ahmed President, Chief
Executive Officer and Director 1-866-508-2339 (ADEX) Email:
investorrelations@adexmining.com Website: www.adexmining.com
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