TORONTO, ONTARIO (TSX VENTURE: ADE) is pleased to announce
results from the fourth, sixth and seventh holes (AM-08-04,
AM-08-06 and AM-08-07) of its 2008 diamond drill program at the
Mount Pleasant Mine Property in southwestern New Brunswick, Canada.
In addition, Adex announces that updated results from the re-assay
of four samples of over-limit indium (greater than 1,000 parts per
million ("ppm")) in previously announced hole AM-08-03 are now
available. The results for these four vertical holes, from sampled
core intersecting the property's Deep Tin Zone, include a number of
significant indium readings.
"Adex's 2008 drill testing program at Mount Pleasant is
continuing to yield encouraging results," said Kabir Ahmed,
President and CEO of Adex Mining. "This work will be instrumental
to us in preparing updated mineral resource estimates for Mount
Pleasant, which in turn represents an important step in
fast-tracking the project to the feasibility stage of
development."
Results from hole AM-08-03 have been revised upwards to indicate
that the hole's 198-metre intersection from 12 to 210 metres down
hole previously announced in the Company's press release dated July
7, 2008 now contains an average grade of 258 grams per tonne (g/t)
indium, with the 18-metre contained interval 63 to 81 metres down
hole containing 1,920 g/t indium.
Results from holes AM-08-04 and AM-08-07 include two samples
each of over-limit indium (greater than 1,000 ppm). These samples
are undergoing re-assay that will result in an upward revision in
indium contents for these holes.
Detailed results for holes AM-08-03, AM-08-04, AM-08-06 and
AM-08-07 are as follows:
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Hole ID From To Tin Indium Zinc Copper
(m) (m) (wt.%) (g/t) (wt.%) (wt.%)
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AM-08-03 12 210 0.20 258 2.10 0.20
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including 63 81 0.27 1,920 9.08 1.22
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AM-08-04 7 195 0.12 106 0.53 0.04
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including 27 42 0.21 676 7.47 0.19
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including 162 195 0.30 143 1.08 0.06
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------------------------------------------------------------------
AM-08-06 3 84 0.25 44 1.04 0.06
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plus 258 285 1.24 38 0.70 0.08
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including 261 264 10.7 146 3.61 0.14
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------------------------------------------------------------------
AM-08-07 5 218 0.12 66 0.96 0.06
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including 20 41 0.07 306 5.01 0.17
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including 125 185 0.26 62 0.35 0.04
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Hole ID Bismuth Tungsten Molybdenum Arsenic
(wt.%) (wt.%) (wt.%) (wt.%)
(WO3) (MoS2)
-----------------------------------------------------------------
AM-08-03 0.06 0.08 0.09 0.78
-----------------------------------------------------------------
including 0.12 0.13 0.08 2.02
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AM-08-04 0.04 0.14 0.07 0.68
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including No No No 3.66
significant significant significant
values values values
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including 0.06 0.27 0.20 0.23
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-----------------------------------------------------------------
AM-08-06 No No No 1.33
significant significant significant
values values values
-----------------------------------------------------------------
plus 0.11 0.18 0.14 0.36
-----------------------------------------------------------------
including 0.12 0.25 0.20 0.44
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-----------------------------------------------------------------
AM-08-07 0.07 0.14 0.05 0.87
-----------------------------------------------------------------
-----------------------------------------------------------------
including No No No 1.41
significant significant significant
values values values
-----------------------------------------------------------------
including 0.07 0.13 0.07 0.74
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AM-08-03, AM-08-04, AM-08-06 and AM-08-07 are definition holes
drilled as part of Adex's National Instrument 43-101 ("NI
43-101")-compliant evaluation of its tin-indium-zinc-copper bearing
North and Deep Tin Zones. These holes are particularly encouraging
because the results to date appear to suggest the mineralization
associated with the Deep Tin Zone (non-NI 43-101 compliant)
manifests towards the surface. A drill has been moved to the target
area to conduct additional follow-up testing based on these
results. The historical, non-NI 43-101 compliant total "resource"
at the North and Deep Tin Zones consists of 3,645,429 tonnes of
0.80wt. % (weight percent) tin, 107 ppm (107 g/t) indium, 0.87wt. %
zinc and 0.19wt. % copper, based on a 1997 feasibility study
completed by Kvaerner Metals Davy Ltd.
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 nature of the geological setting of the North Zone's
mineralized bodies results in highly variable shapes and
orientations of its zones. For this reason, no estimation of true
widths can be provided for results at this stage. Drilling at both
the tin-indium-zinc-copper and tungsten-molybdenum zones at the
Mount Pleasant Mine Property is continuing, with both drills in
operation on the property.
The 2008 drilling program is being completed as part of an
ongoing review of the Mount Pleasant Mine Property with the purpose
of completing an updated NI 43-101-compliant evaluation of the
mineral resources.
Additional information concerning the Mount Pleasant Mine
Property is contained in 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 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 Watts, Griffis and McOuat Limited, and Dr. Trevor Boyd,
Ph.D., P.Geo., Independent Consultant, which is available at
www.sedar.com.
Quality Assurance/Quality Control
Adex Mining has implemented an industry standard QA/QC program.
Core is split in half using a hydraulic core splitter, sealed in
secure packages and shipped by bonded carrier to S.G.S.
Laboratories in Toronto for analysis using sodium peroxide fusion
with ICP-MS finish for indium and ICP-OES finish for tungsten,
molybdenum, tin, bismuth, arsenic, zinc, copper and lead. A pulp
duplicate unknown to the laboratory is submitted per batch of 10
samples, while a polymetallic standard unknown to the laboratory is
included with each shipment of duplicate samples. S.G.S. fulfills
standard QA/QC protocols.
Qualified Person
The Mount Pleasant exploration program is being conducted under
the direction of Trevor Boyd, P.Geo., the company's independent
Geological Consultant and a qualified person as defined by National
Instrument 43-101. Mr. Boyd 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."
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.
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.
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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