Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to announce the final analytical results for the Fire Tower
Zone ("FTZ") Phase 1 definition drilling program at its Mount
Pleasant Mine Property in southwestern New Brunswick, Canada. The
results, which include six metres of 0.77% tungsten and 0.43%
molybdenum, are for sampled core from 3,312 metres of drilling
completed in eight holes testing the FTZ's North, South, West and
East mineralized bodies.
"The tungsten and molybdenum grades returned in this group of
results are equal to or higher than the values contained in our
previous National Instrument 43-101 ("NI 43-101")-compliant
inferred resource estimate for the FTZ completed by Watts, Griffis
and McOuat in August 2006", said Kabir Ahmed, President and Chief
Executive Officer of Adex. "We look forward to utilizing the
results from our Phase 1 drill program in the preparation of an
updated resource estimate, which we anticipate will upgrade the FTZ
to the NI 43-101 "indicated" category, which will, in turn, enable
us to continue fast-tracking the Mount Pleasant Mine Property
towards feasibility."
Summary analyses for FTZ holes AM-08-08 to AM-08-09 and holes
AM-08-11 to AM-08-16 are as follows:
------------------------------------------------------------------------
Hole From To Bismuth Tungsten Molybdenum Arsenic
Identification (m) (m) (wt.%) (wt.%) (wt.%) (wt.%)
(ID) (WO3) (MoS2)
------------------------------------------------------------------------
AM-08-08 278 353 0.06 0.27 0.22 0.30
------------------------------------------------------------------------
AM-08-09 167 248 0.15 0.28 0.15 2.89
------------------------------------------------------------------------
Including 218 248 0.24 0.43 0.23 4.82
------------------------------------------------------------------------
Plus 341 374 0.27 0.28 0.17 0.36
------------------------------------------------------------------------
AM-08-11 198 330 0.15 0.39 0.23 3.08
------------------------------------------------------------------------
Including 273 279 0.23 0.77 0.43 2.60
------------------------------------------------------------------------
AM-08-12 313 363 0.06 0.34 0.12 0.27
------------------------------------------------------------------------
Including 319 334 0.09 0.66 0.11 0.79
------------------------------------------------------------------------
AM-08-13a 186 213 0.08 0.34 0.14 0.96
------------------------------------------------------------------------
AM-08-14 305 362 0.10 0.67 0.18 0.72
------------------------------------------------------------------------
AM-08-15 299 335 0.02 0.38 0.16 0.28
------------------------------------------------------------------------
AM-08-16 171 192 0.12 0.22 0.09 1.53
------------------------------------------------------------------------
Holes AM-08-11 to AM-08-14 were drilled to better delineate the
FTZ as part of Adex's updated NI 43-101-compliant evaluation of the
tungsten-molybdenum-bismuth (WO3-MoS2-Bi)-bearing FTZ. Holes
AM-08-08 and AM-08-09 were drilled as twins of historical Holes
PRL-95-04 and PRL-95-02, respectively. The analytical results from
these two holes are comparable with their twins.
Hole AM-08-15 was an angle hole drilled to the west to follow-up
the intersection of significant mineralization from the additional
sampling of historical Hole PRL-95-04 that had been previously
announced in the news release issued by Adex on April 25, 2008
(82.3 metres down-hole grading 0.30 wt.% WO3 and 0.21 wt.% MoS2).
The results of Holes AM-08-08 and AM-08-15 (shown in the table
above) confirm the presence of a separate tungsten-molybdenum
mineralized body east of the FTZ named the Fire Tower East
Sub-Zone. Hole AM-08-16, drilled 50 metres north of historical Hole
PRL-95-04, found the Fire Tower East Sub-Zone was mostly cut off by
the Fire Tower Fault, but intersected a narrow shallow extension of
the mineralized body.
The Phase 1 drill results are either consistent with or better
than the expectations of management of Adex. Holes AM-08-08 and
AM-08-15, with the intersection of the Fire Tower East Sub-Zone,
demonstrates the exploration potential of extending the FTZ to the
east. All Phase 1 holes were vertical with the exceptions of Holes
AM-08-13a and AM-08-15.
The nature of the geological setting of the Mount Pleasant
mineralized bodies hosted within and along the contacts of granite
bodies and breccias results in highly variable shapes and
orientations of its zones. For this reason, no estimation of true
widths can be provided from these results at this stage.
Phase 2 Exploration Program at Fire Tower Zone Completed
Adex has also completed the Phase 2 exploration program at the
FTZ, designed to increase the size of the mineral resource. Results
of the Phase 2 program, which consisted of follow-up drill testing
of the Fire Tower East Sub-Zone to the south of Hole AM-08-08 and
of the Fire Tower North to the north of Hole AM-08-11, are
pending.
Since early March 2008, Adex has completed 47 drill holes in
total for its Phase 1 and 2 programs, testing both the
tin-indium-zinc-copper and tungsten-molybdenum-bismuth zones
throughout the Mount Pleasant Mine Property.
The 2008 drilling program is being completed as part of the
ongoing independent review of the Mount Pleasant Mine Property. The
results of this drilling program and the additional sampling of
historical core in the vicinity of these holes are being compiled
and incorporated into Adex's GEMCOM database of the FTZ with the
purpose of generating an updated NI 43-101-compliant deposit model
and resource estimate for the FTZ.
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 (the "2006 Fire Tower Zone
Report"). The 2006 Fire Tower Zone Report is available at
www.sedar.com.
The new technical report with respect to the Fire Tower Zone
will update the 2006 Fire Tower Zone Report which reported an
"inferred" resource of 13,074,438 tonnes at 0.35 wt.% WO3 and 0.21
wt.% MoS2.
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 and sent to a second laboratory, 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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