Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to announce preliminary analytical results for the Phase 2
drilling program at its Mount Pleasant Mine Property (the
"Property" or "Mount Pleasant") in southwestern New Brunswick,
Canada. The Phase 2 drill results to date continue to show the
presence of wide intersections of shallow tin-indium-zinc-copper
mineralization in the vicinity of the Deep Tin Sub-Zone, and have
been successful in enlarging the extent and width of each of the
Deep Tin Sub-Zone and the North Adit Sub-Zone located within the
Property's North Zone.
"We have been highly encouraged by the results to date of our
2008 drilling program at Mount Pleasant," said Kabir Ahmed,
President and CEO of Adex Mining. "These preliminary Phase 2
drilling results are expected to assist us in enlarging the size of
the mineralized bodies at Mount Pleasant which will have the effect
of increasing the economic potential of the Property, as we
continue our fast-track approach to moving to the feasibility stage
of development."
The Phase 2 results to date are for sampled core from Holes
AM-08-21 to AM-08-39. All holes are vertical, with the exception of
Holes AM-08-30 and AM-08-31. Summary results for Holes AM-08-30,
AM-08-31, AM-08-33, AM-08-34, AM-08-35, AM-08-37 and AM-08-39,
which tested the Deep Tin Sub-Zone, are as follows:
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Hole From To Tin Indium Zinc Copper Arsenic
Identification (m) (m) (wt.%) (g/t) (wt.%) (wt.%) (wt.%)
----------------------------------------------------------------------------
AM-08-30 20 32 0.22 24 5.63 0.18 0.56
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Plus 155 209 0.34 174 2.51 0.19 0.76
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AM-08-31 35 197 0.10 56 0.90 0.07 1.50
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Including 35 101 0.06 86 1.12 0.05 0.71
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Including 143 197 0.18 54 1.08 0.11 2.84
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Including 143 158 0.48 134 3.03 0.30 3.20
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AM-08-33 83 104 0.10 80 1.43 0.06 0.49
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AM-08-34 16 130 0.08 60 1.35 0.04 0.81
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Including 16 49 0.17 106 1.51 0.07 1.60
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Including 97 130 0.09 102 2.90 0.05 0.85
----------------------------------------------------------------------------
AM-08-35 71 243 0.38 92 0.87 0.06 1.03
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Including 116 242 0.41 132 1.07 0.08 1.66
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Including 155 170 1.43 398 3.56 0.14 1.49
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AM-08-37 34 265 0.12 46 0.62 0.07 1.38
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Including 163 265 0.19 50 0.46 0.11 1.53
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Including 178 199 0.32 97 0.61 0.12 1.45
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AM-08-39 44 227 0.16 52 0.78 0.06 0.87
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Including 44 89 0.18 102 1.23 0.05 0.53
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Including 122 164 0.29 59 1.14 0.04 1.16
----------------------------------------------------------------------------
Holes AM-08-30 and AM-08-31 are 80 degree north-dipping holes
collared 50 and 25 metres to the south of the previously drilled
Hole AM-08-03. Holes AM-08-33 and AM-08-37 were collared 40 metres
west and 50 metres east of Hole AM-08-03. Hole AM-08-34 was
collared 50 metres south of AM-08-04 and 75 metres west-northwest
of Hole AM-08-03. Hole AM-08-39 is a vertical hole collared 60
metres southeast of Hole AM-08-04 and 50 metres north-northwest of
Hole AM-08-03. Hole AM-08-35 is a vertical hole collared 40 metres
east of Hole AM-08-04 and drilled as a twin of a tin-rich
historical hole to be used primarily to recover material for
mineralogical testing.
These drilling results support the interpreted belief of the
presence of a continuous thick belt of near-surface
tin-indium-zinc-copper mineralization trending from Hole AM-08-04
southeast for at least 300 metres through Hole AM-08-03 to Hole
AM-08-06. The mineralized belt appears to be cut off to the
southwest in Hole AM-08-33. However, the results of Holes AM-08-30,
AM-08-31 and AM-08-06 demonstrate that the belt remains open to the
south and southeast. Results remain pending from additional Holes
AM-08-40 and AM-08-41 drilled west and north of Hole AM-08-34.
Summary results for Holes AM-08-22, AM-08-23, AM-08-25,
AM-08-26, AM-08-27, AM-08-32 and AM-08-36, which tested the North
Adit Sub-Zone in the North Zone, are as follows:
----------------------------------------------------------------------------
Hole Ind- Bis- Tung- Moly-
Identi- From To Tin ium Zinc Copper muth sten bdenum Arsenic
fication (m) (m) (wt.%) (g/t) (wt.%) (wt.%) (wt.%) (wt.%) (wt.%) (wt.%)
(WO3) (MoS2)
----------------------------------------------------------------------------
AM-08-22 73 112 0.08 85 0.79 0.02 0.08 0.03 0.02 1.05
----------------------------------------------------------------------------
AM-08-23 79 91 0.02 30 0.09 0.08 0.20 0.14 0.12 1.91
----------------------------------------------------------------------------
AM-08-25 107 116 0.07 86 0.26 0.05 0.02 0.02 0.03 0.60
----------------------------------------------------------------------------
Plus 155 224 0.47 19 0.27 0.06 0.08 0.19 0.02 3.09
----------------------------------------------------------------------------
Including 185 221 0.83 28 0.42 0.10 0.14 0.31 0.02 5.37
----------------------------------------------------------------------------
AM-08-26 35 62 0.11 27 0.35 0.05 0.02 0.02 0.02 0.65
----------------------------------------------------------------------------
Plus 194 233 0.28 17 0.15 0.03 0.05 0.16 0.08 2.63
----------------------------------------------------------------------------
Including 194 203 0.65 18 0.06 0.02 0.04 0.12 0.05 2.45
----------------------------------------------------------------------------
AM-08-27 3 14 0.12 24 0.33 0.10 0.01 0.01 0.02 0.10
----------------------------------------------------------------------------
Including 92 122 0.55 109 1.09 0.25 0.05 0.10 0.02 3.66
----------------------------------------------------------------------------
AM-08-32 135 195 0.09 67 0.78 0.02 0.06 0.28 0.09 0.57
----------------------------------------------------------------------------
Including 141 174 0.10 82 0.81 0.02 0.07 0.36 0.11 0.68
----------------------------------------------------------------------------
AM-08-36 57 132 0.05 15 0.16 0.02 0.10 0.28 0.15 1.33
----------------------------------------------------------------------------
Plus 210 261 0.26 13 0.50 0.04 0.06 0.16 0.07 6.15
----------------------------------------------------------------------------
Including 234 255 0.47 6 0.55 0.05 0.07 0.17 0.04 6.76
----------------------------------------------------------------------------
Holes AM-08-36 and AM-08-32, collared 40 metres northwest and
100 metres east-northeast of Hole AM-08-10, respectively,
encountered wide sections of mixed tin-indium-zinc-copper and
tungsten-molybdenum-bismuth mineralization similar to that which
was intersected in Holes AM-08-02 and AM-08-10. Hole AM-08-22 was
drilled 50 metres east of Hole AM-08-01. Holes AM-08-25, AM-08-26
and AM-08-27 were drilled from 50 to 100 metres north and northwest
of Hole AM-08-01 and extended a tin and tungsten-rich portion of
the sub-zone in those directions. The results indicate the North
Adit Sub-Zone remains open laterally to the north, northwest and
east.
Hole AM-08-23 was drilled 60 metres northeast of Hole AM-08-10
and was abandoned at 124 metres due to poor ground conditions. The
hole did not properly test its target.
Initial Phase 2 Fire Tower Zone results
Results for Holes AM-08-21 and AM-08-24, which tested the
tungsten-molybdenum Fire Tower Zone, are as follows:
----------------------------------------------------------------------------
Hole From To Bismuth Tungsten Molybdenum Arsenic
Identification (m) (m) (wt.%) (wt.%) (wt.%) (wt.%)
(WO3) (MoS2)
----------------------------------------------------------------------------
AM-08-21 324 366 0.03 0.15 0.18 0.52
----------------------------------------------------------------------------
AM-08-24 423 441 0.12 0.29 0.15 0.48
----------------------------------------------------------------------------
Hole AM-08-24, drilled 100 metres north-northeast of AM-08-11,
extended the Fire Tower North Sub-Zone a further 40 metres in that
direction. Hole AM-08-21 was drilled 50 metres south of Hole
AM-08-08 to test the Fire Tower East Sub-Zone.
Holes AM-08-28, AM-08-29 and AM-08-38 drill tested exploration
targets east of the North Zone, encountering sporadic mineral
occurrences, but no significant metal values.
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. Thus, no estimation of true widths can
be provided from these results at this stage. Besides the drilling
exploration, a extensive program of additional splitting and
sampling of historical core and the completion of missing indium
analyses for sample pulps and split core stored at the Mount
Pleasant site is continuing to better define the shape and extent
of these bodies, particularly at shallow depths in the vicinity of
the North Adit Sub-Zone and the Deep Tin Sub-Zone.
The 2008 drilling program was completed as part of an ongoing
review of the Mount Pleasant Mine Property with the purpose of
completing an updated National Instrument 43-101 ("NI 43-101")
-compliant resource estimation of both the North Zone and the Fire
Tower Zone.
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. Samples
are also sent 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.
Both S.G.S. and Activation Laboratories fulfill 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 NI
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
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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