Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: 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
----------------------------------------------------------------------------
Sub-Zones Tonnes % Sn g/t In g/t In % Zn % As %WO3 %MoS2 % Cu % Bi
(Capped)
----------------------------------------------------------------------------
Indicated
Deep Tin 5,006,000 0.39 101.0 95.2 0.86 1.25 0.08 0.06 0.14 0.08
Endogranitic 4,336,000 0.55 21.8 20.3 0.28 0.85 0.12 0.06 0.10 0.09
94.9 1.36 0.76
Upper Deep
Tin 838,000 0.22 102.8 0.08 0.06 0.07 0.05
#4 Tin Lode 702,000 0.25 74.1 74.1 1.00 0.19 0.01 0.01 0.09 0.00
Total
Indicated 10,882,000 0.43 67.8 64.0 0.67 0.98 0.09 0.06 0.11 0.08
Inferred
#1-3 Tin Lode 2,345,000 0.18 76.8 73.5 1.08 0.28 0.02 0.03 0.09 0.01
#5 Tin Lode 1,267,000 0.15 115.4 111.3 1.50 0.70 0.07 0.04 0.08 0.03
North Adit 3,076,000 0.27 62.1 62.1 0.83 1.16 0.09 0.06 0.09 0.07
North W-Mo 915,000 0.26 54.3 49.8 0.58 1.14 0.25 0.12 0.12 0.10
Total
Inferred 7,603,000 0.22 74.6 72.3 0.99 0.80 0.08 0.05 0.09 0.05
----------------------------------------------------------------------------
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
Trevor Boyd, P.Geo., the Company's Geological Consultant, and
Mr. J. Dean Thibault, M.Sc., P.Eng., of Thibault & Associates
Inc., are qualified persons as defined by National Instrument
43-101 ("NI 43-101") and 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." Technical materials relating to Adex's Mount
Pleasant property is available on SEDAR at www.sedar.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.
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.
Contacts: Adex Mining Inc. J. Errol Farr, CMA President, Chief
Executive Officer and Director 1-866-508-2339 (ADEX)
investorrelations@adexmining.com www.adexmining.com
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