Adex Mining Inc.

Adex Mining Inc.

March 03, 2010 09:07 ET

Adex Announces Pilot Plant Testing of Processing Options for Its Mount Pleasant Property

TORONTO, ONTARIO--(Marketwire - March 3, 2010) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) continues to move forward with confirmation of the process development options outlined in its recently filed National Instrument 43-101 ("NI 43-101") compliant preliminary assessment report (the "PA") on the North Zone ("NZ") of its wholly-owned Mount Pleasant Mine Property ("Mount Pleasant" or the "Property"), located in southwestern New Brunswick, Canada.

Two potential NZ production options resulted from the PA: the production of tin concentrate, indium sponge and zinc metal, and the production of tin concentrate and zinc-indium concentrate.

Adex has engaged SGS Lakefield to perform bench scale performance and locked cycle testing for its tin concentrate and zinc-indium concentrate production option and has secured a spot with SGS for commencement in April of pilot plant operations.

As well, Adex has engaged Thibault & Associates Inc. of New Brunswick for pilot testing and continuing development of a comprehensive flowsheet of its hydrometallurgical process for the production of zinc metal and indium sponge metal.

Results from pilot plant test work, expected by mid-summer 2010, will, if positive, lead directly to a definitive feasibility study ("DFS"), which will initially run concurrently with the final stages of the pilot plant programs. Positive results from the DFS as well as government regulatory approvals and project financing are expected to lead to a production decision before the end of 2010.

Pending the developments referred to above, Adex expects to be positioned to construct an access decline and begin engineering and procurement of processing equipment by early 2011. Concentrator production is targeted for late 2011.

The PA, which is available at, indicated pre-tax internal rates of return ("IRR") for the tin concentrate, indium sponge and zinc metal production option and the tin concentrate and zinc-indium concentrate production option of 28.87% and 23.49%, respectively. The PA also indicated an after-tax IRR of 22.55% for the tin concentrate, indium sponge and zinc metal production option, and an after-tax IRR of 18% for the tin concentrate and zinc-indium concentrate production option.

The PA and the economic analyses contained therein are preliminary in nature and contain "Inferred" mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PA will be realized with more detailed work. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Property hosts the tungsten-molybdenum bearing Fire Tower Zone ("FTZ") and the tin-indium-zinc bearing NZ. The FTZ is the site of a past-producing tungsten-molybdenum underground mining operation that produced and sold tungsten concentrate between 1983 and 1985.

Qualified Person

J. Dean Thibault, P. Eng., Senior Process Chemical Engineer and Principal of Thibault & Associates Inc., an independent qualified person as defined by NI 43-101, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.


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".

No securities commission or regulatory authority has approved or disapproved the contents of this press release.


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 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.

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.

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