Adex Mining Inc.
TSX VENTURE : ADE

Adex Mining Inc.

July 23, 2009 08:37 ET

Adex Mining Targets Tin-Indium Deposits for Detailed Evaluation at Mount Pleasant

TORONTO, ONTARIO--(Marketwire - July 23, 2009) - 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
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Sub-Zones Tonnes % Sn g/t In g/t In % Zn % As %WO3 %MoS2 % Cu % Bi
(Capped)
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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
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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.

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