Adex Mining Inc.

Adex Mining Inc.

June 09, 2008 08:55 ET

Adex Announces Assay Results From Mount Pleasant Drill Program

TORONTO, ONTARIO--(Marketwire - June 9, 2008) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announce the return of assays from the first and second holes of its 2008 diamond drilling program on its Mount Pleasant Property in southwestern New Brunswick, Canada. The results are from assays of sampled core from vertical definition drill holes testing the tin-indium-zinc-copper (Sn-In-Zn-Cu) North Zone ("NZ") where there is a historical non-National Instrument 43-101 ("NI 43-101") compliant total "resource" of 3,645,429 tonnes of 0.80% Sn, 107 parts per million In, 0.87% Zn and 0.19 % Cu at the NZ and the Deep Tin Zone, based upon a 1997 feasibility study completed by Kvaerner Metals Davy Ltd. The drilling is being completed as part of ongoing review of the Mount Pleasant Property with the purpose of completing a NI 43-101 compliant evaluation of the resource.

The historical estimates presented above were prepared prior to the implementation of NI 43-101. A qualified person has not done sufficient work to classify these historical estimates according to NI 43-101 standards or the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and Adex is not treating these historical estimates as current mineral resources as defined in NI 43-101. They are presented because Adex considers them to be relevant and of historic significance. These historical estimates should not be relied on.

Based upon the assay results, Hole AM-08-01 drilled 162 metres, from 93 - 255 metres down-hole, of 0.22 wt.% Sn, 45 g/t In, 0.71 wt.% Zn, 0.08 wt.% Cu, 0.15 wt.% Bi, 0.15 wt.% WO3, 0.07 wt.% MoS2 and 3.07 wt.% As. Included in this intersection is a high-grade tin section of 36 metres containing 0.78 wt.% Sn, 12 g/t In, 0.05 wt.% Zn, 0.13 wt.% Cu, 0.23 wt% Bi, 0.13 wt.% WO3, 0.08 wt.% MoS2 and 4.69 wt.% As, and includes two separate three metre sub-sections with tin grades as high as 3.23 wt.% and bismuth grades as high as 0.91 wt%. In addition, a separate high grade indium-zinc-tin section within the aforementioned 162 metre section grades 12 metres of 408 g/t In, 8.19 wt.% Zn, 0.44 wt.% Sn, 0.50 wt% Cu, 0.15 wt.% Bi, 0.22 wt.% WO3, 0.14 wt.% MoS2 and 1.67 wt.% As. Based upon these results additional sampling is being conducted on core from the hole.

Assays of sampled core from Hole AM-08-02 indicate the presence of higher WO3-MoS2 and lower Sn contents, and return a grade starting at nine metres depth of 0.23 wt.% WO3, 0.11 wt% MoS2, 0.05 wt.% Bi, 0.08 wt.% Sn, 34 g/t In, 0.56 wt.% Zn and 0.98 wt% As over 231 metres. Included in this intersection is a higher grade tungsten-rich section of 69 metres starting at 90 metres depth at 0.47 wt.% WO3, 0.11 wt.% MoS2, 0.06 wt.% Bi, 0.10 wt.% Sn, 43 g/t In, 0.60 wt.% Zn and 1.14 wt.% As. The result from this hole is exciting because this is a comparable tungsten and molybdenum grade and width to that found at the Fire Tower Zone ("FTZ"), but at a considerably shallower depth. The FTZ contains a NI 43-101 compliant inferred resource of 13,074,438 tonnes grading 0.35 wt.% WO3 and 0.21 wt.% MoS2 as outlined 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 In addition, within the hole, a high-grade tin intersection of 3.94 wt.% Sn over three metres is reported at 366 metres depth.

Assays remain pending from the sampling of core from five additional drill holes on the NZ plus four holes recently completed on the FTZ. Due to the nature of the geological setting of the NZ mineralized bodies resulting in highly variable shapes and orientations of its zones, no estimation of true widths can be provided for these results at this stage. Exploration is continuing on the Mount Pleasant Property with two drills.

Procedures for core sampling include splitting the core in half using a hydraulic core splitter, sealing the core in secure packages and shipping the core by bonded carrier to S.G.S. Laboratories in Toronto for analysis using sodium peroxide fusion with ICP-OES finish for W, Mo, Sn, Bi, As, Zn, Cu, Pb, and ICP-MS finish for In. A pulp duplicate unknown to the laboratory is submitted per batch of ten samples. A polymetallic standard, unknown to the laboratory, is included with each shipment of duplicate samples. S.G.S. fulfilled standard QA/QC protocols.

"We are making significant progress in our efforts to upgrade and update the NZ's historical tin-indium-zinc-copper mineral resource estimates to NI 43-101 compliant 'indicated/measured' categories", said Kabir Ahmed, President and Chief Executive Officer of Adex. "As we receive the remaining assay results from the NZ drill program, we expect to issue a new NI 43-101 compliant technical report on the NZ."

Mr. Ahmed added that "initial assay results from the NZ also show the presence of tungsten-molybdenum mineralization. This is very exciting, as it may indicate the presence of previously unknown tungsten-molybdenum deposits in the NZ."

The Mount Pleasant exploration program is under the direction of Trevor Boyd, P.Geo, the Company's independent Geological Consultant and a qualified person for the purposes of NI 43-101, who, in compliance with NI 43-101, supervised the preparation of the technical information contained in this press release.


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, Mount Pleasant 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".


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.

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.

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