Adex Mining Inc.

Adex Mining Inc.

July 02, 2008 10:11 ET

Adex Mining Inc. Engages Leading Global Engineering Firm to Complete Scoping Study at Mount Pleasant

TORONTO, ONTARIO--(Marketwire - July 2, 2008) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announce that it has contracted Aker Metals, a division of Aker Solutions Canada Inc. ("Aker Solutions") to conduct a scoping study on the Fire Tower Zone of Adex's wholly-owned Mount Pleasant Mine property in southwestern New Brunswick, Canada. An important step in assessing the economic potential of the Fire Tower Zone's tungsten-molybdenum mineralization, the scoping study will be undertaken in compliance with National Instrument 43-101 technical requirements. The study was commenced on June 30, 2008 and a site visit to the Mount Pleasant Mine property on July 3, 2008 has been scheduled by Aker Solutions. The scoping study is expected to be completed in approximately 12 to 14 weeks.

"The scoping study is a key step forward for Adex that will greatly assist us in our efforts to fast-track mine development at the Mount Pleasant Mine property, with a view to resuming active production," said Kabir Ahmed, President and CEO of Adex Mining. "The study will provide Adex's management team with an important decision-making tool in preparation for definitive feasibility work at the property. We are very pleased to have an organization of Aker Solutions' calibre and track record working with us on this project."

The scoping study is designed to generate capital and operating cost estimates for the Fire Tower Zone at a scoping level of definition. In support of these cost estimates, the study is to include a process equipment list, process building major equipment layout, proposed tailings management systems and projected additional site infrastructure needs, as well as a number of other deliverables. Information in the scoping study is designed to be suitable for inclusion, in summarized form, in a National Instrument 43-101-compliant technical report.

A positive indication from the scoping study would assist Adex in determining the viability of proceeding with a full feasibility study on the Mount Pleasants Mine property, which would be an important step towards the resumption of active mining. In addition, a positive indication would assist the Company in planning for any necessary financing in preparation for feasibility work, and in placing orders for equipment for timely delivery ahead of the commencement of feasibility activities.

The property's Fire Tower Zone contains a National Instrument 43-101-compliant inferred resource of 13,074,438 tonnes at 0.35% tungsten oxide (WO3) and 0.21% molybdenum disulphide (MoS2). In the early 1980s, Billiton Exploration Canada Ltd. invested over $150 million in the construction of a tungsten mine and mill at Mount Pleasant's Fire Tower Zone. The facility was active from 1983 to 1985, milling 990,200 tonnes of tungsten ore at a grade of 0.35%. Difficult economic conditions and a downturn in the price of tungsten led to the mine's closure in 1985.

Existing infrastructure of the Mount Pleasant Mine property includes a tailings pond and well-preserved surface facilities, such as ore storage areas, conveyor galleries, warehouse space and office space. The cost of upgrading the existing infrastructure at the Mount Pleasant Mine property is inexpensive relative to the cost of constructing such infrastructure from zero, meaning material reductions to Adex's capital costs if feasibility studies indicate that the property is economically viable.


Until recently known as Aker Kvaerner, Aker Solutions is a leading global provider of engineering and construction services, technology products and integrated solutions. The businesses within Aker Solutions comprise several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Solutions group is organized in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 50 billion and employs approximately 23,000 people in about 30 countries. With its Metals Headquarters based in Santiago, Chile, Aker Solutions has other Metals offices located in Toronto, Canada; Tucson, Arizona, U.S.A.; combined with regional metals capabilities in Perth, Brisbane, and Melbourne, Australia; Mumbai, India and Stockton-on-Tees, U.K. The Metals Division of Aker Solutions provides global capability to serve its clients across the full project cycle from studies through to design engineering, procurement, construction, commissioning and startup. Specialized expertise spans: precious metals, nickel, copper, molybdenum, iron ore, zinc, uranium, evaporites and industrial minerals.


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."

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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