Adex Mining Inc.
TSX VENTURE : ADE

Adex Mining Inc.

September 25, 2007 09:25 ET

Adex Mining Inc. Outlines Planned Drill Program at Mount Pleasant

TORONTO, ONTARIO--(Marketwire - Sept. 25, 2007) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to outline its drilling and exploration program for the Mount Pleasant Mine Property (the "Property") located in southwestern New Brunswick. The program includes plans for a minimum of 5,000 metres of drill testing as well as upgrading of the infrastructure at the Property. Proposals from drilling contractors are currently being reviewed with a view to commencing a diamond drilling program at the Property in the early winter of 2007-08.

"Adex remains committed to advancing its Mount Pleasant Mine Property at an accelerated pace," said Kabir Ahmed, President and CEO of Adex. "The expected commencement of drilling in the near future will mark a significant milestone for Adex, and we are pleased to be making steady progress with our plans."

The drilling and exploration program will be under the direction of Dr. Trevor Boyd, Ph.D., P.Geo., Geological Consultant to the Company, and a qualified person for the purposes of National Instrument 43-101 Standards of Compliance for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators.

The Mount Pleasant drill program proposes a minimum of 5,000 metres of drilling within the Fire Tower, North and Deep Tin zones. The Fire Tower Zone contains NI 43-101 compliant inferred resource of 13,074,438 tonnes at 0.35% tungsten oxide (WO3) and 0.21% molybdenum disulphide (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, Dorota A. El-Rassi, M.Sc., P.Eng., Geological Engineer of Watts, Griffis and McOuat Limited ("WGM") and Dr. Trevor Boyd, Ph.D., P.Geo., Independent Consultant, which is available at www.sedar.com.

The North and Deep Tin zones contain an NI 43-101 non-compliant historical total resource of 3,645,429 tonnes of 0.80% tin, 107 grams per tonne (g/t) indium, 0.87% zinc and 0.19 % copper based upon a 1997 feasibility study completed by Kvaerner Metals Davy Ltd. The historic estimates were prepared prior to the implementation of NI 43-101 and have not been audited by WGM nor has any attempt been made to classify them according to NI 43-101 standards or the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. These historical estimates are presented because the Company and WGM consider them to be relevant and of historic significance, but they should not be relied on.

The purpose of drilling at Fire Tower is to obtain mineralized material for bench-scale metallurgical test work, and to provide more geological and grade information to incorporate into the existing drill hole database as recommended in the Technical Review referred to above. The purpose of the drilling program at the North and Deep Tin zones is similar. However it will be completed in conjunction with the undertaking of a separate NI 43-101 compliant technical review of these mineralized bodies.

Exploration drilling is also planned with the purpose of expanding the Fire Tower and North zones where they remain open along strike, and to evaluate the potential of historic surface tin-indium-zinc-copper showings.

Additional plans include the examination of drill core from previous drilling, which is stored on the Property. The purpose of this work is the re-logging, sampling and analyzing of previously un-split sections of core, and the additional sampling of historic core and pulps which were not previously assayed for indium.

These programs will be carried out in conjunction with the general reactivation and upgrading of the infrastructure at the Property, including the undertaking of bench-scale metallurgical test work to develop preliminary flow sheets.

A preliminary budget of $1.5 million has been estimated for the projects described above which will be funded from the Company's current cash position.

Adex will make a further announcement once it has successfully entered into a drilling services contract.

ABOUT ADEX:

Adex is a junior public resource company whose primary asset is the Mount Pleasant Mine, a multi-metal mine development project located in Charlotte County, New Brunswick, approximately 80 kilometres south of Fredericton, 97 kilometres northwest of Saint John, 38 kilometres north of St. George and 65 kilometres from the United States border. The common shares of the Company 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.

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.

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

Contact Information

  • Adex Mining Inc.
    Kabir Ahmed
    President, Chief Executive Officer and Director
    (416) 941-9663