Adex Mining Inc.

Adex Mining Inc.

September 16, 2010 09:30 ET

Adex Provides Development Strategy Update for Its Mount Pleasant Mine Property

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2010) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to provide the following update on its development strategy related to its wholly-owned Mount Pleasant Mine Property ("Mount Pleasant" or the "Property"), located in south-western New Brunswick, Canada. The Property includes two potentially economic mineral deposits, the tin-indium-zinc North Zone and the tungsten-molybdenum Fire Tower Zone.

As announced on August 23, 2010, Adex has signed a Subscription Agreement (the "Agreement") with Great Harvest Canadian Investment Company Limited ("Great Harvest") pursuant to which Great Harvest has agreed to provide the funding for a definitive feasibility study ("DFS") with respect to the North Zone and provide or arrange for funding which will permit the commencement of commercial mining operations at Mount Pleasant. The transactions provided for in the Agreement are subject to the approval of the shareholders of Adex, which will be sought at a special meeting of shareholders called for October 14, 2010. The management and board of directors of Adex fully support the Agreement and the transactions contemplated thereby, as they will allow for the commercial development of Mount Pleasant and are anticipated to bring synergies to enhance shareholder value.

The association of Adex and Great Harvest has several positive implications in addition to providing project financing. Firstly, Great Harvest represents a well financed resource development group based in Hong Kong with experience with operations in foreign jurisdictions. Additionally Great Harvest can assist in accessing technologies for the enhanced recovery of metals, especially tin and tungsten. Great Harvest has a metals and concentrate trading division which could assist with the sale of the metal products from Mount Pleasant.

Adex and Great Harvest believe that Mount Pleasant represents a unique mineral inventory with two distinct deposits (the North Zone and the Fire Tower Zone) in a secure jurisdiction with access to existing infrastructure. The metals proposed for commercial extraction represent key products associated with the information technology industry (tin and indium) and the high tech metals industry (tungsten and molybdenum). 

The development strategy for Adex, which is supported by Great Harvest, is the production of metal products as opposed to metal concentrates. Technical work has now been completed which indicates that indium and zinc could be finished to final 'marketable' metal products on site. In addition, proposed test work could demonstrate the viability of producing tin metal. This would both greatly assist in the conclusion of off-take agreements and improve commercial returns for shareholders.

The second step of Adex's development strategy anticipates that once the North Zone is in commercial production, the Company would utilize its cash flows, production experience and enhanced balance sheet to bring the Fire Tower Zone into commercial production. The production of final 'marketable' metal products is also possible from the Fire Tower Zone, with the production of APT (ammonia para-tungstate) and molybdenum dioxide or molybdic oxide proposed.

Adex plans to commence a DFS on the North Zone before the end of 2010. Included with the financial and technical studies is ongoing metallurgical test work and definition drilling (to upgrade the classification of the resources) which are anticipated to improve project returns. The DFS is expected to be completed in the first half of 2011. Once a production decision has been made, Great Harvest will assist Adex in identifying mining and mill equipment as well as construction materials which could offer significant reductions to capital costs.

Adex management is confident in the soundness of its development plans and looks forward to ultimately bringing a mine into production.


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 80 kilometres south of Fredericton, the provincial capital, and 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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