Adex Mining Inc.
TSX VENTURE : ADE

Adex Mining Inc.

February 08, 2011 08:45 ET

Adex Reports Initial High Grade Drill Results at Mount Pleasant

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2011) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announce the completion of its 2010 diamond drilling program on the tin-indium-zinc North Zone at the Mount Pleasant Mine Property in southwestern New Brunswick, Canada and the return of preliminary analytical results.

The purpose of the program was primarily to upgrade the North Zone National Instrument 43-101 ("NI 43-101") compliant "inferred" resources to "indicated" category and to obtain roof pillar geotechnical information in support of the planned definitive feasibility study for commercial development of the North Zone. The drilling was also intended to test and expand those high grade portions of the sub-zones identified at less than 250 metres depth. In total, 3,734 metres of drilling was completed in 26 NQ holes. Fifteen of the holes are vertical with the remainder oriented in various directions from 41 to 75 degrees dip. 

Despite the definition drilling purpose of the program, exciting new exploration results are being generated. Hole AM-10-10, drilled in an underexplored part of the North Zone, intersected four metres of 4.67% tin ("Sn"), 14.5% zinc ("Zn"), 980 g/t indium ("In") and 0.56% copper ("Cu") beneath a historical hole which in the 1970s had intersected 41 metres of 4.08% Zn and 0.10% Sn. No indium analyses had been completed on core from the historical hole. The intersection suggests the discovery of a new-high grade sub-zone open both laterally and at depth. A follow-up hole has been completed up-dip from the historical hole with analytical results pending.

Other highlighted results are from Hole AM-10-18 which was drilled to test the southeastern extension of the Deep Tin Zone. Drilling intersected high grade mineralization of six metres grading 1.74% Sn, 7.01% Zn, 520 g/t In and 0.21% Cu. Hole AM-10-20 was drilled 15 metres to the west of a high grade intersection encountered in Hole AM-08-03 (0.27% Sn, 9.08% Zn, 1,920 g/t In and 1.22% Cu over 18 metres announced July, 2008) and returned two intersections of six metres each grading 0.49% Sn, 9.42% Zn, 212 g/t In and 0.46% Cu, and 0.26% Sn, 10.5% Zn, 1,860 g/t In and 0.91% Cu. In addition, Hole AM-10-13 which was drilled to test the southern extension of the North Adit Zone intersected nine metres of 1.62% Sn, 0.43% Zn, 121 g/t In and 0.59% Cu. Preliminary drilling results are tabulated below.

Hole
Identification
From
(m)
To
(m)
Length
(m)
Tin
(wt.%)
Indium
(g/t)
Zinc
(wt.%)
Copper
(wt.%)
Bismuth
(wt%)
Arsenic
(wt.%)
AM-10-01 153 159 6 0.14 177 1.87 0.08 0.18 3.49
  222 228 6 0.34 136 0.78 0.26 0.04 2.12
AM-10-04 22 28 6 0.13 160 5.99 0.17 0.03 1.14
  40 64 24 0.47 69 1.77 0.08 0.01 0.84
AM-10-05 31 49 18 0.22 60 2.46 0.05 0.02 0.78
AM-10-06 45 54 9 0.15 60 0.33 0.24 0.03 0.294
AM-10-07 117 123 6 0.97 11 0.02 0.01 0.05 1.91
AM-10-08 96 102 6 0.24 118 0.89 0.12 0.02 0.29
AM-10-10 110 114 4 4.67 984 14.5 0.56 0.83 3.88
AM-10-11 138 159 21 0.35 4 0.04 0.02 0.07 0.81
AM-10-12 67 90 23 0.52 67 0.39 0.22 0.04 1.16
AM-10-13 135 162 27 0.79 50 0.19 0.23 0.09 1.38
Including 138 147 9 1.63 121 0.43 0.59 0.19 2.74
AM-10-14 75 88.5 13.5 0.76 89 0.13 0.37 0.04 2.68
AM-10-16 112 118 6 0.44 753 6.50 0.40 0.07 1.85
AM-10-18 91 97 6 0.24 117 2.12 0.25 0.05 0.89
  202 208 6 1.74 520 7.01 0.21 0.03 0.36
AM-10-20 111 117 6 0.49 212 9.42 0.46 0.02 0.9
  183 189 6 0.26 1,860 10.5 0.91 0.08 2.08
AM-10-21 90 111 21 0.17 139 3.61 0.15 0.07 3.00
  123 129 6 0.21 241 3.70 0.06 0.04 2.45
AM-10-22 60 65 5 0.17 235 2.12 0.31 0.01 0.64
AM-10-23 50 68 18 0.16 280 1.65 0.12 0.03 0.79
AM-10-24 60 69 9 0.22 103 2.92 0.06 0.02 2.97

Nearly all of the drill holes to-date have intersected significant grades and widths of Sn-In-Zn mineralization. Due to the variable thickness and sinuous character of the mineralized bodies that make up the North Zone, no assessment of true thickness can be estimated from these individual intersections at this time. Holes AM-10-02, AM-10-03 and AM-10-26 were drilled for geotechnical assessment purposes and no core samples for assay were obtained. Analytical results remain pending for holes AM-10-15, AM-10-17, AM-10-19 and AM-10-25. 

Concurrent with this drilling, a program of surface trenching, and additional sampling and analysis of core from historical holes located in the vicinity of the 2010 drilling has been completed. The results are being compiled and incorporated into Adex's GEMCOM database of the North Zone with the purpose of revising and upgrading an NI 43-101 compliant deposit model and resource estimate for the mineralized bodies.

The total North Zone 43-101 resource estimate presently includes an "indicated" resource of 10,882,700 tonnes grading 0.43% Sn, 67.8 g/t In and 0.67% Zn plus an "inferred" resource of 7,602,800 tonnes grading 0.22% Sn, 74.6 g/t In and 0.99% Zn. The work is being conducted by Adex in conjunction with an upcoming definitive feasibility study of the North Zone. Details of the North Zone resource estimate are compiled in the NI 43-101 compliant 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 Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, and SGS Geostat Limited, which is available on SEDAR at www.sedar.com.

Quality Assurance/Quality Control

Adex has implemented an industry standard QA/QC program. Core is split in half using a hydraulic core splitter, sealed in secure packages and transported directly by Adex personnel to the Activation Laboratories preparation facility in Fredericton, New Brunswick. Pulps are sent by bonded carrier from the facility to Activation Laboratories in Ancaster, Ontario for analyses by Fusion XRF for tin and tungsten, and sodium peroxide fusion with either ICP-MS or ICP-OES finish for indium, molybdenum, bismuth, arsenic, zinc, copper and lead. A pulp duplicate unknown to the laboratory is submitted per batch of 10 samples, and sent to S.G.S. Laboratories in Toronto for analysis using sodium peroxide fusion with ICP-MS finish for indium and ICP-OES finish for tungsten, molybdenum, tin, bismuth, arsenic, zinc, copper and lead. A polymetallic standard unknown to the laboratory is included with each batch of duplicate samples. Both S.G.S. and Activation Laboratories fulfill standard QA/QC protocols.

Qualified Person

The Mount Pleasant exploration program is being conducted under the direction of Trevor Boyd, P.Geo., the company's independent Geological Consultant and a qualified person as defined by National Instrument 43-101. Mr. Boyd 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 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."

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

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