ADEX
ANNOUNCES ASSAY RESULTS FROM MOUNT PLEASANT DRILL PROGRAM
Toronto ? Monday, June 9, 2008 - Adex Mining
Inc. (?Adex? or the ?Company?) (TSX-V: 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
www.sedar.com. 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.
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-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?.
FOR
FURTHER INFORMATION PLEASE CONTACT:
Kabir Ahmed
President, Chief Executive Officer and Director
Adex Mining Inc.
1-866-508-2339 (ADEX)
Email: investorrelations@adexmining.com
Website: www.adexmining.com
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.
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.