TORONTO, ONTARIO (TSX VENTURE: ADE) is pleased to announce
results from the third hole of its 2008 diamond drill program at
the Mount Pleasant Mine Property in southwestern New Brunswick,
Canada. The results are from assays of sampled core taken at the
property's Deep Tin Zone. Results from Hole AM-08-03 include a
198-metre intersection with significant tin-indium-zinc-copper
values, including an 18-metre contained interval with 771 grams per
tonne (g/t) indium. In addition, the results demonstrate that
historically delineated (non-National Instrument 43-101("NI
43-101") compliant) mineralization at the property's Deep Tin Zone
remains open to the west.
"We're greatly encouraged by the results from hole AM-08-03,"
said Kabir Ahmed, President and CEO of Adex. "At a time of strong
markets for the metals hosted at Mount Pleasant, our results
continue to highlight the considerable potential of the project's
tin-indium-zinc-copper mineralized zones. We look forward to
further delineating the extent of the property's mineralization as
our 2008 drilling program continues to unfold."
Hole AM-08-03 returned a 198-metre intersection from 12 to 210
metres down hole. Included in this intersection is the
abovementioned high-grade indium-zinc-copper section of 18 metres
from 63 to 81 metres down-hole, which contains 771 g/t indium, 9.08
wt.% zinc and 1.22 wt.% copper, as well as four samples of
over-limit indium (greater than 1000 ppm). These overlimit indium
samples are undergoing re-assay and will result in an upward
revision of these reported indium values. Assays from hole AM-08-03
also include an additional, separate intersection of 18 metres from
321 to 339 metres down-hole, containing a higher grade tin
intersection of 0.44 wt.% tin.
Detailed results for hole AM-08-03 are as follows:
---------------------------------------------------------------------------
Hole From To Tin Indium Zinc Cop- Bis- Tung- Molyb- Arse-
ID (m) (m) (wt.%) (wt.%) per muth sten denum nic
(wt.%) (wt.%) WO3 MoS2 (wt.%)
(wt.%) (wt.%)
---------------------------------------------------------------------------
AM-08-03 12 210 0.20 154 2.10 0.20 0.06 0.08 0.09 0.78
(a) (g/t)
---------------------------------------------------------------------------
includ- 63 81 0.27 771 9.08 1.22 0.12 0.13 0.08 2.02
ing (g/t)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
AM-08-03 321 339 0.44 116 0.53 0.14 0.10 0.12 0.13 1.95
(b) (g/t)
---------------------------------------------------------------------------
Hole-08-03 is located approximately 10 metres west of historical
(non- NI 43-101 compliant) vertical drill hole MPS 195, which had
reported 192 metres of 0.16wt. % tin, 121 g/t indium and 1.56wt. %
zinc, including a short high-grade indium-rich section similar to
that found in AM-08-03. This demonstrates that the Deep Tin Zone
and its historical high-grade subsection remain open to the west.
Follow-up drilling to further delineate mineralization in this area
is planned for completion by the second drill located at Mount
Pleasant. The historical, non-NI 43-101 compliant total "resource"
at the North and Deep Tin zones consists of 3,645,429 tonnes of
0.80wt. % tin, 107 ppm (107 g/t) indium, 0.87wt. % zinc and 0.19wt.
% copper based on a 1997 feasibility study completed by Kvaerner
Metals Davy Ltd.
Since March of 2008, a total of 22 drill holes encompassing
approximately 7,400 metres have been completed on the Mount
Pleasant property. Assay results remain pending for 19 of the 22
holes, as well as for additional splitting and sampling of core
from 16 historical holes. The nature of the geological setting of
the North Zone's mineralized bodies results in highly variable
shapes and orientations of its zones. For this reason, no
estimation of true widths can be provided for results at this
stage. Drilling at both the tin-indium-zinc-copper and
tungsten-molybdenum zones at Mount Pleasant is continuing, with
both drills on the property in operation.
The 2008 drilling program is being completed as part of an
ongoing review of the Mount Pleasant property with the purpose of
completing an updated NI 43-101-compliant evaluation of the
resource at the North and Deep Tin zones. As this work continues,
demand for the metals hosted at Mount Pleasant remains robust,
resulting in price levels favourable to mining development. The
London Metal Exchange price for tin was US$23,100 per tonne at
close on July 3, near its all-time high, according to Platts
Metals. The price of indium is at US$685-$700/kilograms (ingot) as
of June 30, according to the Northern Miner.
Additional information concerning the Mount Pleasant Property is
contained 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.
Quality Assurance/Quality Control
Adex Mining has implemented an industry standard QA/QC program.
Core is split in half using a hydraulic core splitter, sealed in
secure packages and shipped by bonded carrier 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 pulp
duplicate unknown to the laboratory is submitted per batch of 10
samples, while a polymetallic standard unknown to the laboratory is
included with each shipment of duplicate samples. S.G.S. fulfills
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 NI
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."
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 press release.
Contacts: Adex Mining Inc. Kabir Ahmed President, Chief
Executive Officer and Director 1-866-508-2339 (ADEX) Email:
investorrelations@adexmining.com Website: www.adexmining.com
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