Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to announce the filing of a National Instrument 43-101 ("NI
43-101") compliant preliminary assessment report (the "PA") on the
North Zone ("NZ") of its wholly-owned Mount Pleasant Mine Property
("Mount Pleasant" or the "Property"), located in southwestern New
Brunswick, Canada with the Ontario, British Columbia and Alberta
securities commissions.
As reported in a press release issued by Adex on December 9,
2009 (Adex Mining Reports Indium, Zinc and Tin Production Options
for Mount Pleasant North Zone -
http://www.adexmining.com/news09122009.php), the results of the PA
indicate that there are two potentially viable production options
for the NZ, including the production of tin concentrate, indium
sponge and zinc metal, and the production of tin concentrate and
zinc-indium concentrate. Based on a 10-year projected life for the
NZ and production rate of 850 tonnes per day, the PA shows pre-tax
internal rates of return ("IRR") for the tin concentrate, indium
sponge and zinc metal production option and the tin concentrate and
zinc-indium concentrate production option of 28.87% and 23.49%,
respectively.
The press release issued by Adex on December 9, 2009 indicated
an after-tax NPV and IRR for tin concentrate, indium sponge and
zinc metal production option of $54.2 million and 23.94%,
respectively, and an after-tax NPV and IRR for tin concentrate and
zinc-indium concentrate production option of $21.5 million and
19.3%, respectively. A modification to the tax computation
structure resulted in the reported after-tax values being slightly
higher than the values currently indicated in the PA. The PA
indicates an after-tax NPV and IRR for the tin concentrate, indium
sponge and zinc metal production option of $47.2 million and
22.55%, respectively, and an after-tax NPV and IRR for the tin
concentrate and zinc-indium concentrate production option of $18.1
million and 18.0%, respectively. The pre-tax NPVs and IRRs are,
however, consistent between the press release issued by Adex on
December 9, 2009 and the PA. Adex's position is not materially
affected by the changes in the after-tax results.
The PA and the economic analyses contained therein are
preliminary in nature and contain "Inferred" mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
PA will be realized with more detailed work. Mineral resources that
are not mineral reserves do not have demonstrated economic
viability.
The PA is now available on www.sedar.com.
Qualified Persons
J. Dean Thibault, P. Eng., Senior Process Chemical Engineer and
Principal of Thibault & Associates Inc., an independent
qualified person as defined by NI 43-101, supervised the
preparation and compilation of the PA and the technical information
related to metallurgical, hydrometallurgical and economic
information contained in this press release in compliance with NI
43-101.
Andrew Hara, P. Eng., Mining Engineer, an independent qualified
person as defined by NI 43-101, supervised the preparation of the
technical information related to mine planning and mining contained
in this press release in compliance with NI 43-101.
Tim R. McKeen, P. Eng., Process Chemical Engineer, an
independent qualified person as defined by NI 43-101, supervised
the preparation of the technical information related to
metallurgical processing contained in this press release in
compliance with NI 43-101.
Stephanie M. Scott, P. Eng., Process Chemical Engineer, an
independent qualified person as defined by NI 43-101, supervised
the preparation of the technical information related to
hydrometallurgical processing contained in this press release in
compliance with NI 43-101.
Trevor Boyd, P. Geo., the Company's Geological Consultant and a
qualified person as defined by NI 43-101, supervised the
preparation of the geological 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-copper 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.
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.
Contacts: Adex Mining Inc. J. Errol Farr, CMA President, Chief
Executive Officer and Director 1-866-508-2339 (ADEX)
investorrelations@adexmining.com www.adexmining.com
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