Adex Announces Pilot Plant Testing of Processing Options for Its Mount Pleasant Property
March 03 2010 - 9:07AM
Marketwired
Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE)
continues to move forward with confirmation of the process
development options outlined in its recently filed 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.
Two potential NZ production options resulted from the PA: the
production of tin concentrate, indium sponge and zinc metal, and
the production of tin concentrate and zinc-indium concentrate.
Adex has engaged SGS Lakefield to perform bench scale
performance and locked cycle testing for its tin concentrate and
zinc-indium concentrate production option and has secured a spot
with SGS for commencement in April of pilot plant operations.
As well, Adex has engaged Thibault & Associates Inc. of New
Brunswick for pilot testing and continuing development of a
comprehensive flowsheet of its hydrometallurgical process for the
production of zinc metal and indium sponge metal.
Results from pilot plant test work, expected by mid-summer 2010,
will, if positive, lead directly to a definitive feasibility study
("DFS"), which will initially run concurrently with the final
stages of the pilot plant programs. Positive results from the DFS
as well as government regulatory approvals and project financing
are expected to lead to a production decision before the end of
2010.
Pending the developments referred to above, Adex expects to be
positioned to construct an access decline and begin engineering and
procurement of processing equipment by early 2011. Concentrator
production is targeted for late 2011.
The PA, which is available at www.sedar.com, indicated 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 PA also indicated an after-tax IRR of 22.55% for
the tin concentrate, indium sponge and zinc metal production
option, and an after-tax IRR of 18% for the tin concentrate and
zinc-indium concentrate production option.
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 Property hosts the tungsten-molybdenum bearing Fire Tower
Zone ("FTZ") and the tin-indium-zinc bearing NZ. The FTZ is the
site of a past-producing tungsten-molybdenum underground mining
operation that produced and sold tungsten concentrate between 1983
and 1985.
Qualified Person
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 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-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".
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, 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.
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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