Adex Announces Bench Scale Testwork to Produce Molybdenum Oxide
May 11 2010 - 9:32AM
Marketwired
Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to announce that SGS Lakefield Research Limited ("SGS") of
Lakefield, Ontario has been engaged to test the hydrometallurgical
treatment of molybdenum concentrate from the Fire Tower Zone
("FTZ") at Adex' wholly-owned Mount Pleasant Mine Property ("Mount
Pleasant" or the "Property") located in southwestern New Brunswick,
Canada.
Adex has engaged SGS to perform a scoping level investigation of
a hydrometallurgical flowsheet that is designed to allow Adex to
produce high grade ammonium molybdate at its Mount Pleasant
operations. The process involves pressure oxidation of the
molybdenite to convert the sulphide concentrate to an oxide,
followed by an atmospheric ammonia leach of the molybdenum trioxide
product. Ammonium dimolybdate crystals are then recovered from the
ammonia leach liquor by evaporation and crystallization.
Results from test work, expected in about six weeks, will, if
positive, lead to an upgrade to the conceptual framework related to
the production of tungsten and molybdenum products as described in
the 2008 FTZ Scoping Study completed by Aker Metals, a division of
Aker Solutions Canada Inc., which indicated a pre-tax internal rate
of return ("IRR") of 27% for the production of ammonium
paratungstate ("APT") and molybdenum sulphide concentrate, based on
projected product prices for APT of $US215 per metric tonne unit
and for molybdic oxide (MoO3) of US$23.17 per pound. An executive
summary of the 2008 Scoping Study is contained in the National
Instrument 43-101 ("NI 43-101") compliant technical report (the
"Technical Report") on the Fire Tower Zone ("FTZ") entitled "A
Technical Review of the Mount Pleasant Property, Including an
updated Mineral Resource Estimate on the Fire Tower Zone,
Southwestern New Brunswick for Adex Mining Inc." dated December 1,
2008 and completed by Paul Dunbar, M.Sc., P.Geo. Senior Associate
Geologist of Watts, Griffis and McOuat Limited, Dorota A. El-Rassi,
M.Sc., P.Eng., Geological Engineer of SRK Consulting and John S.
Rogers, P.Eng., of Aker Metals, a division of Aker Solutions Canada
Inc., which is available on www.sedar.com.
Errol Farr, the President and CEO of Adex, stated, "This
investigation, while preliminary in nature, is another step toward
evaluating the re-commencement of mining the FTZ. With metal
prices, especially for molybdenum, showing recovery in 2010, the
FTZ is demanding new attention by Adex management." It is the goal
of Adex to produce value added products with each of the mineral
concentrates which may ultimately be processed at Mount
Pleasant.
The 2008 FTZ Scoping Study 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 results of the 2008 FTZ Scoping Study will be realized
with more detailed work. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
Adex is currently engaged in bench and pilot metallurgical test
programs for the production of tin concentrate and value added zinc
and indium metal products from its Mount Pleasant North Zone ("NZ")
resource, as discussed in a press release dated March 3, 2010. Adex
intends to make a production decision on the NZ in 2010 pending
completion of a definitive feasibility study scheduled for forth
quarter of this year.
The Property hosts two important and separate mineral resources,
being the tungsten-molybdenum bearing 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
Trevor Boyd, P.Geo., the Company's Geological Consultant and a
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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