Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to provide an update on its 2008 development program at the
Mount Pleasant Mine Property ("Mount Pleasant" or the "Property")
located in southwestern New Brunswick, Canada.
"Adex has now completed its highly productive 2008 field season
at its Mount Pleasant Mine Property," said Kabir Ahmed, President
and CEO of Adex Mining. "With our 2008 drill results in hand, we
are continuing to aggressively advance the project on a number of
fronts, including the preparation of updated mineral resource
estimates and scoping study work on the property's mineralized
zones. This, in turn, will prepare us for a decision regarding a
full feasibility study and a possible return to active production
at Mount Pleasant."
Completion of 2008 Drill Program
The Company has now completed its 2008 Mount Pleasant drill
program, which comprised a total of 13,300 metres of definition and
exploration drilling. The 2008 drill program was carried out in
order to upgrade and expand on the existing mineral resource
estimates at the Property's Fire Tower Zone ("FTZ") and North Zone
("NZ"). The FTZ hosts a tungsten-molybdenum deposit, while the NZ
hosts a tin-indium-zinc-copper deposit.
All of the analytical results of the 2008 drill program have now
been released to the public (see prior news releases, available at
www.sedar.com, for details).
Preparation of NI 43-101-Compliant Technical Reports
The Company has engaged Watts Griffis and McOuat Limited
("WGML"), a leading firm of consulting geologists, to prepare an
updated mineral resource estimate and National Instrument 43-101
("NI 43-101")-compliant technical report for each of the FTZ and
NZ.
Adex expects that the results of its 2008 drill program will
lead to an upgrade of the current NI 43-101-compliant FTZ mineral
resource estimate from "inferred" to "indicated" status (as each
term is defined in NI 43-101). Currently, there is a NI 43-101
compliant inferred resource of 13,074,438 tonnes at 0.35% WO3 and
0.21% MoS2 at the FTZ 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, Dorota A. El-Rassi, M.Sc., P.Eng.,
Geological Engineer of WGML and Dr. Trevor Boyd, Ph.D., P.Geo.,
Independent Consultant, which is available at www.sedar.com. Adex
expects to announce the upgraded FTZ mineral resource estimate
within the next several days, with the NI 43-101-compliant
technical report to be filed at www.sedar.com within 45 days of
such announcement. An "indicated" mineral resource estimate is a
required precursor to advancing the FTZ to the definitive
feasibility stage of mine development.
There is an historical non-NI 43-101 compliant total "resource"
of 3,645,429 tonnes of 0.80% Sn, 107 parts per million Indium,
0.87% Zn and 0.19 % Cu at the NZ, based upon a 1997 feasibility
study completed by Kvaerner Metals Davy Ltd. These historic
estimates 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.
The Company expects that the results of the 2008 drill program
will bring the historical non-NI 43-101-compliant mineral resource
estimate into NI 43-101 compliance and upgrade it to "indicated"
status, and that an updated mineral resource estimate for the NZ
will be announced by the Company by late December 2008, with the NI
43-101-compliant technical report prepared by WGML to be filed at
www.sedar.com within 45 days of such announcement.
Fire Tower Zone Scoping Study
The Company has engaged Aker Solutions Canada Inc., a major
multinational engineering consulting firm, to conduct a scoping
study on the FTZ. An important step in assessing the economic
potential of the FTZ's tungsten-molybdenum mineralization, the
scoping study will be undertaken in compliance with NI 43-101
technical requirements. The study was commenced on June 30, 2008
and is expected to be completed by late October 2008.
The scoping study is designed to generate capital and operating
cost estimates for the FTZ at a scoping level of definition. In
support of these cost estimates, the study is to include a mining
equipment list and capital cost estimate, proposed tailings
management systems and projected additional site infrastructure
needs, as well as a number of other deliverables.
A positive indication from the scoping study would assist the
Company in making a decision to proceed with a full feasibility
study of, and to obtain the regulatory approvals necessary to
re-start production on, the tungsten and molybdenum-bearing
FTZ.
Potential NZ Scoping Study
Once a NI 43-101-compliant technical report is completed for the
NZ, it is expected that the Company will proceed with a
scoping-level study, similar to that currently being prepared on
the FTZ, to assess the economic possibilities for this
tin-indium-zinc-copper mineralized zone as well. Recent analytical
results of the 2008 drill program indicate both near-surface and
at-depth tin-indium mineralization. A positive scoping study would
potentially lead to a definitive feasibility study on the NZ.
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-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.
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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