Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to provide a year-end update with respect to the 2008
development program at its Mount Pleasant Mine Property ("Mount
Pleasant" or the "Property"), located in southwestern New Brunswick
Canada.
The Property hosts the tungsten-molybdenum bearing Fire Tower
Zone ("FTZ") and the tin-indium-zinc-copper bearing North Zone
("NZ"). The FTZ is the site of a past-producing tungsten-molybdenum
underground mining operation that was active between 1993 and
1985.
Completion of 2008 Drill Program
To date, the Company has completed a combined 13,300 metre
definition and expansion drill program at the FTZ and NZ, the
purpose of which to prepare an updated National Instrument 43-101
("NI 43-101)-compliant mineral resource estimate on the FTZ and a
NI 43-101-compliant mineral resource estimate on the NZ.
Completion and Filing of NI 43-101-Compliant FTZ Technical
Report
As announced in a press release dated December 8, 2008, the
Company has now completed and filed its NI 43-101-compliant
technical report (the "FTZ Technical Report") 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. The FTZ
Technical Report was prepared by Paul Dunbar, M.Sc., P.Geo. Senior
Associate Geologist of Watts, Griffis and McOuat Limited,
Consulting Geologists and Engineers, 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.
The FTZ Technical Report, which is now available on
www.sedar.com, contains the updated NI 43-101-compliant mineral
resource estimate for the FTZ which was the subject of the
Company's press release dated October 23, 2008.
Completion of FTZ Scoping Study
The Company has also completed a scoping study on the FTZ, the
results of which were announced in the Company's press release
dated October 30, 2008. The FTZ scoping study was completed by Aker
Metals, a division of Aker Solutions Canada Inc.
The 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 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 scoping study will be realized with more detailed
work. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
Proposed Completion of NZ Updated Resource Estimate and NI
43-101 Compliant Technical Report
The Company's technical team, along with Watts Griffis and
McOuat Limited, is in the process of completing a NI
43-101-compliant mineral resource estimate for the
tin-indium-zinc-copper NZ which Adex anticipates will be completed
in early January 2009, with a NI 43-101-compliant technical report
supporting such estimate to be filed on www.sedar.com within 45
days thereafter. The completion of this technical report will mark
the completion by the Company of all of its targeted milestones for
fiscal 2008.
Completion of Repair and Upgrade of Tailings Impoundment
Facility and Update on Environmental Compliance
Pursuant to the requirements of an Approval to Operate granted
by the New Brunswick Ministry of Environment in November 2007, the
Company has now completed the repair and upgrade of its Tailings
Impoundment Facility ("TIF"). The TIF is an integral part of the
infrastructure required for carrying out future mining operations
at Mount Pleasant.
The Company is also working closely with provincial and federal
regulatory agencies, including the New Brunswick Ministry of
Environment, New Brunswick Ministry of Natural Resources,
Environment Canada and Fisheries and Oceans Canada to complete
baseline environmental monitoring, impact and sampling studies at
Mount Pleasant. The completion of these environmental studies is
required in order to obtain future regulatory approvals necessary
for the de-watering and development of the Mount Pleasant mine.
Comments on Current Market Conditions
The Company is pleased to report that it is well financed and,
as of September 30, 2008, had a cash position of approximately $4.0
million. The Company is, therefore, well-positioned to advance
Mount Pleasant forward to the next stage of development, being the
completion of a feasibility study on the FTZ. However, given the
unprecedented deterioration of the global capital markets over the
past few months and growing uncertainty in worldwide demand for
commodities, including for the metals hosted at Mount Pleasant, the
Company will review the schedule for advancing development of the
Property carefully on the basis of prevailing market
conditions.
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.
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
Adex Mining (TSXV:ADE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Adex Mining (TSXV:ADE)
Historical Stock Chart
From Jul 2023 to Jul 2024