Adex awards contract to complete Mt Pleasant NI 43-101 report

Tag : tungsten parts
Adex awards contract to complete Mt Pleasant NI 43-101 report Friday , 25 Jul 2008
Toronto - July 24, 2008 - Adex Mining Inc. ("Adex" or the"Company") (TSX-V: ADE) is pleased to announce that it hascontracted Watts, Griffis and McOuat Limited ("WGM") to prepareupdated mineral resource estimates and NationaI Instrument 43-101("NI 43-101")-compliant technical reports for the Fire Tower Zone(tungsten-molybdenum) and the North Zone (tin-indium) of theCompany's Mount Pleasant Mine Property ("Mount Pleasant") insouthwestern New Brunswick, Canada. The purpose of retaining WGM toprepare the reports is to upgrade the mineral resource estimatesfor the two zones to the NI 43-101 "indicated" category and toassist the Company in preparing for feasibility work at MountPleasant.
WGM is completing two stand-alone NI 43-101-compliant technicalreports on the Fire Tower Zone and the North Zone, respectively, inorder to keep the mineral resource estimates for the two zonesseparate and to avoid delays in the completion of the reports. Thetwo reports will incorporate data from the Company's ongoing 2008exploration drilling program, which includes extensive drilltesting at both the Fire Tower Zone and the North Zone.
The Fire Tower Zone was the focus of the NI 43-101 compliantTechnical Review of the Mount Pleasant Property, including aMineral Resource Estimate for the Fire Tower Zone dated August 1,2006 (the "2006 Fire Tower Zone Report") 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, and Dorota A. El-Rassi, M.Sc.,P.Eng., Geological Engineer of WGM, and Dr. Trevor Boyd, Ph.D.,P.Geo., Independent Consultant, which is available at www.sedar.com .
The new technical report with respect to the Fire Tower Zone willupdate the 2006 Fire Tower Zone Report, which reported an"inferred" resource of 13,074,438 tonnes at 0.35% tungsten oxideand 0.21% molybdenum disulphide.
The North Zone and the Deep Tin Zone contain a non-NI 43-101compliant historical total resource of 3,645,429 tonnes at 0.80%tin, 107 parts per million indium, 0.87% zinc and 0.19 % copperbased upon a 1997 feasibility study completed by Kvaerner Metals.The new technical report with respect to North Zone will provide anew 43-101-compliant mineral resource estimate.
The historical estimates presented above with respect to the NorthZone and the Deep Tin Zone were prepared prior to theimplementation of NI 43-101. A qualified person has not donesufficient work to classify these historical estimates according toNI 43-101 standards or the Canadian Institute of Mining, Metallurgyand Petroleum Definition Standards and Adex is not treating thesehistorical estimates as current mineral resources as defined in NI43-101. They are presented because Adex considers them to berelevant and of historic significance. These historical estimatesshould not be relied on.
"The upgrading of the mineral resource estimates for Mount Pleasantrepresents another important step in Adex's fast-track approach tomoving the project towards feasibility, which in turn allows us toevaluate our options as they relate to development and thecommencement of production", said Kabir Ahmed, President and CEO ofAdex. "WGM has previous experience at Mount Pleasant, havingprepared the 2006 Fire Tower Zone Report and we look forward toworking with them again as we build on those promising earlyfindings."
Since March 2008, Adex has completed a total of 22 drill holesencompassing approximately 7,400 metres at Mount Pleasant. Resultsfrom the first three holes of the program were reported in theCompany's press releases dated June 9, 2008 and July 7, 2008. Assayresults are pending for the remaining 19 holes, as well as foradditional splitting and sampling of core from 16 historical holes.
Since its inception in 1962, WGM has served the mining industry bycompleting projects in over 120 countries. Successful technical duediligence reviews, mineral resource/reserve estimates and audits,valuations, mine planning, engineering and metallurgicalinvestigations have all contributed to the firm's reputation forexcellence. These studies have been carried out for governments,banks, mining companies, law firms and international financialinstitutions. More information on WGM's services and experience canbe found on WGM's website at www.wgm.ca .
ABOUT ADEX:
Adex Mining Inc. is a Canadian junior mining company with anexperienced management team. The Company is focused on developingits flagship Mount Pleasant Mine Property, a multi-metal projectthat is host to promising tungsten-molybdenum and tin-indium-zincmineralization. Located in Charlotte County, New Brunswick, theMount Pleasant Mine Property is situated approximately 80kilometres south of Fredericton, the provincial capital, and is 65kilometres from the United States border. The common shares of Adextrade on the TSX Venture Exchange under the stock symbol "ADE."
No securities commission or regulatory authority has approved ordisapproved the contents of this press release.
The TSX Venture Exchange does not accept responsibility for theadequacy or accuracy of this press release.
CONTACT INFORMATION:
Adex Mining Inc.
Kabir Ahmed
President, Chief Executive Officer and Director
1-866-508-2339 (ADEX)
e-mail: investorrelations@adexmining.com
Website: www.adexmining.com
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 industryin which they operate to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. When used in this press release, thewords "estimate", "believe", "anticipate", "intend", "expect","plan", "may", "should", "will", the negative thereof or othervariations thereon or comparable terminology are intended toidentify forward-looking statements. Such statements reflect thecurrent expectations of the management of Adex with respect tofuture events based on currently available information and aresubject to risks and uncertainties that could cause actual results,performance or achievements to differ materially from thoseexpressed or implied by those forward-looking statements. Theserisks and uncertainties are detailed from time to time, including,without limitation, under the heading "Risk Factors", in reportsfiled by Adex with the Alberta, British Columbia and OntarioSecurities Commissions which are available at www.sedar.com and to which readers of this press release are referred foradditional information concerning Adex, its prospects and the risksand uncertainties relating to Adex and its prospects. New riskfactors may arise from time to time and it is not possible formanagement to predict all of those risk factors or the extent towhich any factor or combination of factors may cause actualresults, performance and achievements of Adex to be materiallydifferent from those contained in forward-looking statements.Although the forward-looking statements contained in this pressrelease are based upon what management believes to be reasonableassumptions, Adex cannot assure investors that actual results willbe consistent with these forward-looking statements. Given theserisks and uncertainties, investors should not place undue relianceon forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release iscurrent only as of the date of the press release. Adex does notundertake or assume any obligation to release publicly anyrevisions to these forward-looking statements to reflect events orcircumstances after the date hereof or to reflect the occurrence ofunanticipated events, except as required by law.
http://www.adexmining.com