Adex Drill Results Include Additional High-Grade Indium-Zinc ...

Tag : tungsten parts
Adex Drill Results Include Additional High-Grade Indium-ZincIntersections at Mount Pleasant

Released : Thursday, July 31, 2008 9:37 AM
TORONTO, ONTARIO--(Marketwire - July 31, 2008) - Adex Mining Inc.("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announceresults from the fourth, sixth and seventh holes (AM-08-04,AM-08-06 and AM-08-07) of its 2008 diamond drill program at theMount Pleasant Mine Property in southwestern New Brunswick, Canada.In addition, Adex announces that updated results from the re-assayof four samples of over-limit indium (greater than 1,000 parts permillion ("ppm") in previously announced hole AM-08-03 are nowavailable. The results for these four vertical holes, from sampledcore intersecting the property's Deep Tin Zone, include a number ofsignificant indium readings.
"Adex's 2008 drill testing program at Mount Pleasant is continuingto yield encouraging results," said Kabir Ahmed, President and CEOof Adex Mining. "This work will be instrumental to us in preparingupdated mineral resource estimates for Mount Pleasant, which inturn represents an important step in fast-tracking the project tothe feasibility stage of development."
Results from hole AM-08-03 have been revised upwards to indicatethat the hole's 198-metre intersection from 12 to 210 metres downhole previously announced in the Company's press release dated July7, 2008 now contains an average grade of 258 grams per tonne (g/t)indium, with the 18-metre contained interval 63 to 81 metres downhole containing 1,920 g/t indium.
Results from holes AM-08-04 and AM-08-07 include two samples eachof over-limit indium (greater than 1,000 ppm). These samples areundergoing re-assay that will result in an upward revision inindium contents for these holes.
Detailed results for holes AM-08-03, AM-08-04, AM-08-06 andAM-08-07 are as follows:












AM-08-03, AM-08-04, AM-08-06 and AM-08-07 are definition holesdrilled as part of Adex's National Instrument 43-101 ("NI43-101")-compliant evaluation of its tin-indium-zinc-copper bearingNorth and Deep Tin Zones. These holes are particularly encouragingbecause the results to date appear to suggest the mineralizationassociated with the Deep Tin Zone (non-NI 43-101 compliant)manifests towards the surface. A drill has been moved to the targetarea to conduct additional follow-up testing based on theseresults. The historical, non-NI 43-101 compliant total "resource"at the North and Deep Tin Zones consists of 3,645,429 tonnes of0.80wt. % (weight percent) tin, 107 ppm (107 g/t) indium, 0.87wt. %zinc and 0.19wt. % copper, based on a 1997 feasibility studycompleted by Kvaerner Metals Davy Ltd.
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 nature of the geological setting of the North Zone'smineralized bodies results in highly variable shapes andorientations of its zones. For this reason, no estimation of truewidths can be provided for results at this stage. Drilling at boththe tin-indium-zinc-copper and tungsten-molybdenum zones at theMount Pleasant Mine Property is continuing, with both drills inoperation on the property.
The 2008 drilling program is being completed as part of an ongoingreview of the Mount Pleasant Mine Property with the purpose ofcompleting an updated NI 43-101-compliant evaluation of the mineralresources.
Additional information concerning the Mount Pleasant Mine Propertyis contained in the NI 43-101 compliant Technical Review of theMount Pleasant Property, Including a Mineral Resource Estimate forthe Fire Tower Zone Southwestern New Brunswick dated August 1, 2006completed by Paul Dunbar, M.Sc., P.Geo., Senior AssociateGeologist, Andrew Hara, P.Eng., Senior Associate Mining Engineer,Robert de l'Etoile, M.Sc., P.Eng., Senior Associate Engineer, andDorota A. El-Rassi, M.Sc., P.Eng., Geological Engineer of Watts,Griffis and McOuat Limited, and Dr. Trevor Boyd, Ph.D., P.Geo.,Independent Consultant, which is available at www.sedar.com.
Quality Assurance/Quality Control
Adex Mining has implemented an industry standard QA/QC program.Core is split in half using a hydraulic core splitter, sealed insecure packages and shipped by bonded carrier to S.G.S.Laboratories in Toronto for analysis using sodium peroxide fusionwith ICP-MS finish for indium and ICP-OES finish for tungsten,molybdenum, tin, bismuth, arsenic, zinc, copper and lead. A pulpduplicate unknown to the laboratory is submitted per batch of 10samples, while a polymetallic standard unknown to the laboratory isincluded with each shipment of duplicate samples. S.G.S. fulfillsstandard QA/QC protocols.
Qualified Person
The Mount Pleasant exploration program is being conducted under thedirection of Trevor Boyd, P.Geo., the company's independentGeological Consultant and a qualified person as defined by NationalInstrument 43-101. Mr. Boyd supervised the preparation of thetechnical information contained in this press release in compliancewith NI 43-101.
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 andtin-indium-zinc-copper mineralization. Located in Charlotte County,New Brunswick, the Mount Pleasant Mine property is situatedapproximately 80 kilometres south of Fredericton, the provincialcapital, and is 65 kilometres from the United States border. Thecommon shares of Adex trade on the TSX Venture Exchange under thestock symbol "ADE."
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 towhich readers of this press release are referred for additionalinformation concerning Adex, its prospects and the risks anduncertainties relating to Adex and its prospects. New risk factorsmay arise from time to time and it is not possible for managementto predict all of those risk factors or the extent to which anyfactor or combination of factors may cause actual results,performance and achievements of Adex to be materially differentfrom those contained in forward-looking statements. Although theforward-looking statements contained in this press release arebased upon what management believes to be reasonable assumptions,Adex cannot assure investors that actual results will be consistentwith these forward-looking statements. Given these risks anduncertainties, investors should not place undue reliance onforward-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.
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:
Kabir Ahmed
Adex Mining Inc.
President, Chief Executive Officer and Director
1-866-508-2339 (ADEX)
Email: investorrelations@adexmining.com
Website: www.adexmining.com
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CCNMatthews
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