TORONTO, ONTARIO--(Marketwire - Oct. 19, 2011) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to provide an update on corporate activities including the appointment of Patrick Merrin as Chief Operating Officer. Adex also reports that the definitive feasibility study ("DFS") for its wholly owned Mount Pleasant Mine property and additional drilling are now underway.
PATRICK MERRIN APPOINTED AS CHIEF OPERATING OFFICER
Adex has appointed Patrick Merrin as Chief Operating Officer ("COO"). Among his initial responsibilities, Mr. Merrin will oversee completion of the DFS for Mount Pleasant, which has now commenced.
Mr. Merrin holds a bachelor's degree in chemical engineering from McGill University and a Master's of Business Administration from the University of Toronto's Rotman School of Business. He is a metals and mining executive with more than 15 years of operations, business and engineering experience in multiple countries. His background includes management and executive-level positions with Xstrata Nickel and metals manufacturer Lucas Milhaupt (Handy & Harman), working in both Canada and Europe. Mr. Merrin's leadership positions built on his earlier experience as both a zinc and copper smelter process engineer, and senior plant metallurgist. Mr. Merrin has also held progressively senior mine foreman roles with Hudbay Minerals Inc. operations in Flin Flon, Canada.
"Patrick brings a tremendous amount of operating experience in a variety of metals and mining environments to Adex and we are pleased to welcome an executive of his calibre to the Company," said Linda Lam Kwan, interim President and Chief Executive Officer for Adex.
FEASIBILITY STUDY COMMENCES AT MOUNT PLEASANT
Adex has commenced a flowsheet definition study and a mine dewatering plan as part of a DFS on the company's Mount Pleasant Mine property. Thibault & Associates Inc. of Fredericton, New Brunswick has been engaged to conduct the studies.
The Mount Pleasant property includes two potentially economic mineral deposits - the tin-indium-zinc North Zone and the tungsten-molybdenum Fire Tower Zone - and is located in south-western New Brunswick, Canada. Both resource estimates are compliant with Canada's National Instrument 43-101 (NI 43-101), Standards of Disclosure for Mineral Projects.
The Mount Pleasant DFS will help Adex prepare for a potential production decision by the end of 2012 and full production in 2014.
ADDITIONAL DRILLING UNDERWAY AT MOUNT PLEASANT
Adex commenced a new 7,000-metre diamond drilling program at Mount Pleasant in August. More than half of this new drilling is focused on the North Zone deposit to add additional resources to the previously outlined NI 43-101 resource estimates and acquire core for metallurgical testing. Adex has accelerated this program with the use of two drills and expects the program to be completed by mid-November and an updated 43-101 by year end.
The total Sn-In-Zn NI 43-101 resource estimate presently includes an indicated resource of 10,882,700 tonnes grading 0.43% Sn, 67.8 g/t In and 0.67% Zn plus an inferred resource of 7,602,800 tonnes grading 0.22% Sn, 74.6 g/t In and 0.99% Zn completed in May 2009. These resource estimates are expected to be revised upwards, based upon the results of both the 2010 and 2011 drill programs, when an updated NI 43-101 technical report on the North Zone is completed in late 2011 or early 2012.
GRANTS OF OPTIONS
The Company has also granted the following options to purchase common shares to directors and management of the Company:
- 2,350,000 options with an exercise price of $0.15 expiring August 15, 2016
- 250,000 options with an exercise price of $0.13 expiring September 18,
- 250,000 options with an exercise price of $0.14 expiring October 17, 2016
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 mineralization. Located in Charlotte County, New Brunswick, the Mount Pleasant Mine property is 80 kilometres south of Fredericton, the provincial capital, and 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.
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.