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Msg  4 of 9  at  10/23/2008 4:30:31 PM  by

infojoe


Updated NI 43-101 Resource Estimate Reinforces Potential of Adex Mining's Fire Tower Zone at Mount Pleasant...

Adex Mining Inc.

TSX VENTURE: ADE
Oct 23, 2008 16:21 ET

Updated NI 43-101 Resource Estimate Reinforces Potential of Adex Mining's Fire Tower Zone at Mount Pleasant

TORONTO, ONTARIO--(Marketwire - Oct. 23, 2008) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announce that it has completed an updated National Instrument 43-101 ("NI 43-101") mineral resource estimate for the Fire Tower Zone ("FTZ") tungsten-molybdenum deposit at its wholly-owned Mount Pleasant Mine Property in southwestern New Brunswick, Canada ("Mount Pleasant" or the "Property"). The resource estimate includes an "indicated" resource of 13,489,000 tonnes, as well as an "inferred" resource of 841,700 tonnes.

"Upgrading the FTZ resource estimate to NI 43-101 "indicated" status was a necessary prerequisite to advancing the FTZ to the feasibility stage of development," said Kabir Ahmed, President and CEO of Adex. "Having efficiently and effectively achieved this important milestone, we look forward to continuing our fast-track approach to mine development at Mount Pleasant."

The resource estimate, completed by SRK Consulting (Canada) Ltd. ("SRK") using an updated GEMCOM model, was conducted in conjunction with the preparation of an independent NI 43-101 Technical Report currently being completed by Watts, Griffis and McOuat Limited ("WGM"), all under the supervision of Trevor Boyd, P.Geo., the Company's Geological Consultant. Details of the resource estimate are as follows:







FIRE TOWER ZONE - MINERAL RESOURCE ESTIMATE,

MOUNT PLEASANT MINE PROPERTY

---------------------------------------------------------------------------

---------------------------------------------------------------------------

Area Tonnes %WO3 %MoS2 %As %Bi

(tungsten) (molybdenum) (arsenic) (bismuth)

---------------------------------------------------------------------------

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Indicated





Fire Tower 9,148,900 0.32 0.21 0.29 0.04

West

Fire Tower

North 4,340,100 0.35 0.20 1.15 0.09





Total

Indicated 13,489,000 0.33 0.21 0.57 0.06





Inferred





Fire Tower 831,000 0.26 0.20 0.21 0.04

West

Fire Tower 10,700 0.26 0.17 0.26 0.05

North





Total

Inferred 841,700 0.26 0.20 0.21 0.04

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The resource estimate was based on a cut-off grade of 0.3%WO3 equivalent, equal to %WO3 + 1.5 x %MoS2. The 0.3% WO3 equivalent cut-off grade was provided by Adex based on a value of the mineralized material of US$30/tonne at a tungsten price of US$100/MTU (US$10.0/kg WO3), a mine life of ten or more years, and the previous ten-year price relationship between W and Mo. In consultation with SRK and based upon these metal prices, the Company has determined that 0.3%WO3 equivalent is the minimum acceptable cut-off grade to report.

The assumed metal prices for the cut-off are believed to be conservative given that present prices are approximately US$20/kg for WO3 and US$30/lb for MoO3. Until an economic evaluation is completed, the economic cut-off for this deposit is unknown. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The boundaries of the mineralized body were interpreted manually by Trevor Boyd, P.Geo., the Company's Geological Consultant. Mineralized zones were commonly cross-cutting geological units and structural boundaries. Consequently, resource boundaries were defined based solely on %WO3 and %MoS2 values. These were plotted on cross sections, and mineralization boundaries were drawn halfway between drill holes. If no holes existed to limit the mineralization outlines, the boundaries were extended to a maximum of twenty metres away from the nearest hole. In general, extensions of the boundaries were made consistent with the trends defined by joining known cut-off boundaries. A minimum width of three metres was used for defining the zones, while a rock-specific gravity of 2.65 was used for calculating the resource.

The mineral resources are reported in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards, November 2004 and have been estimated in conformity with the CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines, November 2003.

The Company has had an industry standard quality control program on its drill core and assaying since the inception of its drilling program.

Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist of WGM, a qualified person as defined by NI 43-101, carried out site visits to the Mount Pleasant Mine Property in May and June, 2008 during which he examined the drill program and core, and completed check sampling and assaying of core samples. Dorota El-Rassi, M.Sc., P.Eng., Geological Engineer of SRK, a qualified person as defined by NI 43-101, checked assay results against the GEMCOM database. The database verification found no significant discrepancies in the geological information, which conformed to industry standards. Pulp duplicates of the drill core samples, unknown to the laboratory, were sent to a second laboratory, fulfilling standard QA/QC protocols. Analytical results for some of these samples remain pending.

None of Trevor Boyd, the Company's Geological Consultant, Paul Dunbar, Dorota El-Rassi or Management of the Company is aware of any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues that may materially affect the estimate of the mineral resource.

Trevor Boyd, P.Geo., the Company's Geological Consultant, supervised the preparation of the mineral resource estimate for the FTZ and the technical information contained in this press release in compliance with NI 43-101. Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist of WGM, is writing the updated NI 43-101 Technical Report on the Fire Tower Zone of the Mount Pleasant Property, which Adex will file on SEDAR within 45 days of today's date.

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."

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.

No securities commission or regulatory authority has approved or disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

For more information, please contact

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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