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Adex Mining research and analysis

Contributed by eResearch

Adex has announced results from the 2011 diamond drilling program (17 holes, 7,000 metres) at the Company’s Mount Pleasant property in southwestern New Brunswick.

At both the North Zone and the Saddle Zone, the Company discovered new high-grade intercepts containing tungsten (WO3), molybdenum (MoS2) and bismuth (Bi).

The North Zone results extend known WO3/MoS2/Bi mineralized bodies to the east and southeast. The grades are comparable to the Fire Tower Zone grades, one kilometre south. At the Saddle Zone, the high-grade intervals could be continuous with similar mineralization at the adjacent Fire Tower Zone.

Highlights of the Drilling Results

North Zone

Hole AM-11-04: 30 metres of 0.47% WO3, 0.28% MoS2, and 0.21% Bi
Hole AM-11-14: 30 metres of 0.26% WO3, 0.45% MoS2, and 0.12% Bi

Saddle Zone

Hole AM-11-17a: 30 metres of 0.40% WO3, 0.19% MoS2, and 0.20% Bi.

The results are being incorporated into Adex’s GEMCOM database, for the revision and upgrading of the NI 43-101 resource estimates and deposit model for the mineralized bodies. Follow-up drilling is scheduled for the North Zone and Saddle Zone in 2012. An updated North Zone NI 43-101 Technical Report is expected to be released in February 2012.

THE COMPANY

Adex Mining Inc., with headquarters in Toronto, Ontario, is engaged in the exploration and development of its Mount Pleasant mineral property in New Brunswick, specifically the tin-indium-zinc project (North Zone); and the tungsten-molybdenum project (Fire Tower Zone).

RECOMMENDATION AND TARGET PRICE

We continue to recommend Adex Mining shares as a Speculative Buy with a Target Price of $0.80 per share. The shares are suitable only for risk-tolerant investors.

eResearch Analysts:
Yuri Belinsky, B.A., M.A.
Bob Weir, B.Sc., B. Comm., CFA