Welcome To The ADEX Mining HUB On AGORACOM
Mount Pleasant Mine - a high-quality tin-indium and tungsten-molybdenum development project in southwestern New Brunswick, Canada.
Adex Mining Profile
Adex Mining is a Canadian junior mining company focused on developing its flagship Mount Pleasant Mine property in Charlotte County, New Brunswick. The company is led by an experienced and highly technical management team.
The Mount Pleasant property includes 102 highly prospective mineral claims covering approximately 1,600 hectares (4,000 acres). These concessions host highly promising tungsten-molybdenum and tin-indium mineralization.
The property's Fire Tower Zone contains a 43-101-compliant inferred resource of 13,074,438 tonnes at 0.35% tungsten oxide (WO3) and 0.21% molybdenum disulphide (MoS2). The North and Deep Tin zones report a 43-101 non-compliant historical total resource of 3,645,429 tonnes of 0.80% tin, 107 grams per tonne (g/t) indium, 0.87% zinc and 0.19 % copper based upon a 1997 feasibility study completed by Kvaerner Metals.
In the early 1980s, the Mount Pleasant property hosted an active tungsten mine, operated by Billiton Exploration Canada Ltd. However, the mine was shuttered in 1985 at a time of depressed metal prices. Adex purchased the Mount Pleasant Mine in 1995, and conducted preliminary exploration work on the property's tin-indium deposits, including the abovementioned feasibility study completed by Kvaerner Metals. Despite promising initial results, however, Adex was forced to place the property in care and maintenance in 1997 due to economic uncertainty in the mining industry.
Today, the industry outlook is vastly improved, significantly reinforcing the economic potential of the property. Demand for tungsten, molybdenum, tin and indium has risen sharply, fuelled by new technologies and rapid growth in the developing world. Consequently, prices for all four of these minerals have soared in recent years.
*as at September 24, 2007
Sources: US Geological Survey, The Northern Miner
Given this vastly improved outlook, Adex made the decision to reactivate the Mount Pleasant project in the summer of 2007. The company is working to advance the property with the goal of moving rapidly into active production. Development work includes a drilling program to further define the extent of mineralization at Mount Pleasant, and the company is launching a metallurgical bench-test program to establish processes for economic recovery of metals.
In addition, Adex is working to upgrade the existing infrastructure of the Mount Pleasant mine, which includes a tailings pond, well-preserved buildings and processing equipment. The cost of upgrading of the existing infrastructure at Mount Pleasant is inexpensive relative to the cost of constructing such infrastructure from scratch - meaning material reductions to Adex's capital costs if feasibility studies indicate the viability of the mine.
Adex is led by President and CEO Kabir Ahmed (LLB, MBA), an experienced securities lawyer who has founded and positioned several junior mining companies for success, including NWT Uranium (TSX-V: NWT) and Southampton Ventures Inc. (TSX-V: SV). Mr. Ahmed is joined by Errol Farr (CMA), who brings extensive experience in corporate finance to his role as Adex's Chief Financial Officer.
The Company's Senior Technical Team is comprised of William Burton, Geologist and Director; J. Dean Thibault, Senior Process Chemical Engineer/Project Manager for Metallurgy and Environment Planning; and Dr. Trevor Boyd, PhD, PGeo, Senior Geological Consultant/Project Manager for Exploration and Drilling.
The Mount Pleasant property includes 102 highly prospective mineral claims covering approximately 1,600 hectares (4,000 acres). These concessions host highly promising tungsten-molybdenum and tin-indium mineralization.
The property's Fire Tower Zone contains a 43-101-compliant inferred resource of 13,074,438 tonnes at 0.35% tungsten oxide (WO3) and 0.21% molybdenum disulphide (MoS2). The North and Deep Tin zones report a 43-101 non-compliant historical total resource of 3,645,429 tonnes of 0.80% tin, 107 grams per tonne (g/t) indium, 0.87% zinc and 0.19 % copper based upon a 1997 feasibility study completed by Kvaerner Metals.
In the early 1980s, the Mount Pleasant property hosted an active tungsten mine, operated by Billiton Exploration Canada Ltd. However, the mine was shuttered in 1985 at a time of depressed metal prices. Adex purchased the Mount Pleasant Mine in 1995, and conducted preliminary exploration work on the property's tin-indium deposits, including the abovementioned feasibility study completed by Kvaerner Metals. Despite promising initial results, however, Adex was forced to place the property in care and maintenance in 1997 due to economic uncertainty in the mining industry.
Today, the industry outlook is vastly improved, significantly reinforcing the economic potential of the property. Demand for tungsten, molybdenum, tin and indium has risen sharply, fuelled by new technologies and rapid growth in the developing world. Consequently, prices for all four of these minerals have soared in recent years.
| Average 2003 Price | Current Price* | |
| Tungsten | US$50/MTU WO3 | US$185/MTU WO3 |
| Molybdenum | ~US$18/kg (oxide) | US$69.30 - US$77.14/kg (oxide) |
| Tin | US$4.88/kg | US$14.767/kg< |
| Indium | US$170/kg | US$750/kg (ingot) |
Sources: US Geological Survey, The Northern Miner
Given this vastly improved outlook, Adex made the decision to reactivate the Mount Pleasant project in the summer of 2007. The company is working to advance the property with the goal of moving rapidly into active production. Development work includes a drilling program to further define the extent of mineralization at Mount Pleasant, and the company is launching a metallurgical bench-test program to establish processes for economic recovery of metals.
In addition, Adex is working to upgrade the existing infrastructure of the Mount Pleasant mine, which includes a tailings pond, well-preserved buildings and processing equipment. The cost of upgrading of the existing infrastructure at Mount Pleasant is inexpensive relative to the cost of constructing such infrastructure from scratch - meaning material reductions to Adex's capital costs if feasibility studies indicate the viability of the mine.
Adex is led by President and CEO Kabir Ahmed (LLB, MBA), an experienced securities lawyer who has founded and positioned several junior mining companies for success, including NWT Uranium (TSX-V: NWT) and Southampton Ventures Inc. (TSX-V: SV). Mr. Ahmed is joined by Errol Farr (CMA), who brings extensive experience in corporate finance to his role as Adex's Chief Financial Officer.
The Company's Senior Technical Team is comprised of William Burton, Geologist and Director; J. Dean Thibault, Senior Process Chemical Engineer/Project Manager for Metallurgy and Environment Planning; and Dr. Trevor Boyd, PhD, PGeo, Senior Geological Consultant/Project Manager for Exploration and Drilling.
Last changed at 28-Sep-2011 10:15AM by alteridem