Adex Announces Private Placement and Project Funding Agreement

Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to
announce that it has signed a subscription agreement (the "Agreement") with
Great Harvest Canadian Investment Company Limited ("Great Harvest") to fund the
development of Adex's wholly-owned Mount Pleasant Mine Property ("Mount
Pleasant" or the "Property"), located in southwestern New Brunswick, Canada. 


The Agreement provides for a private placement (the "Private Placement") to
Great Harvest of 40,000,000 units (the "Units") at a price of $0.12 per unit
with each Unit consisting of one common share (a "Common Share") of Adex and one
Common Share purchase warrant (a "Series A Warrant"). Each Series A Warrant will
entitle the holder thereof to acquire one Common Share at a price of $0.18 at
any time prior to 5:00 p.m. (Toronto time) on earlier of (i) the first
anniversary of the date of the closing of the Private Placement, and (ii) the
30th day following the delivery by the Company to the holder thereof of the
report of the results of a Definitive Feasibility Study (the "Feasibility
Study") on the commencement of mining operations at either or both of the North
Zone or the Fire Tower Zone of the Property. 


In addition to the Private Placement, the Agreement requires Great Harvest,
subject to (i) the results of the Feasibility Study being satisfactory to Great
Harvest and (ii) the then capital requirements of the Company as determined at
the relevant time by the board of directors of the Company, to provide or
arrange for the provision to the Company of loan facilities (the "Facilities")
in an aggregate amount of up to $50,000,000 to be used for the commercial
development of the Property, on such terms and conditions as may be agreed upon
between the Company and the relevant financier(s). If an aggregate minimum of
$10 million of the Facilities are made available to be drawn down by the Company
within 180 days of the delivery to Great Harvest of the report of the results of
the Feasibility Study, Great Harvest will have the right (the "Share Purchase
Right") to purchase, within 40 days of the Facilities being available to be
drawn down by the Company, 1.2 Common Shares for each dollar of the facilities
made available to be drawn down by the Company within one year of the completion
of the Feasibility Study. The exercise price per Common Share pursuant to the
Share Purchase Right will be equal to the volume weighted average trading price
of the Common Shares on the TSX Venture Exchange (the "TSXV") for the five
trading days ending the day immediately prior to the Facilities being available
to be drawn down by the Company less the maximum discount therefrom permitted by
the TSXV. The maximum number of Common Shares issuable pursuant to the Share
Purchase Right is 60,000,000. 


CWN Capital Inc. ("CWN"), a Hong Kong-based advisor to the Company, is entitled
on the closing of the Private Placement (i) to be paid a cash finder's fee of
$336,000 (equal to seven percent of the gross proceeds to be received by the
Company from the Private Placement), (ii) to be issued by the Corporation as an
additional finder's fee 2,800,000 Series A Warrants (seven percent of the Series
A Warrants comprising part of the Private Placement), and (iii) to be issued by
the Company as an additional finder's fee 2,800,000 Common Share purchase
warrants ("Series B Warrants") (seven percent of the number of Series A Warrants
comprising part of the Private Placement). Each Series B Warrant will entitle
the holder to acquire one Common Share at an exercise price of $0.20 per Common
Share at any time at or prior to 5:00 p.m. (Toronto time) on the first
anniversary of the closing of the Private Placement, provided that (i) the
Series B Warrants will only become exercisable when Series A Warrants are
actually exercised, and (ii) the Series B Warrants will only be exercisable at
any time to the extent of the number of Series B Warrants as is equal to 7% of
the number of Series A Warrants comprising part of the Units which have been
exercised at such time (less, for greater certainty, the number of Series B
Warrants which have been exercised prior to such time). In addition, CWN is
entitled (i) to be paid by the Corporation a retainer of $144,000 payable in 12
equal monthly instalments of $12,000 with the first such instalment being
payable on the closing of the Private Placement, (ii) to paid an additional cash
finder's fee equal to 7% of the gross proceeds realized by the Company on the
exercise, if any, of the Series A Warrants comprising part of the Private
Placement (a maximum of $504,000), and (iii) to be paid by the Corporation an
additional cash finder's fee equal to 1.5% of the principal amount of each loan
made available by Great Harvest or a third party financier arranged for by Great
Harvest to be drawn down by the Corporation, to a maximum of $750,000. The
transactions contemplated by the Agreement are subject to TSXV approval and the
approval of the shareholders of the Company, which approval will be sought at a
Special Meeting of Shareholders scheduled for October 14, 2010. The Private
Placement in expected to close by the end of October. The Agreement requires the
Feasibility Study to be completed on or before May 31, 2011. The issuance of
Common Shares pursuant to the exercise of the Share Purchase Right will be
subject to further approval of the TSXV to be obtained following the Share
Purchase Right becoming exercisable.


Great Harvest is an investment holding company established in the British Virgin
Islands and based in Hong Kong which is controlled by Mr. Yan Kim Po and his
wife, Ms. Lam Kwan. Mr. Yan is an experienced entrepreneur who is principally
engaged in the mineral resource development, mineral trading and marine
transportation industries. He is experienced in the mineral resources, steel and
marine transportation industry. He is currently a fellow member of the Hong Kong
Institute of Directors and the chairman of the Hong Kong Energy and Minerals
United Associations. Ms. Lam is one of the co-founders of a group of private
companies principally engaged in marine transportation, and is experienced in
the marine transportation industry. She graduated from Dongbei University of
Finance and Economics in 1990 with a bachelors degree in English for Finance in
the Department of Foreign Language for Finance. Ms. Lam is currently a director
of Pok Oi Hospital and a fellow member of the Hong Kong Institute of Directors.


Errol Farr, the President of Adex stated, "I am pleased to have the opportunity
to present this Agreement to our shareholders for consideration and approval.
This Agreement represents a milestone for Adex in its aspiration to bring its
Mount Pleasant Property to commercial production. Great Harvest has a
demonstrated the ability and a desire to become a strategic partner to Adex. I
look forward to the future that this Agreement brings." 


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".


No securities commission or regulatory authority has approved or disapproved the
contents of this press release.


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.