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ADE Adex Mining Inc

0.005
0.00 (0.00%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Adex Mining Inc TSXV:ADE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.005 0.005 0.01 100 01:00:00

Adex Appoints Interim CEO and Commences Executive Search for Experienced Mine Developer as Permanent CEO

21/04/2009 9:03pm

Marketwired Canada


Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to
announce the appointment of J. Errol Farr as the interim President and Chief
Executive Officer of the Company effective May 1, 2009. The Company's board of
directors will immediately commence a search for a permanent President and Chief
Executive Officer who has experience in mine development and mineral production.


Kabir Ahmed, the current President and Chief Executive Officer of Adex, will
resign from that position effective May 1, 2009. While in his leadership role at
Adex, Mr. Ahmed has been responsible for reviving the Company, listing its
common shares on the TSX Venture Exchange, and re-capitalizing its treasury. In
addition, over the past 18 months, Mr. Ahmed has worked to prepare the Company's
Mount Pleasant Property (the "Property" or "Mount Pleasant"), located in New
Brunswick, Canada, for feasibility level studies, with a view to re-commencing
mineral production. The Company has completed a 13,300 meter expansion and
definition drill program and National Instrument 43-101-compliant Indicated
Mineral Resource Estimates for both the tungsten-molybdenum Fire Tower Zone and
the tin-indium North Zone at the Property. The Company has also preserved a
strong treasury of $3.88 million as of December 31, 2008.


"I am very pleased to have successfully positioned Adex for feasibility, with a
view to re-commencing mineral production at Mount Pleasant in the near future",
said Kabir Ahmed. "The progress made by Adex to date has been made possible by
an engaged board of directors, an experienced management team, and an
accomplished team of technical consultants and staff, all of whom have worked
tirelessly to advance the Mount Pleasant project."


Mr. Farr, the Company's Chief Financial Officer and a member of the board of
directors, commented that, "On behalf of the board of directors and the
management team of Adex, I thank Mr. Ahmed for the significant contributions he
has made during his tenure in order to move the Mount Pleasant project forward".


Mr. Ahmed will remain as a member of the Company's board of directors.

ABOUT ADEX:

Adex Mining Inc. 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, Mount Pleasant 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.


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


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