Adex Mining Announces the Exercise of Warrants by Great Harvest for an Aggregate Exercise Price of $7.2 Million and the Departur

Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to
announce that Great Harvest Canadian Investment Company Limited ("Great
Harvest") has exercised in full the 40,000,000 Series A Warrants held by it and
was, as a result, issued an additional 40,000,000 Common Shares for an aggregate
subscription price of $7,200,000. The proceeds from the exercise of the Series A
Warrants will be used by Adex to advance its Mount Pleasant project and for
general and corporate purposes.


The Series A Warrants were acquired by Great Harvest as part of its purchase on
October 19, 2010 of 40,000,000 Units from the Company at a price of $0.12 per
Unit for an aggregate subscription price of $4,800,000. Each Unit was comprised
of one Common Share of the Company and one Series A Warrant. Each Series A
Warrant entitled the holder thereof to acquire one Common Share of the Company
at an exercise price of $0.18 per Common Share at any time at or prior to 5:00
p.m. (Toronto time) on the earlier of (i) October 19, 2011, and (ii) the 30th
day following the delivery by the Corporation to Great Harvest 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 Mount Pleasant Mine property (the "Property") of the
Corporation.


As a result of the exercise of the Series A Warrants, Great Harvest now holds
80,000,000 Common Shares of Adex representing approximately 45.14% of the issued
and outstanding Common Shares of Adex.


As part of the transaction pursuant to which it acquired the Units referred to
above, Great Harvest was also issued a right (the "Share Purchase Right") which
will become exercisable in certain circumstances to purchase up to 60,000,000
additional Common Shares of the Company, exercisable within 40 days of the Share
Purchase Right becoming exercisable in respect of any Common Shares.


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, Great Harvest has
agreed to provide or arrange for the provision to the Company of loan financing
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 Corporation and the relevant financier(s) as set out in the formal
financing documentation entered into between them. Great Harvest has the Share
Purchase Right, to the extent that the aforesaid loan(s) in an aggregate minimum
amount of $10 million are made available by Great Harvest or a third party
financier(s) arranged for by Great Harvest to be drawn down by the Corporation
on or before the date which is 180 days following the delivery to Great Harvest
by the Company of the report of the results of the Feasibility Study, to
purchase 1.2 fully paid and non-assessable Common Shares for each dollar made
available for drawdown under such loan(s) on the relevant drawdown date to the
extent that the drawdown date is on or before the date which is one year
following the delivery to Great Harvest by the Company of the report of the
results of the Feasibility Study. 


The Common Shares issuable pursuant to the Share Purchase Right will be issuable
at a price per Common Share (the "Discounted Exercise Price") equal to the
weighted average trading price of the Common Shares on the TSX Venture Exchange
(the "Exchange") for the five consecutive trading days ending on the last
trading day immediately prior to the relevant Drawdown Date, less the maximum
discount therefrom permitted by the Exchange.


Great Harvest is controlled by Yan Kim Po and his wife, Linda Lam Kwan, each of
whom is a director of the Corporation. The Corporation previously agreed to, as
soon as practicable after the exercise in full by Great Harvest of the Series A
Warrants, to use its reasonable commercial efforts to (i) cause one existing
director of the Corporation (other than Yan Kim Po and Linda Lam Kwan) to resign
as a director of the Corporation, and (ii) cause to be appointed as a director
to fill the vacancy created by such resignation one person nominated by Great
Harvest. It is intended that a director will be proposed for election at the
annual and special meeting of shareholders of Adex scheduled to be held on June
17, 2011 in order to comply with this agreement.


The Corporation also announced the departure of J. Errol Farr as the President
and Chief Executive Officer of Adex effective today. While the Corporation has
reached an agreement in principle with Mr. Farr concerning his departure, the
final terms have not been finalized. It is, however, expected that Mr. Farr will
act as a consultant to Adex for a period of one year. Alan T. Marshall, the
Chairman of the Board of the Company stated that, "Errol has been a director and
officer Adex since 1998 and was instrumental in maintaining Adex and the Mount
Pleasant property, reactivating Adex and obtaining a listing of the Company's
Common Shares on the TSX Venture Exchange in 2007 and moving the Mount Pleasant
project forward to where it is today, on the cusp of the preparation of a
definitive feasibility study of the North Zone of the Property. On behalf of the
board of directors and the management team of Adex, I would like to thank Errol
for the significant contributions he has made during his tenure at Adex."


Adex will immediately commence a search for a replacement for Mr. Farr who has
experience in mine development and mineral production. While such search is
ongoing, Linda Lam Kwan will act as the interim President and Chief Executive
Officer of Adex. Ms. Lam Kwan is an entrepreneur with over 10 years experience
in the mining and steel industry and over eight years experience in the marine
transportation industry. She is the director of the Great Harvest group
principally responsible for its holdings in the mining industry. She is also a
director and the Chief Executive Officer of Great Harvest Maeta Group Holdings
Limited which is listed on the Main Board of The Stock Exchange of Hong Kong
Limited. Ms. Lam is also primarily responsible for the day-to-day management and
overall business operations of the Great Harvest group and Great Harvest Maeta
Group Holdings Limited, as well as their finance and administrative management
functions. She is also a director of Pok Oi Hospital in Hong Kong and a fellow
of the Hong Kong Institute of Directors.


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 mineralization. Located in Charlotte
County, New Brunswick, the Mount Pleasant Mine Property is 80 kilometres south
of Fredericton, the provincial capital, and 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.