Adex Mining Closes $1,000,000.00 F-T Financing

Adex Announces the Completion of a Private Placement of Units Consisting of One Flow-Through Common Share and One Half of One Common Share Purchase Warrant Raising $1,009,040

Toronto – December 30, 2009 – Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce that it has raised $1,009,040 through a private placement completed today of 8,408,665 units (the "Units") at a price of $0.12 per Unit (the "Offering"). Each Unit is comprised of one flow-through common share of Adex (a "Flow-Through Share") within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share of Adex at a price of $0.175 at any time prior to 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and at a price of $0.20 at any time following 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering at which time any unexercised Warrants will expire.

 

On the closing of the Offering, First Canadian Securities, a division of Limited Market Dealer Inc., ("First Canadian") was paid a cash finder's fee of $19,000 representing 2% of the gross proceeds of the Offering raised through the subscriptions by members of the MineralFields Group of Companies for an aggregate of $950,000 of Units. In addition, First Canadian was issued irrevocable and non-transferable finder's fee options (the "First Canadian Finder's Fee Options") to purchase 554,166 finder's fee units (the "Finder's Fee Units") (equal to 7% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies) at a price of $0.12 per Finder's Fee Unit at any time prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering. Each Finder's Fee Unit will consist of one common share and one-half of one Warrant. Kingsdale Capital Markets Inc. ("Kingsdale") was paid a cash finder's fee of $600 representing 2% of the gross proceeds of the Offering raised through subscriptions arranged for by Kingsdale. Kingsdale was also issued irrevocable and non-transferable finder's fee options (the "Kingsdale Finder's Fee Options") to purchase 262,499 finder's fee units (the "Finder's Fee Units") (equal to 3% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies and 10% of the 250,000 Units sold to subscribers arranged for by Kingsdale). The Kingsdale Finder's Fee Options have terms identical to those of the First Canadian Finder's Fee Options

 

Adex will use the gross proceeds from the Offering to incur exploration expenditures which are eligible as Canadian Exploration Expenses under the Income Tax Act (Canada).  The exploration expenditures will be made to advance development of the Company's wholly-owned Mount Pleasant Mine Property located in New Brunswick, Canada.

 

"We are very pleased to be commencing a relationship with MineralFields Group", said Errol Farr, the President and Chief Executive Officer of Adex. "This is an important milestone in the growth of Adex and we look forward to working with MineralFields Group as we advance the development of our wholly-owned Mount Pleasant Mine Property located in New Brunswick, Canada."

 

To View the full Release Click Here

www.AdexMining.com

Geodex Minerals Suspends Financing announced November 4 2009

Geodex Minerals Ltd. (TSX-V:GXM), ("Geodex") announces that it has been unable to close its financing, announced on November 4, 2009, before the holiday season. Geodex has therefore suspended the financing until the New Year and will re-announce the financing in the context of the market.

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Visit the company Web Site www.GeodexMinerals.com

Geodex Minerals increases the measured and indicated resources at its Sisson Brook Project

Geodex Minerals Ltd. has received an updated independent National Instrument (NI) 43-101 compliant mineral resource estimate for its Sisson Brook tungsten-molybdenum deposit in New Brunswick. It incorporates 4,900 metres (m) of new drilling carried out this summer. The drilling was successful in reaching its objectives, including the primary purpose to upgrade a significant portion of the inferred resource to the measured and indicated resource category for use in the upcoming prefeasibility study (described later in this news release). The measured and indicated resource tonnage increased by 31 per cent with a slightly higher grade at the mid-range category (0.125 WO3 per cent equivalent threshold). The mineral resources are not mineral reserves, as economic viability has not yet been demonstrated. Full results are on the company's website.

To read the full Release Click here 

Contact the company at 604-689-7771

www.GeodexMinerals.com

ORIENTAL MINERALS CLOSES $6.6 MILLION PRIVATE PLACEMENT

Oriental Minerals Inc. (OTL: TSX-V) (the "Company") is pleased to announce that it has completed a partially brokered private placement of 82,500,000 units (each a "Unit") at a price of $0.08 Canadian per Unit, generating gross proceeds of CAD$6.6 million (the "Placement"). Each Unit comprises one common share and one half of one purchase warrant (each a "Warrant"), with each whole Warrant exercisable into one common share of the Company at a price of $0.12 Canadian until December 17, 2011. The placement was brokered by GMP Securities Europe LLP ("GMP") of London, UK, with the assistance of Westech International Pty Ltd. ("Westech"), on a best efforts basis and was primarily made to investors in the United Kingdom and Australia. A cash commission of 8% of the proceeds raised has been paid which was split 75%/25% between GMP and Westech respectively. The Company also issued 16,500,000 broker's warrants, having the same terms as the Warrant, representing 20% of the Units placed, which is split 30%/70% between GMP and Westech respectively. All of the securities issued pursuant to the Placement are subject to a four month hold period expiring on April 18, 2010. US$1 million of the proceeds from the Placement will be used to secure the Company's 51% interest in the mineral title for the Sangdong property by making a final payment to the Korean vendor, with 49% being held in trust for the vendor pending the tabling of a bankable feasibility study, at which time the vendor will surrender its 49% interest and retain only a net smelter royalty of 2%. The balance of the proceeds will be used to facilitate work on the ground in Korea to advance its Tungsten and Molybdenum project at Sangdong, the gold project at Muguk, and for general working capital. Wardrop Engineering, a reputable Canadian engineering company, has built a model using the results of the Company's current, and the historical owners' prior, drilling campaigns at Sangdong, from which the Company has identified targets for further drilling to provide the requisite data to better define the resource and allow the Company to complete and issue a Preliminary Economic Assessment Report. It is envisaged that further funding will be required to complete infill drilling to better understand the extent of the mineralization, allow further modeling and engineering studies to define the most economical process routes, and to take the Sangdong tungsten/molybdenum project through the Pre-, and Bankable-, Feasibility Study phases. Concurrent with the Placement, the Company has engaged Westech to manage the Company, as a result of which Mr. Brian Wesson will assume the roles of President & Chief Executive Officer and Ms. Amelia Wesson will assume the role of Vice President Administration. Mr. Fodie, the current President & CEO will remain with the Company in the role of Chief Financial Officer. "I am extremely pleased to have been able to complete this financing in such difficult financial markets, which is an indication of the value of the rights Oriental holds in Korea, in addition to the experience Westech brings to the Company" Mr. Fodie stated. "Westech brings extensive skills and knowledge in the design and redeveloping of mines and projects that are critical to successfully re-developing the Sangdong property into a significant tungsten supplier to Korea and the world." "We are excited to be leading Oriental into this new phase of its evolution" said Mr. Brian Wesson, President of Westech. "In addition to Sangdong, historically one of the world's largest known tungsten deposits, and Muguk, historically Korea's largest gold mine, there are a number of other projects containing molybdenum, lead, zinc, uranium and vanadium, and potential acquisition targets, that make Oriental a very exciting Company to be developing." About Oriental Minerals Oriental Minerals is focused on developing world-class mining projects in South Korea. The company is working on proving up its flagship Sangdong tungsten-molybdenum project which was formerly one of the largest tungsten mines in the world. To read the complete release Click Here www.orientalminerals.com

Teck Resources elects to drop option in Geodex Minerals Ltd.'s Mount Pleasant West project

Teck Resources Ltd. has not elected to exercise its option to acquire an interest in Geodex Minerals Ltd.'s Mount Pleasant West project in New Brunswick. In total, Teck provided $2.5-million in financing for exploration programs on the Mount Pleasant West project which were completed in 2009. Five hundred thousand dollars of the financing was provided under a convertible grid promissory note which Teck has agreed to convert into two million Geodex units at a deemed price of 25 cents per unit. Each unit consists of one common share and one Geodex warrant. One full Geodex warrant will be exercisable into one additional Geodex common share at 25 cents per share for two years. All securities issued in connection with the Teck debt settlement will be subject to a four-month hold. The debt settlement is subject to TSX Venture Exchange approval.

Geodex holds the Mount Pleasant West project in south-central New Brunswick through an extensive land position of approximately 20 kilometres by 10 km acquired by independent staking and option agreements. The project is located adjacent to the Mount Pleasant mine property (owned by Adex Mining Inc.) and is prospective for a variety of granite-related deposits of molybdenum, tungsten, tin and indium. Geodex began exploring at Mount Pleasant West in 2005, focusing on evaluating historical showings, soil geochemical anomalies and mineralized float discoveries which had not been systematically tested. During the agreement term with Teck there were a series of surface exploration programs consisting of prospecting, soil geochemistry and geophysical surveys followed by trenching and diamond drilling. To date, more than 55 holes have been drilled totalling over 11,000 metres. This drilling has returned mineralized intersections, typically related to veins or chlorite-altered lodes associated with granitic dikes or sills. Geodex's exploration modelling is based on the belief that these features represent the upper-level expressions of potential deposits at depth -- a situation analogous to that at the Mount Pleasant mine.

Geodex will review the Mount Pleasant West project to determine the most effective strategy in 2010......

To read the full Release Click here 

Contact the company at 604-689-7771

www.GeodexMinerals.com

Adex Mining Inc Reports a Positive Assessment on the North Zone - IRR - 28.87

ADEX MINING REPORTS INDIUM, ZINC AND TIN PRODUCTION OPTIONS FOR MOUNT PLEASANT NORTH ZONE

Adex Mining Inc. has released the results of a new preliminary assessment (PA) on its wholly owned Mount Pleasant mine property, located in southwestern New Brunswick, Canada. Mount Pleasant is the site of a past-producing tungsten-molybdenum underground mining operation, which operated during the 1980s. This PA is a preliminary technical and economic assessment of the production of tin, indium and zinc products from the North zone (NZ) of the property.

The results of the PA indicate that there are two viable production options for the NZ, including the production of tin concentrate, indium sponge and zinc metal, and the production of tin concentrate and zinc-indium concentrate. Based on a 10-year project life and production rate of 850 tonnes per day, the PA shows pretax internal rates of return (IRR) for the tin concentrate, indium sponge and zinc metal production option, and the tin concentrate and zinc-indium concentrate production option of 28.87 per cent and 23.49 per cent, respectively, as shown in the table entitled, "Internal rates of return."

                         INTERNAL RATES OF RETURN                       

                                           Option 1 --         Option 2 --
                                          production of       production of
                                       tin concentrate,    tin concentrate
                                         indium sponge     and zinc-indium
                                         and zinc metal         concentrate

Pretax IRR                                      28.87%              23.49%
After-tax IRR                                   23.94%              19.30%
 After-tax net present value
(NPV) (discounted at 8 per cent)         $54.2-million       $21.5-million
Preproduction capital                    $71.1-million       $41.2-million
Production rate (tonnes per day)                   850                 850
 

"These are exciting times for Adex," said Errol Farr, president and chief executive officer of Adex. "The PA results reinforce Adex's plans for piloting the concentrate and metals flowsheets as a next phase leading to definitive feasibility and production. The NZ development is an integral part of Adex's overall strategy for producing tin, indium, zinc, tungsten and molybdenum from the resources at the property."

For the full release click here 

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