TORONTO - Adex Mining has entered a private placement deal with Great Harvest Canadian Investment Company that will help fund the development of Adex's Mount Pleasant tungsten-molybdenum project 80 km south of Fredericton, NB.
Great Harvest has agreed to purchase 40 million units of Adex, putting $4.8 million into the miner's treasury. Great Harvest has also undertaken to provide or arrange a $50-million loan for the development of the project. The deal is dependent on completion of a positive feasibility study in 2011.
BHP Exploration Canada mined the Fire Tower zone that hosts tungsten, molybdenum and bismuth mineralization from 1983 to 1985. The property also includes the North zone with tin, indium and zinc resources. The existing infrastructure includes the mine, crushing and processing complex, surface facilities, on-site power and water, plus an established tailings pond.
Adex has posted detailed information about its plans for Mount Pleasant at www.AdexMining.com.