ADEX ANNOUNCES AGREEMENT WITH PISKAHEGAN RESOURCES ON THE MOUNT PLEASANT MINE IN NEW BRUNSWICK.

TORONTO, Ontario--(BUSINESS WIRE)--Jan. 10, 1995--ADEX MINING CORP.(TSE: AMG ) ADEX Mining Corp. ("ADEX") announced today that it has entered into a credit/option agreement with Piskahegan Resources Limited, a private company, that owns 100 percent of the Mount Pleasant Mine in New Brunswick. ADEX has agreed to fund a $525,000 program of exploration and metallurgical research to be completed by Piskahegan by May 1995. The funds will be advanced by way of a secured note. ADEX will have the right to convert the note into 10 percent of the stock of Piskahegan. ADEX also has the option of acquiring a total of 50.1 percent, which would give ADEX effective control of Piskahegan.

The Mount Pleasant Mine was operated Billiton Metals Canada Inc. from 1980 to 1983 when it was closed due to low metal prices. Billiton extracted tungsten and molybdenum from the property and later joint ventured the project with Lac Minerals Ltd. to exploit the tin potential, but poor tin prices prevented a start-up. Piskahegan acquired the property from Billiton and Lac in late 1993. Piskahegan holds mining rights for 4,000 acres including some Crown-owned acreage. The mine site has an existing mill capable of processing 2,500 tonnes per day, and built at a reported cost of $120 million. The property lies 60 km west of Saint John, New Brunswick.

ADEX and Piskahegan believe that new processes and technologies for recoveries of tin and tungsten will greatly enhance the commercial viability of the project. Additional metals planned for the recovery include indium molybdenum, zinc, copper and bismuth. The current reserves estimated at Mount Pleasant are 55,000,000 tonnes in nine separate deposits. Proven reserves have been defined from the North Zone where 5,100,000 tonnes grade 0.79 percent tin, 0.56 percent zinc, 0.06 percent bismuth, 2.60 oz/t indium and 0.13 percent copper. The Fire Tower Zone contains a proven category of 9,000,000 tonnes grading 0.40 percent wolframite (WO3), 0.20 percent molybdenite (MoS2), 0.03 percent tin (Sn), 0.1 percent bismuth and 1.0 oz/tonne indium.

ADEX is also active with its projects in Guyana (gold), the Philippines (copper) and the Northwest Territories (diamonds). The company's wholly owned U.S. oil and gas division is expected to show net profits exceeding $1.5 million in 1994.

The completion of the transaction is subject to the approval of the applicable securities regulatory authorities.

CONTACT: William Burton, 416/947-1179 or 416/947-0094

INDUSTRY KEYWORD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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