ADEX COMPLETES SALE OF OIL AND GAS SUBSIDIARY - FUNDS TO SUPPORT DEVELOPMENT OF MOUNT PLEASANT MINE.TORONTO, ONTARIO--(BUSINESS WIRE)--July 18, 1995--ADEX Mining Corp. announced today that it has completed the sale of all of the assets of ADEX ADEX Athens Derivatives Exchange (Athens, Greece) ADEX Air Defense Exercise ADEX Advertisement Expenditure ADEX Asociaciã³n de Exportadores (Peru) Resources Corp., the company's U.S. based oil and gas subsidiary, to Nielson and Associates, Inc. The total sale price was U.S. $3,100,000 paid as to U.S. $2,600,000 cash and the balance of U.S. $500,000 payable as a net production royalty. Proceeds from the sale are to be directed to retiring the outstanding corporate debt and to the further development of the company's Mount Pleasant Mine project in New Brunswick including a full feasibility study. The Mount Pleasant Mine project, through a combination of new metallurgical processes, indium identification, improved metal prices, recent drilling discoveries, and on site infrastructure is poised to become a significant and very profitable polymetallic mine. The wholly owned property consists of a 2,500 tonne per day mine and mill complex developed in the 1980's at a cost of over $200 million. Proven and probable reserves total over 18 million tonnes with an additional 27 million tonnes in the potential category. The company completed the purchase of a 100 percent interest in the Mount Pleasant Mine as announced on June 30th, 1995. This polymetallic mine, planned for start up in 1997, will include the production of tin, indium, tungsten, bismuth bismuth (bĭz`məth) [Ger. Weisse Masse=white mass], metallic chemical element; symbol Bi; at. no. 83; at. wt. 208.9804; m.p. 271.3°C;; b.p. about 1,560°C;; sp. gr. 9.75 at 20°C;; valence +3 or +5. , copper, molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. , zinc and gallium. At a planned mining rate of 2,500 tonnes per day, and using current metal prices, the annual operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for Mount Pleasant exceeds $40 million, or approximately $0.37 per share of ADEX (fully diluted). The Mount Pleasant Mine represents the world's largest indium reserve, a high tech metal used as a coating agent for computer and television screens and new lead-free solders and alloys. Indium was not recognized by the mines previous operators and current prices range from U.S. $450 to U.S. $475 per kilogram. Mount Pleasant will also represent North America's only primary tin producer. Tin prices continue to rise with current prices in the range of U.S. $3.25 per pound. On behalf of the Board of Directors. TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). SYMBOL: AMG AMG All Music Guide (music website) AMG All Media Guide (group of media websites) AMG All Movie Guide (Movie website) AMG Arzneimittelgesetz (German Law) SEC 12g3-(b) Exemption: 82-2796 Manual Listing: S & P's Industrial Listing Cusip: 006903-10-8 CONTACT: Investor Relations Investor relations The process by which the corporation communicates with its investors. , 416/947-1179 |
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