Tequila Copper Corp., A Subsidiary of ADEX Mining Corp. Toronto, Announces Agreement with Wabigoon Resources Limited.

TORONTO, Ontario--(BUSINESS WIRE)--Dec. 21, 1995--ADEX MINING CORP. (TSE:AMG ) Tequila Copper Corp. ("Tequila") announced today that it has entered into an agreement with Wabigoon Resources Limited ("Wabigoon") whereby the parties will enter into a statutory plan of arrangement. Upon completion of the plan, Tequila and Wabigoon will amalgamate to form a new Ontario Corporation (Newco). The authorized capital of Newco would consist of an unlimited number of common shares of which approximately 7,700,000 common shares will be issued following the amalgamation (2.5 percent of which will be issuable to former shareholders of Wabigoon). ADEX Mining Corp. will be the largest shareholder of Newco, and hold 52.35 percent of the issued common shares. The agreement is subject to regulatory and shareholder approval. A comprehensive information circular will be mailed to shareholders in the new year with a targeted completion date at the end of the first quarter of 1996.

The principal asset of Tequila is its 100 percent direct and indirect ownership of Selenga Mining Corporation which holds the rights to develop the Hinoba-an Copper Project located on the island of Negros in the Philippines. The Hinoba-an project which includes the Don Jose deposit (originally known as Hinoba-an) was the subject of a positive feasibility study in 1983. The Don Jose was shown to have a mineable category of approximately 100 million tons grading 0.45 percent copper. During 1993 and 1994 ADEX and Starmin Mining Inc., completed extensive exploration programs which resulted in the discovery of several new porphyry copper prospects, specifically the A-1 zone. A surface trench within the A-1 returned a continuous sample length of 250 metres grading over 1 percent copper.

In the third quarter of 1994 the shareholders of ADEX and Starmin agreed to transfer their respective interests in Selenga Mining to Tequila. Then in the spring of 1995 Tequila concluded a joint venture agreement with International Pursuit Corporation (IPJ-/TSE) to explore and develop the Hinoba-an project. Under the terms of the agreement Pursuit can earn a 50 percent interest by spending $10 million on exploration and development. Once Pursuit has earned its interest the company can purchase Tequila's 50 percent interest for $15 million. Tequila will then retain a $15 million royalty on the copper sulphide orebodies to be paid as to a 2 percent NSR or $5 million annually for three years.

On Monday, December 11, 1995 Pursuit announced the results of three recent drill holes which also indicate the potential of the A-1 Zone as a second large tonnage porphyry copper deposit within the Hinoba-an Property.

On Behalf of the Board of Directors William B. Burton

CONTACT: Adex Mining Corp.

Peter Akerley, 416/947-1179