Updated NI 43-101 Resource Estimate Reinforces Potential of Adex Mining's Fire Tower Zone at Mount Pleasant

TORONTO, ONTARIO, Oct 23 (MARKET WIRE) --
Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is pleased
to announce that it has completed an updated National Instrument 43-101
("NI 43-101") mineral resource estimate for the Fire Tower Zone ("FTZ")
tungsten-molybdenum deposit at its wholly-owned Mount Pleasant Mine
Property in southwestern New Brunswick, Canada ("Mount Pleasant" or the
"Property"). The resource estimate includes an "indicated" resource of
13,489,000 tonnes, as well as an "inferred" resource of 841,700 tonnes.

"Upgrading the FTZ resource estimate to NI 43-101 "indicated" status was
a necessary prerequisite to advancing the FTZ to the feasibility stage of
development," said Kabir Ahmed, President and CEO of Adex. "Having
efficiently and effectively achieved this important milestone, we look
forward to continuing our fast-track approach to mine development at
Mount Pleasant."

The resource estimate, completed by SRK Consulting (Canada) Ltd. ("SRK")
using an updated GEMCOM model, was conducted in conjunction with the
preparation of an independent NI 43-101 Technical Report currently being
completed by Watts, Griffis and McOuat Limited ("WGM"), all under the
supervision of Trevor Boyd, P.Geo., the Company's Geological Consultant.
Details of the resource estimate are as follows:

FIRE TOWER ZONE - MINERAL RESOURCE ESTIMATE,
MOUNT PLEASANT MINE PROPERTY
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Area Tonnes %WO3 %MoS2 %As %Bi
(tungsten) (molybdenum) (arsenic) (bismuth)
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Indicated

Fire Tower 9,148,900 0.32 0.21 0.29 0.04
West
Fire Tower
North 4,340,100 0.35 0.20 1.15 0.09

Total
Indicated 13,489,000 0.33 0.21 0.57 0.06

Inferred

Fire Tower 831,000 0.26 0.20 0.21 0.04
West
Fire Tower 10,700 0.26 0.17 0.26 0.05
North

Total
Inferred 841,700 0.26 0.20 0.21 0.04
---------------------------------------------------------------------------
---------------------------------------------------------------------------

The resource estimate was based on a cut-off grade of 0.3%WO3
equivalent, equal to %WO3 + 1.5 x %MoS2. The 0.3% WO3 equivalent cut-off
grade was provided by Adex based on a value of the mineralized material
of US$30/tonne at a tungsten price of US$100/MTU (US$10.0/kg WO3), a mine
life of ten or more years, and the previous ten-year price relationship
between W and Mo. In consultation with SRK and based upon these metal
prices, the Company has determined that 0.3%WO3 equivalent is the minimum
acceptable cut-off grade to report.

The assumed metal prices for the cut-off are believed to be conservative
given that present prices are approximately US$20/kg for WO3 and US$30/lb
for MoO3. Until an economic evaluation is completed, the economic cut-off
for this deposit is unknown. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.

The boundaries of the mineralized body were interpreted manually by
Trevor Boyd, P.Geo., the Company's Geological Consultant. Mineralized
zones were commonly cross-cutting geological units and structural
boundaries. Consequently, resource boundaries were defined based solely
on %WO3 and %MoS2 values. These were plotted on cross sections, and
mineralization boundaries were drawn halfway between drill holes. If no
holes existed to limit the mineralization outlines, the boundaries were
extended to a maximum of twenty metres away from the nearest hole. In
general, extensions of the boundaries were made consistent with the
trends defined by joining known cut-off boundaries. A minimum width of
three metres was used for defining the zones, while a rock-specific
gravity of 2.65 was used for calculating the resource.

The mineral resources are reported in accordance with NI 43-101 and the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition
Standards, November 2004 and have been estimated in conformity with the
CIM Estimation of Mineral Resource and Mineral Reserves Best Practices
Guidelines, November 2003.

The Company has had an industry standard quality control program on its
drill core and assaying since the inception of its drilling program.

Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist of WGM, a
qualified person as defined by NI 43-101, carried out site visits to the
Mount Pleasant Mine Property in May and June, 2008 during which he
examined the drill program and core, and completed check sampling and
assaying of core samples. Dorota El-Rassi, M.Sc., P.Eng., Geological
Engineer of SRK, a qualified person as defined by NI 43-101, checked
assay results against the GEMCOM database. The database verification
found no significant discrepancies in the geological information, which
conformed to industry standards. Pulp duplicates of the drill core
samples, unknown to the laboratory, were sent to a second laboratory,
fulfilling standard QA/QC protocols. Analytical results for some of these
samples remain pending.

None of Trevor Boyd, the Company's Geological Consultant, Paul Dunbar,
Dorota El-Rassi or Management of the Company is aware of any known
environmental, permitting, legal, title, taxation, socio-political,
marketing or other relevant issues that may materially affect the
estimate of the mineral resource.

Trevor Boyd, P.Geo., the Company's Geological Consultant, supervised the
preparation of the mineral resource estimate for the FTZ and the
technical information contained in this press release in compliance with
NI 43-101. Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist of WGM,
is writing the updated NI 43-101 Technical Report on the Fire Tower Zone
of the Mount Pleasant Property, which Adex will file on SEDAR within 45
days of today's date.

ABOUT ADEX

Adex Mining Inc. is a Canadian junior mining company with an experienced
management team. The Company is focused on developing its flagship Mount
Pleasant Mine property, a multi-metal project that is host to promising
tungsten-molybdenum and tin-indium-zinc-copper mineralization. Located in
Charlotte County, New Brunswick, the Mount Pleasant Mine property is
situated approximately 80 kilometres south of Fredericton, the provincial
capital, and is 65 kilometres from the United States border. The common
shares of Adex trade on the TSX Venture Exchange under the stock symbol
"ADE."

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of
Adex, its subsidiary or the industry in which they operate to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. When used in
this press release, the words "estimate", "believe", "anticipate",
"intend", "expect", "plan", "may", "should", "will", the negative thereof
or other variations thereon or comparable terminology are intended to
identify forward-looking statements. Such statements reflect the current
expectations of the management of Adex with respect to future events
based on currently available information and are subject to risks and
uncertainties that could cause actual results, performance or
achievements to differ materially from those expressed or implied by
those forward-looking statements. These risks and uncertainties are
detailed from time to time, including, without limitation, under the
heading "Risk Factors", in reports filed by Adex with the Alberta,
British Columbia and Ontario Securities Commissions which are available
at www.sedar.com and to which readers of this press release are referred
for additional information concerning Adex, its prospects and the risks
and uncertainties relating to Adex and its prospects. New risk factors
may arise from time to time and it is not possible for management to
predict all of those risk factors or the extent to which any factor or
combination of factors may cause actual results, performance and
achievements of Adex to be materially different from those contained in
forward-looking statements. Although the forward-looking statements
contained in this press release are based upon what management believes
to be reasonable assumptions, Adex cannot assure investors that actual
results will be consistent with these forward-looking statements. Given
these risks and uncertainties, investors should not place undue reliance
on forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is
current only as of the date of the press release. Adex does not undertake
or assume any obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events, except
as required by law.

No securities commission or regulatory authority
has approved or disapproved the contents of this press release.

The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this press release.

Contacts:
Adex Mining Inc.
Kabir Ahmed
President, Chief Executive Officer and Director
1-866-508-2339 (ADEX)
Email: investorrelations@adexmining.com
Website: www.adexmining.com

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