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Adex Mining Inc V.ADE

Alternate Symbol(s):  ADXDF

Adex Mining Inc. is a Canadian junior mining company. 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 mineralization. The Company holds 100% of the subsurface mineral rights to approximately 1,600 hectares encompassing the Mount Pleasant mine area of New Brunswick, Canada approximately 60 km south of Fredericton approximately 100 km northwest of deep seaport facilities located at Saint John. The Company, through its subsidiary, Adex Minerals Corp., holds claims under Prospecting License 14338. Within the mineral rights area, the Company owns approximately 405 hectares of land. Also, within the mineral rights area there are two distinct poly-metallic mineral deposits, the Fire Tower Zone (FTZ) and the North Zone (NZ). The principal metals include tungsten and molybdenum in the FTZ and tin, indium and zinc in the NZ.


TSXV:ADE - Post by User

Bullboard Posts
Post by 123con Mar 01, 2013 3:07pm
295 Views
Post# 21064182

Reality check

Reality check

Reality likely falls somewhere between the extremes.  As of the end of Sept there was $ 3 mill cash on the books (about 1.7 cents/share).   Shares outstanding are worth about $ 4.4 mill @   3 cents.    With other assets showing on the Sept 30 report the book value of the shares is  about 9 cents.   A buy out of 5 - 10 cents doesn't reflect the future value / potential value at all and wouldn't fly.  Evidently a number of minority shareholders are prepared to dump and run because GH seem to want to set some kind of record for defining being LONG on this.  GH are unlikely to take a loss on this unless their other bussinesses are doing very poorly.  I doubt they'd sell for less than .15, which is about their break even if you don't figure in the salaries & directors fee's they've been paying themselves.  A serious mine developer would pay a premium because the evidence is that this will be a major success when a competent team takes over.   The current share price reflects the lack of confidence and loss of patience with GH, not the long term value of this property.

It's interesting that on the posting for the President / COO which eventually went up on the web site that Betts is the contact.  I hope this is some indication that the concerns of minority shareholders are being recognized and that he will be taking a more active roll in pushing things ahead.

Bullboard Posts