TORONTO, ONTARIO--(Marketwire - June 13, 2012) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE.V - News) is pleased to announce the results of its annual and special meeting of shareholders held on June 6, 2012 in Fredericton, New Brunswick.
The shareholders re-elected Norman Betts, William Burton, Joseph Ying Kit Lau, Linda Lam Kwan, Yan Kim Po and Joe Kin Foon Tai to serve as members of the Board of Directors. The shareholders also re-approved the Company's rolling stock option plan and re-appointed PricewaterhouseCoopers LLP as the Company's auditors. Mr. Yan will serve as the Chairman and Dr. Betts will serve as the Lead Independent Director of the Board of Directors.
Ms. Lam Kwan will continue to serve in the position of Interim President and Chief Executive Officer. The Company has accepted the resignation, effective June 30, 2012, of Patrick Merrin as the Chief Operating Officer of the Company. He has agreed to continue to be available to provide consulting services to the Company after such date. He will be joining HudBay Minerals Inc. in a senior management position. The Board of Directors of Adex wishes to thank Patrick for his contributions to the Company and wishes him well in his next position. The Company is actively pursuing the hiring of additional members for its senior management and technical teams.
As at March 31, 2012, the Company had cash and cash equivalents of approximately Cdn$3.9 million. The Company is considering possible sources of additional financing, such as a rights offering, to be used for additional work on the Mount Pleasant Mine project.
Mr. Yan stated that, "I am pleased that, over the past year, the Company has made significant progress with the Mount Pleasant Mine project. I am confident about the future prospects of Adex. We will continue to work to move the project forward and to proceed to the commencement of production as soon as possible. I want to thank the shareholders of Adex and the Government of New Brunswick for their ongoing support".