330 Alison Blvd. Fredericton, New Brunswick Canada, E3C 0A9 Telephone: (506) 454-2359 Facsimile: (506) 454-2355 NI 43-101 Independent Technical Report Mount Pleasant North Zone Preliminary Assessment Mount Pleasant Property Southwestern New Brunswick, Canada Effective Date: January 22nd, 2010 FINAL REPORT PROJECT NUMBER 6526-03 REVISION: 02 Prepared By: J. Dean Thibault, P. Eng. Thibault & Associates Inc. Tim R. McKeen, P. Eng. Thibault & Associates Inc. Stephanie M. Scott, P. Eng. Thibault & Associates Inc. Trevor Boyd, P. Geo. Consultant for Adex Mining Inc. Andrew Hara, P. Eng. Hara Mining Enterprises Inc. Prepared For: Adex Mining Inc. Toronto, Ontario, Canada NI 43-101 Independent Technical Report Mount Pleasant North Zone Preliminary Assessment TABLE OF CONTENTS SECTION 1.0 SUMMARY ............................................................................................................ 1-1 1.1 Background ....................................................................................................................... 1-1 1.2 Geology and Exploration................................................................................................... 1-2 1.3 Resource Estimate............................................................................................................ 1-2 1.4 Mining................................................................................................................................ 1-3 1.5 Processing......................................................................................................................... 1-4 1.6 Environmental ................................................................................................................... 1-5 SECTION 2.0 INTRODUCTION ................................................................................................... 2-1 2.1 Background ....................................................................................................................... 2-1 2.2 Sources of Information ...................................................................................................... 2-2 2.3 Scope of Work................................................................................................................... 2-2 2.4 Disclaimer.......................................................................................................................... 2-2 SECTION 3.0 RELIANCE ON OTHER EXPERTS ...................................................................... 3-1 3.1 General.............................................................................................................................. 3-1 3.2 Geological Studies and Exploration .................................................................................. 3-1 3.3 Property Description, History and Ownership ................................................................... 3-1 3.4 Mineralogy, Metallurgical Processing and Waste Treatment............................................ 3-1 3.5 Product Markets and Value of Products............................................................................ 3-1 3.6 Environmental Impact and Environmental Planning ......................................................... 3-2 3.7 Other ................................................................................................................................. 3-2 SECTION 4.0 PROPERTY DESCRIPTION AND LOCATION .................................................... 4-1 4.1 Mining Claims and Surface Rights.................................................................................... 4-1 4.2 Royalties............................................................................................................................ 4-3 4.3 Permits .............................................................................................................................. 4-3 SECTION 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY......................................................................................................................... 5-1 5.1 Accessibility....................................................................................................................... 5-1 5.2 Climate and Physiography ................................................................................................ 5-1 5.3 Local Resources and Infrastructure .................................................................................. 5-1 SECTION 6.0 HISTORY............................................................................................................... 6-1 SECTION 7.0 GEOLOGICAL SETTING...................................................................................... 7-1 7.1 Regional Geology.............................................................................................................. 7-1 7.2 Local Geology ................................................................................................................... 7-1 SECTION 8.0 DEPOSIT TYPES .................................................................................................. 8-1 8.1 General.............................................................................................................................. 8-1 8.2 Porphyry Tin-(±Indium) Deposits ...................................................................................... 8-1 i SECTION 9.0 MINERALIZATION................................................................................................ 9-1 9.1 General.............................................................................................................................. 9-1 9.2 North Zone ........................................................................................................................ 9-1 SECTION 10.0 EXPLORATION................................................................................................. 10-1 10.1 General.......................................................................................................................... 10-1 10.2 Scoping Study of the Fire Tower Zone.......................................................................... 10-2 SECTION 11.0 DRILLING.......................................................................................................... 11-1 11.1 General.......................................................................................................................... 11-1 11.2 Drill Hole Surveying....................................................................................................... 11-1 SECTION 12.0 SAMPLING METHOD AND APPROACH ........................................................ 12-1 SECTION 13.0 SAMPLE PREPARATION, ANALYSES AND SECURITY .............................. 13-1 13.1 General.......................................................................................................................... 13-1 13.2 WGM Analytical Methods.............................................................................................. 13-2 SECTION 14.0 DATA VERIFICATION ...................................................................................... 14-1 14.1 General.......................................................................................................................... 14-1 14.2 Adex Assay Verification of the 2008 Diamond Drilling.................................................. 14-1 14.3 Adex Verification of Historical Assay Results (Phase I)................................................ 14-1 14.4 Adex Verification of Historical Assay Results (Phase II)............................................... 14-2 14.5 WGM Data Corroboration ............................................................................................. 14-4 SECTION 15.0 ADJACENT PROPERTIES............................................................................... 15-1 SECTION 16.0 MINERAL PROCESSING AND METALLURGICAL TESTING ....................... 16-1 SECTION 17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATE..................... 17-1 17.1 General.......................................................................................................................... 17-1 17.2 Drill Hole Database Used.............................................................................................. 17-3 17.3 Basic Statistics of Drill Hole Assay Data....................................................................... 17-5 17.4 Inference of Indium Grades........................................................................................... 17-5 17.5 Interpretation of the Mineralized Zones......................................................................... 17-6 17.6 Sample Compositing ..................................................................................................... 17-8 17.7 Variography ................................................................................................................. 17-15 17.8 Block Model and Estimation Parameters .................................................................... 17-15 17.9 Mineral Resources Estimate Statement...................................................................... 17-17 17.10 Global Mineral Resources Statement ....................................................................... 17-23 17.11 Definition of High Grade Blocks Within the Deep Tin, Upper Deep Tin, North Adit and Lode Deposits .........................................................................................................