nb-si-mountpleasant

Adex Mining Inc. acquired the Mount Pleasant mining property in 1995. ((Adex Mining Inc.))

Adex Mining Inc. of Toronto has decided to move its head office to the Fredericton area as it considers developing the Mount Pleasant Mine near St. George.

The last time Mount Pleasant saw mining activity was in 1985, when Billiton Canada shut down its tungsten mine there because of falling metal prices.

Adex acquired the property in 1995.

The company has been exploring a deposit of tin, zinc and indium.

Indium is a metal that's crucial for flat-panel displays in TVs, computers and smart phones.

Mount Pleasant is believed to have the largest indium deposit in the world.

Adex director Bill Burton said the company is now upping the stakes by moving its head office from Toronto to Fredericton.

"We believe that the focus on the Mount Pleasant project — which is the only major asset in the company — has reached a level where we have to be on hand to follow this through the next step, which is the definitive feasibility study," said Burton.

"We believe we can handle that better on a corporate basis here in New Brunswick."

Burton is also banking on a $10-million investment from a Hong Kong company, Great Harvest Group Maeta Holdings Limited.

"Great Harvest has now taken its second position in the company, currently holding 43 per cent of the shares of Adex Mining. The Great Harvest Group has a strong financial background and are capable of taking this project through to production," said Burton.

The company hopes to know by this time next year if the mine will go ahead — with the potential of about 200 hundred jobs and $200-million dollars of investment.