Acadian Sells Non-core Asset
Trading Symbol: ADA: TSX; ADAIF: OTCQX
HALIFAX, Aug. 23, 2012 /CNW/ - Acadian Mining Corporation ("Acadian" or the "Company") is pleased to announce that it has entered into an agreement for the sale of one of its non-core assets. Acadian agreed to sell its Dufferin area claims to Ressources Appalaches, an exploration company that is currently developing the Dufferin Mine project in Nova Scotia. No resources have been identified on the claims being sold by Acadian.
Acadian will receive $125,000 for the claims, with $50,000 paid on signing of the agreement and the balance due on the six month anniversary. In addition, Acadian will retain a 2% net smelter return royalty on the claims, which may be purchased by Ressources Appalaches for $1 million.
Acadian's strategy is centered on exploration and development of its two core open-pit gold projects, namely the Fifteen Mile Stream and Beaver Dam projects. In addition to these assets, Acadian owns an extensive portfolio of non-core assets. The majority of the Company's resources will be focused on developing its core assets for the foreseeable future; thus the monetization of some non-core assets will provide the Company with funds that can be directed toward development of its core projects, allow the Company to build an attractive royalty portfolio, and relieve Acadian of some property holding costs.
TSX Listing Review Update
Further to the news release issued on June 21, 2012 regarding the TSX listing review, Acadian's management is continuing to evaluate various courses of action that could be taken to meet TSX requirements before the end of the review period; it is the intent of Acadian to maintain a listing for the Company's shares.
Forward Looking Statements
Certain information regarding Acadian contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance, or other statements that are not statements of fact. Although Acadian believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Acadian cautions that actual performance will be affected by a number of factors, many of which are beyond Acadian's control, and that future events and results may vary substantially from what Acadian currently foresees. Discussion of the various factors that may affect future results is contained in Acadian's Annual Information Form dated March 29, 2012, which is available at www.SEDAR.com. Acadian's forward looking statements are expressly qualified in their entirety by this cautionary statement.
About the Company
Acadian is a Halifax, Nova Scotia, Canada based company with five gold projects that host National Instrument 43-101 compliant resources. The Company also owns barite properties on Cape Breton Island, Nova Scotia. Acadian's primary focus is centered on exploration and development of its core gold deposits in Atlantic Canada, namely the Fifteen Mile Stream and Beaver Dam Projects.
For additional information on Acadian's properties and activities, please visit our web site at: www.acadianmining.com.
No regulatory authority has approved or disapproved the contents of this news release.
SOURCE: ACADIAN MINING CORPORATIONFor further information:
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: (877) 444-7774
Halifax, Nova Scotia