Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 358,375,569
HALIFAX, Sept. 30 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") is pleased to announce that it has completed a fourth closing ("Fourth Closing") of the second tranche ("Second Tranche") of the private placement of common shares to Golden River Resources Corporation ("Golden River") first announced on March 17, 2009. On the Fourth Closing, Acadian issued 33,332,834 common shares for proceeds of approximately $1 million. To date, tranches totaling $6 million have been received representing an aggregate issuance of 204,795,287 common shares to Golden River.
Additional closings of the Second Tranche totalling approximately $4.0 M will be held between now and no later than March 2010 in order that proceeds can be advanced to the Company to fund operational overheads including repayment of indebtedness to Royal Roads Corp. and the advancement of Acadian's gold properties in accordance with an agreed upon budget.
Acadian is a Halifax, Nova Scotia, Canada based mining company with five advanced gold projects, all of which host National Instrument 43-101 compliant resources. The Company also owns a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently on care and maintenance. Acadian is actively exploring and developing its gold, zinc-lead, and barite properties in Atlantic Canada. Acadian holds a 29.18% interest in Royal Roads Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and Labrador with a current focus on the historic Buchans Camp.
For additional information on Acadian's properties and activities, please visit our web site at www.acadianmining.com.
SOURCE Acadian Mining Corporation
For further information: For further information: G. William Felderhof, President & CEO; Terry F. Coughlan, Vice President, (902) 444-7779, 1-877-444-7774, firstname.lastname@example.org