Acadian Mining announces new Executive Chairman and Directors


    
    Trading Symbol: ADA:TSX; C2Z-Frankfurt
    Shares Outstanding: 491,691,616
    
</pre>
<p/>
<p><location>HALIFAX</location>, <chron>Oct. 26</chron> /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") announces that its board of directors has been restructured following the completion of the <money>$10 million</money> private placement by <person>Golden River</person> Resources Corporation ("<person>Golden River</person>"). Messrs. Herman Felderhof, <person>Terry Coughlan</person> and <person>Jim Borland</person> resigned from the board of directors of Acadian effective <chron>October 23, 2009</chron>. Two new appointments were made to the board, namely, <person>Mr. Joseph Gutnick</person>, President and CEO of Legend International Holdings, Inc. and <person>Golden River</person>, who has also been appointed Executive Chairman of the board of Acadian and <person>Dr. Alan Trench</person>. <person>Mr. G. William Felderhof</person>, formerly Chairman, President and CEO will continue to serve as President and CEO and <person>Mr. Terry Coughlan</person> will continue as Vice President.</p>
<p>It was a term of the agreement between Acadian and <person>Golden River</person> that, following the completion of the <money>$10 million</money> investment by <person>Golden River</person> in Acadian, the board of Acadian would be restructured to be comprised of six members, three of whom would be nominated by <person>Golden River</person>. See news release 03-09 dated <chron>March 17, 2009</chron>. The <person>Golden River</person> private placement was effected in a number of tranches, the last of which was completed on <chron>October 22, 2009</chron>. See news release 20-09 dated <chron>October 22, 2009</chron>.</p>
<p>The board of Acadian as restructured is now comprised of <person>Mr. Joseph Gutnick</person>, Executive Chairman, <person>Mr. Will Felderhof</person>, President and CEO, <person>Mr. Jascha Boge</person>, P.Eng., <person>Dr. Alan Trench</person>, PhD., M.B.A., <person>Mr. Menachem Vorchheimer</person> and <person>Mr. Glenn Williams</person>, F.C.A.</p>
<p><person>Mr. Gutnick</person> is a leading mining industry entrepreneur, with extensive public company experience in the mining sector in both <location>Australia</location> and <location>North America</location>. <person>Mr. Gutnick</person> was responsible for overseeing the discovery of the Plutonic gold deposit, and the discovery, development and operation of the world class Bronzewing and Jundee gold mines in <location>Australia</location>. Mr Gutnick is a Fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the Australian Institute of Management, a Member of the Institute of Company Directors in <location>Australia</location>, and was a Director of the World Gold Council. Mr Gutnick was awarded the prestigious Diggers award at the 1997 Diggers and Dealers Industry Awards.</p>
<p><person>Dr. Allan Trench</person> is a geologist/geophysicist and business management consultant with approximately 20 years' experience within the Australian resources sector across a number of commodity groups. <person>Dr. Trench</person> holds a Bachelor of Science (Honours), a doctorate in Geophysics, a master of Business Administration (Distinction) from Oxford University and a Master of Science (Distinction) in Mineral Economics. He commenced his career as an academic at Oxford University in England before moving to <location>Australia</location> on a Royal Society Fellowship. After a period at the University of Western <location>Australia</location> he joined WMC as the Exploration Manager for the Leinster-Mt Keith region. <person>Dr. Trench</person> then managed a number of exploration companies before joining McKinsey & Company as a management consultant. <person>Dr. Trench</person> is a non-executive Chairman/Director of several Australian and U.S. public listed companies.</p>
<p>The board of directors of Acadian wishes to thank Messrs. <person>Jim Borland</person>, <person>Terry Coughlan</person> and Herman Felderhof for their considerable contributions to Acadian during their tenures on the board.</p>
<p>Will Felderhof, President and CEO stated, "The <person>Golden River</person> group led by <person>Mr. Joseph Gutnick</person>, has a strong and very successful track record for developing and operating gold mines in <location>Australia</location> and I believe that they will be instrumental in helping Acadian grow into a sizeable North American mining company that will bring value to all shareholders".</p>
<p/>
<pre>
    
    About Acadian
    -------------
    
</pre>
<p/>
<p>Acadian is a <location>Halifax</location>, Nova Scotia, <location>Canada</location> 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 <location>Canada</location>. Acadian holds a 29.18% interest in <person>Royal Roads</person> Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and Labrador with a current focus on the historic Buchans Camp.</p>
<p/>
<pre>
    
    Additional Information
    ----------------------

    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
    release.
    

For further information: For further information: G. William Felderhof, President & CEO; Terry F. Coughlan, Vice President, (902) 444-7779, Toll Free: (877) 444-7774, mail@acadianmining.com

Organization Profile

Acadian Mining Corporation

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890