Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 142,137,907
HALIFAX, Feb. 20 /CNW/ - Acadian Mining Corporation (ADA-TSX) ("Acadian"
or "Corporation") is pleased to announce that the Toronto Stock Exchange
("TSX") has accepted the Corporation's notice of intention to make a normal
course issuer bid. Under the terms of the normal course issuer bid, Acadian
may acquire up to 13,280,000 common shares, representing approximately 10% of
the public float of Acadian as of February 15, 2008. In the opinion of the
board of directors of Acadian, its common shares have been trading at prices
that do not reflect the underlying value of the Corporation, including its
strong financial position, the fact that it recently brought its ScoZinc
lead-zinc open-pit mine into production, its portfolio of advanced exploration
properties and its future prospects. Accordingly, Acadian believes that its
common shares represent an opportunity to enhance value for its shareholders.
Acadian's strong cash position allows for the implementation of the bid
without adversely affecting Acadian's other growth opportunities.
As of February 15, 2008, the Corporation had 142,137,907 common shares
outstanding. The average daily trading volume of Acadian's shares over the
last three completed calendar months was 397,982. Accordingly, under TSX rules
and policies, Acadian is entitled on any trading day to purchase up to
99,495 shares. Once a week, in excess of the daily 99,495 repurchase limit,
Acadian may also purchase a block of shares not owned by an insider (i) having
a purchase price of $200,000 or more, (ii) of at least 5,000 shares having a
purchase price of at least $50,000, or (iii) of at least 20 board lots of
shares which total 150% of the average daily trading volume in accordance with
The purchases may commence on February 22, 2008 and will terminate on
February 20, 2009, or on such earlier date as Acadian may complete its
purchases pursuant to the notice of intention to make a normal course issuer
bid filed with the TSX. All shares purchased by the Corporation will be on the
open market through the facilities of TSX in accordance with the policies of
the TSX and will be surrendered by the Corporation to its transfer agent for
cancellation. The prices that Acadian will pay for any of the common shares
purchased will be the market price of the shares at the time of acquisition.
About the Corporation
Acadian is a Halifax, Nova Scotia, Canada based mining company which
operates a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia and is
exploring and developing gold, zinc-lead, and barite properties in Atlantic
The Scotia Mine operates as an open pit mine and is expected to produce
30,000 tonnes of high grade zinc concentrate and 10,000 tonnes of high grade
lead concentrate per year. See the Corporation's News Release No. 16-06, July
17, 2006 for further details.
The Corporation is also focused on developing four advanced gold
properties, Beaver Dam, Tangier, Forest Hill and Goldenville, which form the
core holdings of the Scotia Goldfields project. Each of the four advanced
properties host gold resources described in technical reports prepared in
compliance with National Instrument 43-101 and are available on www.sedar.com.
A summary of gold resources for Goldenville, Forest Hill and Tangier is
provided in News Release No. 01-06, January 5, 2006, under the paragraph
titled "About Acadian Gold". A summary of gold resources for Beaver Dam is
provided in News Release No. 23-07, July 16, 2007. The Corporation is bringing
a new approach to the development of Nova Scotia gold deposits by pursuing a
multiple mine, central processing, managing and servicing strategy.
The Corporation holds a 44.42% equity interest in Royal Roads Corp.
("Royal Roads") (RRO-TSX-V). Royal Roads' principal asset is a 16,075 hectare
(approximately 32 km x 5 km) mineral property known as the Tulks North
property which is strategically located in the centre of the world-class
Buchans base metal camp in central Newfoundland, Canada. In addition, Royal
Roads holds a 26.4% equity interest in Buchans River Ltd. ("Buchans River")
(BUV-TSX-V), which also holds a highly prospective property portfolio in the
Buchans camp. Acadian's indirect interest in Buchans River is 11.7%.
Forward Looking Statement
Certain information regarding the Corporation 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 the Corporation 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.
The Corporation cautions that actual performance will be affected by a number
of factors, many of which are beyond the Corporation's control, and that
future events and results may vary substantially from what the Corporation
currently foresees. Discussion of the various factors that may affect future
results is contained in the Corporation's 2006 Annual Report which is
available at www.sedar.com. The Corporation's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
For additional information on the Corporation's properties and
activities, please visit our web site at www.acadianmining.com. If you wish to
be added to the Corporation's e-mail or fax distribution list for future news
releases and updates, please contact Acadian at phone: 902 444-7779, fax: 902
444-3296, email: email@example.com.
No regulatory authority has approved or disapproved the contents of this
For further information:
For further information: G. William Felderhof, President & CEO; Terry F.
Coughlan, Vice President, (902) 444-7779, Toll Free: (877) 444-7774,