Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 151,357,907
HALIFAX, Aug. 21 /CNW/ - Acadian Mining Corporation (ADA-TSX) ("Acadian"
or "Corporation") is pleased to announce that it has closed the first tranche
("First Tranche") of the offering of common shares ("Common Shares") and
flow-through shares ("Flow-Through Shares") pursuant to the private placement
announced on August 14, 2008 (the "Offering"). In the First Tranche, Acadian
issued 4,000,000 Common Shares at $0.25 per Common Share and 5,000,000
Flow-Through Shares at $0.30 per Flow-Through Share for aggregate gross
proceeds of $2,500,000. The final closing of the Offering is anticipated to
occur on September 2, 2008.
Acadian paid a commission equal to 6% of the proceeds of the First
Tranche to Desjardins Securities Inc. ("Desjardins") and issued
180,000 warrants to Desjardins, each warrant exercisable to acquire one Common
Share at $0.30 per Common Share within 12 months of the closing.
All of the securities issued in connection with the Offering are subject
to a four month hold period beginning on the date of issue.
About the Company
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
Canada. The Scotia Mine operates as an open pit mine and is expected to
produce 30,000 tonnes of high grade zinc concentrate and 12,000 tonnes of high
grade lead concentrate in 2008. See Acadian's News Release No. 16-06 dated
July 17, 2006 for further details.
The Company is also focused on developing five advanced gold properties.
All five of the properties, Beaver Dam, Tangier, Forest Hill, Goldenville and
Fifteen Mile Stream host gold resources described in technical reports
prepared in compliance with National Instrument 43-101 which are available on
www.sedar.com. Beaver Dam and Fifteen Mile Stream, located only 18 kilometres
apart, are targets for potential bulk tonnage-open pit deposits.
The Company is bringing a new approach to the development of Nova Scotia
gold deposits by pursuing a multiple mine, central processing, managing and
The Company holds a 29.1% equity interest in Royal Roads Corp. ("Royal
Roads"). Royal Roads is a Halifax, Nova Scotia, Canada based mineral
exploration and development company listed for trade on the TSX-Venture
Exchange under the trading symbol RRO, and on the Frankfurt Exchange under the
symbol RR91. Royal Roads has two key assets, the Daniels Pond base metal
deposit and the former Buchans Mine, both 100% owned. The company holds
additional exploration properties in Newfoundland, several of which are joint
ventured with third parties.
The 100% owned Daniels Pond deposit is located in the 16,075 hectare
Tulks North mineral property strategically located in the centre of the
world-class Buchans base metal region in central Newfoundland, Canada. The
100% owned Buchans Mine property controls the past producing Buchans Mine, and
essentially all of the key mineral claims covering the Buchans Formation of
rocks which was host to the Lucky Strike base metal-silver deposit mined
previously by Asarco. The Lucky strike deposit was one of Canada's richest
base metal deposits.
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,