Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 142,312,907
HALIFAX, June 2 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian"
or the "Corporation") announced today that it has acquired 50% of the
outstanding shares ("Shares") of 6179053 Canada Inc. ("6179053") as well as a
shareholder's loan in the amount of $68,745 for an aggregate purchase price of
$1,068,745. 6179053's only asset is the Fifteen Mile Stream gold property
comprising two exploration licenses and one special license which cover
39 contiguous mineral claims totaling 631.5 hectares (1,560 acres) in Halifax
County, Nova Scotia, Canada. The vendors of the Shares are not related parties
of Acadian. Thirty-five percent of the Shares will continue to be held by
William Felderhof, a director and President and Chief Executive Officer of
Acadian, and the balance of 15% by other parties.
The Fifteen Mile Stream property hosts the Egerton-MacLean gold deposit
and is strategically located on the regional scale Moose River - Fifteen Mile
Stream anticlinal structure which is host to three advanced exploration to
development stage bulk tonnage gold deposits. Details of the property and the
National Instrument 43-101 compliant inferred resource estimate prepared on
behalf of 6179053 by Hudgtec Consulting Limited are contained in News Release
08-08 dated May 29, 2008.
Plan of Arrangement
As disclosed in Acadian's News Release 05-08 on April 18, 2008, Acadian
intends to "spin out" its gold assets to a new public company, Annapolis Gold
Corporation ("Annapolis"), pursuant to a statutory plan of arrangement
("Arrangement"). The Arrangement will result in shareholders of Acadian
receiving one share of Annapolis for every four shares of Acadian they hold on
the "Distribution Date" and Annapolis will own all of the Spinout Assets,
including Acadian's four advanced stage exploration properties (Beaver Dam,
Tangier, Forest Hill and Goldenville), which form the core holdings of the
Scotia Goldfields project. Acadian's interest in 6179053 will be included in
the "spin out" assets, although Annapolis will be responsible to reimburse
Acadian for the purchase price.
The Arrangement is subject to a number of conditions, including receipt
of all necessary shareholder, court and regulatory approvals. Assuming all
conditions are met and the Arrangement proceeds, it is anticipated that the
"Effective Date" will occur in late June, 2008.
As announced in Acadian's News Release 07-08 on May 26, 2008, Annapolis
is presently proceeding with a marketed private placement of up to 20 million
units of Annapolis ("Units") at $1.00 per Unit (the "Offering"). Each Unit
consists of one common share of Annapolis and one-half of one warrant of
Annapolis (a "Warrant"). One whole Warrant is exercisable for one common share
of Annapolis at $1.20 for 18 months from the closing of the Offering. The
Offering is anticipated to close on the "Effective Date" of the Arrangement.
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 12,000 tonnes of high grade
lead concentrate per year. See Acadian's News Release No. 16-06 dated July 17,
2006 for further details.
The Corporation is also focused on developing four advanced gold
properties, Beaver Dam, Tangier, Forest Hill and Goldenville. 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 issued on 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 issued on 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
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 Annual Information Form dated March
26, 2008 which is available at www.sedar.com. The Corporation's
forward-looking statements are expressly qualified in their entirety by this
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: firstname.lastname@example.org.
For further information:
For further information: G. William Felderhof, President & CEO; Terry F.
Coughlan, Vice President, (902) 444-7779, Toll Free: (877) 444-7774,