Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 491,691,616
HALIFAX, May 3 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Corporation") announced today that it has completed the sale of its 29.18% interest in Royal Roads Corp. to a number of parties for gross proceeds of C$1.96 million cash. Acadian plans to use the sale proceeds to fund its gold exploration program and for working capital.
Concurrent with the closing, members of Acadian's management who were officers or directors of Royal Roads, namely Peter Lee, Menachem Vorchheimer and Stacey Stone, tendered their resignations as officers and/or directors of Royal Roads. In conjunction with the closing, Acadian agreed to continue to provide management and administrative services to Royal Roads for up to 90 days in order to assist with an orderly transition to the new management of Royal Roads.
Peter Lee, acting President and C.E.O., stated, "The Corporation sold its interest in Royal Roads in order to focus on its gold exploration program. We are looking forward to commencing a drill program on the multiple target areas hosting disseminated gold at Fifteen Mile Stream and our other gold properties."
About the Corporation
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 Corporation 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.
Forward Looking Statement
Certain information regarding Acadian 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 Acadian 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. Acadian cautions that actual performance will be affected by a number of factors, many of which are beyond Acadian's control, and that future events and results may vary substantially from what Acadian currently foresees. Discussion of the various factors that may affect future results is contained in Acadian's Annual Information Form dated March 31, 2010, which is available at www.sedar.com. Acadian's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
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.
SOURCE Acadian Mining Corporation
For further information: For further information: Paul K. Smith, VP Field Operations, Compliance, Permitting, (902) 444-7779, Toll Free: (877) 444-7774, firstname.lastname@example.org