ACADIAN MINING'S SUBSIDIARY, SCOZINC LIMITED OUT OF CCAA WITH RECEIPT
OF CERTIFICATE OF COMPLETION
Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 324,958,360
HALIFAX, Aug. 18 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian"
or the "Company") is pleased to announce that it has exercised the option with
Vostok Minerals Inc. (VOS-TSX-V) ("Vostok") to purchase two exploration
licenses (the "Vostok Licenses") covering 2,536 hectares on the Fifteen Mile
Stream Trend ("FMS Trend") in the Nova Scotia goldfields together with
Vostok's extensive Nova Scotia gold exploration database. Acadian now owns a
100% interest in the Vostok Licenses subject to a 2% nsr which can be
purchased at any time at Acadian's option for $2,000,000. The addition of the
Vostok Licenses brings Acadian's holdings on the FMS Trend to 32,910 hectares.
The FMS Trend is a northeasterly trending geological corridor which has
been identified as being prospective for low grade, bulk tonnage gold deposits
potentially amenable to surface mining. Three advanced gold projects currently
being explored/developed in Nova Scotia occur on the FMS Trend, including the
Beaver Dam and Fifteen Mile Stream properties controlled by Acadian.
The Vostok Licenses are strategically located in the 18 km long interval
between Beaver Dam and Fifteen Mile Stream which together host the bulk of
Acadian's gold resources. Details of Acadian's gold resources at Beaver Dam
and Fifteen Mile Stream are found in News Releases dated July 16, 2007 and May
29, 2008 respectively, which are filed on SEDAR and on the Company's website.
Recognition of the FMS Trend as a district scale feature prospective for
bulk tonnage gold deposits represents a major step forward in the search for
this type of deposit in Nova Scotia. Key features of the FMS Trend are the
coincidence of thick intervals of siltstone and mudstone defining the Fifteen
Mile Stream Formation, at the bottom of the Goldenville Group and a favourable
structural setting. A pictorial representation showing the distribution of the
FMS Trend will be posted on the Company's website.
Will Felderhof, President and CEO, stated, "Management is pleased to add
the Vostok Licenses to Acadian's holdings on the FMS Trend. We believe the
discovery potential on the FMS Trend for low grade - bulk tonnage gold
deposits is excellent given that it is host to three such deposits, each at
various stages of development. The Vostok Licenses are particularly attractive
as they are strategically located between Acadian's Beaver Dam and Fifteen
Mile Stream gold deposits."
ScoZinc Limited out of CCAA
Acadian's wholly owned subsidiary, ScoZinc Limited ("ScoZinc") has
received its "Certificate of Full Completion" (the "Certificate") from Grant
Thornton Limited, in its capacity as Monitor of ScoZinc pursuant to the
Companies' Creditors Arrangement Act ("CCAA"), which certificate has been
filed with the Supreme Court of Nova Scotia (the "Court"). The Certificate
certifies that all conditions precedent to the Plan of Arrangement of ScoZinc
(the "Plan") pursuant to the CCAA as approved by the creditors on May 21, 2009
and sanctioned by the Court on May 28, 2009, have been satisfied or waived,
all payments to the creditors of ScoZinc as set forth in the Plan have been
made and the Plan has been fully completed.
Will Felderhof, President and CEO stated, "We are very pleased to have
this matter behind us and management can now once again focus on the business
of building Acadian. High up on the agenda will be the Fifteen Mile Stream
bulk tonnage gold property and the internal re-start study on Scotia Zinc-Lead
Acadian is a Halifax, Nova Scotia, Canada based mining company that owns
a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently
on care and maintenance, and is exploring and developing gold, zinc-lead, and
barite properties in Atlantic Canada. Acadian holds a 29.18% interest in Royal
Roads Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and
Labrador with a current focus on the historic Buchans Camp.
Rick Horne, M.Sc., P. Geo., is a qualified person as defined by National
Instrument 43-101 and has reviewed the technical information reported in this
news release for accuracy.
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, 2009, 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
For further information:
For further information: G. William Felderhof, President & CEO; Terry F.
Coughlan, Vice President, (902) 444-7779, Toll Free: 877-444-7774,