Scotia Mine on Care and Maintenance - Further Downsizing in Acadian
Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 170,549,112
HALIFAX, May 8 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian"
or the "Company") announces that ScoZinc Limited ("ScoZinc"), its wholly owned
subsidiary, received a further extension to the stay period it had been
granted by an order of the Supreme Court of Nova Scotia ("Court") pursuant to
the Companies' Creditors Arrangement Act ("CCAA") The order granted by the
Court extended until May 28, 2009 the period of protection originally granted
ScoZinc by the Court on December 22, 2008 and extended by orders from the
Court on January 20, 2009 and March 20, 2009.
The Court also approved the presentation of the draft plan of arrangement
("Plan") filed with the Court to ScoZinc's creditors ("Creditors") for their
consideration. The Plan will be voted on at a meeting of approved Creditors
set for May 21, 2009. If the Plan is approved by the Creditors, ScoZinc will
subsequently seek the Court's sanction for the Plan on May 28, 2009. See the
Corporation's news release 07-09 dated April 29, 2009 for further details of
the Plan. The materials filed with the Court to date in the CCAA proceedings
are available at www.grantthornton.ca under the Creditor Updates Links.
ScoZinc's Scotia Mine has been successfully placed on a care and
maintenance mode. Future operations at the site will be dependent upon the
successful resolution of ScoZinc's CCAA proceedings, a return of favourable
prices for zinc and lead, raising additional capital for re-start and certain
Mr. John Rawding, Chief Financial Officer ("CFO"), has resigned as CFO of
Acadian effective July 31, 2009 to pursue other interests. Earlier this year,
Mr. Bill Rogers, Chief Operating Office ("COO"), resigned as an employee of
Acadian but has continued as the Company's COO. Mr. Rogers will continue to
provide services to Acadian and ScoZinc on a consulting basis as required.
The board expresses their thanks to both Bill Rogers and John Rawding for
their contributions to Acadian over the past two years and wishes them success
in their future endeavours.
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
in care and maintenance mode, and is exploring and developing 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, 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, (902)
444-7779, Toll Free: (877) 444-7774, email@example.com; Terry F.
Coughlan, Vice President, (902) 444-7779, Toll Free: (877) 444-7774,