Acadian provides 2007 corporate review and update - Acadian to investigate merits of spin-out of gold properties

    Trading Symbol: ADA:TSX; C2Z-Frankfurt
    Shares Outstanding: 142,087,907

    HALIFAX, Jan. 16 /CNW/ - Acadian Mining Corporation (ADA-TSX) ("Acadian"
or "Corporation") provided today the following update pertaining to its
activities and operations in 2007, as well as an overview of its proposed
activities for 2008. The audited Financial Statements and accompanying
Management's Discussion and Analysis for the year ended December 31, 2007 will
be issued on or before March 30, 2008.
    The financial year ended December 31, 2007 was a milestone year for
Acadian with considerable progress made on all fronts. Most noteworthy is the
Corporation's transition from a purely exploration/development company to a
production company with the start-up of the Scotia Mine (zinc-lead).
Highlights of particular note for 2007 are listed below and are described in
more detail in news releases made during the course of the year.


    - Obtained an Industrial Approval permit from the Nova Scotia Department
      of Environment and Labour on February 26, 2007 to start-up the Scotia
    - Completed the refurbishment of the Scotia Mine milling facility and
      commenced operations on May 7, 2007.
    - Scotia Mine achieved its targeted daily mill throughput of 2,000 tpd in
      Q3-07, as contemplated in the feasibility study of July 17, 2006.
    - The Corporation exercised its option on May 29, 2007 to buy-out the 2%
      royalty interest on Scotia Mine from Savage Resources Limited for
      $1.5 million.
    - Concluded agreements on October 12, 2007 with two Swiss based buyers,
      MRI Trading AG and Trafigura AG, for the sale of 100% of the zinc and
      lead concentrate production from Scotia Mine.
    - Constructed a new warehousing facility at Sheet Harbour enabling direct
      bulk loading of zinc concentrates by conveyor on to ocean freighters.
      This has reduced concentrate handling costs by 32%.
    - Announced first shipment of 5,000 tonnes of zinc concentrate and
      800 tonnes of lead concentrate on November 16, 2007.
    - Announced encouraging initial drill results on July 6, 2007 on the 100%
      owned Eastville property located 56 kilometres northeast of Scotia
      Mine. All three drill holes intersected wide zones of zinc-lead
      mineralization, with drill hole number 1923-07-03 intersecting
      13.0 metres grading 2.74% zinc + lead which included 1.0 metre grading
      7.28% zinc + lead.
    - Acquired a 100% interest, subject to a 20% net profits interest on
      December 3, 2007, in the Smithfield zinc-lead property located
      37 kilometres northeast of Scotia Mine. The property hosts an
      uncategorized resource of 500,000 tonnes grading 3.5% zinc and 2.7%
      lead with possibilities for expansion. This resource estimate is
      historical in nature, not NI 43-101 compliant and as such can not be
      relied upon.
    - Announced the discovery on December 4, 2007 of a new zinc-lead
      mineralized carbonate reef known as the Carrolls Farm prospect, located
      2.5 kilometres west of the Scotia Mine open pit. Of particular note was
      reverse circulation drill hole GRRC07-20 which intersected 6.09 metres
      grading 2.26% zinc + lead which included 3.05 metres grading 4.14% zinc
      + lead.
    - Announced the discovery on December 4, 2007 of the Carrolls Corner
      prospect located 700 metres west of the Carrolls Farm prospect, through
      archival research. Four historical drill holes by Westminer Canada Ltd.
      ("Westminer"), all of which intersected a zinc-lead mineralized
      carbonate reef, were never followed-up. Westminer drill hole SGR-92-04
      intersected 6.17 metres grading 2.48% zinc + lead, which included
      1.48 metres grading 8.40% zinc + lead.
    - Announced a NI 43-101 compliant resource estimate on December 12, 2007
      for the Getty (zinc-lead) deposit located 700 metres west of the Scotia
      Mine open pit. An inferred resource estimate of 4,160,000 tonnes
      grading 3.21% zinc equivalent ("Zn Eq") (Zn + Pb) and 1,970,000 tonnes
      grading 4.08% Zn Eq (Zn + Pb) based on 2.0% and 3.0% Zn Eq thresholds
      respectively, were obtained from historical drill results. A major
      diamond drilling program to further define this deposit is expected to
      be completed by late Q1-08.
    - Initial drill results on the Getty zinc-lead deposit were released on
      December 20, 2007. Of particular note were drill holes S1019 which
      intersected 15.5 metres grading 6.45% zinc + lead, and S1020 which
      intersected 11.50 metres grading 5.48% zinc + lead.
    - Made excellent progress in the Buchans base metal region, Newfoundland
      where Acadian has a large footprint through 44% owned subsidiary, Royal
      Roads Corp. (TSX-V:RRO). See website at


    The start-up of Scotia Mine in May, 2007 went well with operational issues
typical to start-ups encountered in the open pit mine and mill dealt with as
they arose. Operations in both the mill and mine will continue to be optimized
in Q1-08 and this should be reflected in production numbers expected for this
    Operations in the open pit did not achieve 2007 production targets set by
management, which resulted in a six to eight week delay in reaching the
portion of the ore deposit projected to yield mill head grades of 3.1% zinc
and 1.1% lead for November and December. The actual mill head grades for
November and December were 31.2% and 10.8% below plan which negatively
affected recoveries in the mill resulting in zinc and lead concentrate
production in 2007 being 24% and 16% below target. The pit schedule has now
been advanced to targeted production by increasing the truck fleet from four
to six, and through operating and personnel optimization.
    Grade control through the mill is achieved through mine planning coupled
with stockpiling and blending of appropriate metal grades to achieve the
desired average of 3.1% zinc and 1.3% lead. The mine plan for 2008 calls for
the mining of 800,000 tonnes of ore from the open pit, with an average head
grade of 3.1% zinc and 1.3% lead for the year. Q1-08 production is planned at
198,000 tonnes at 3.0% zinc and 1.3% lead.
    The commissioning of the mill at Scotia Mine went very well with mill
throughput reaching 2,000 tpd by September, 2007 as contemplated by the
feasibility study. Mill throughput for the year was 98% of plan; however, 102%
of plan was achieved for Q4-07 largely due to improving mill availability to a
respectable 95%. Currently, the mill is on plan for a Q1-08 throughput of
180,000 tonnes at 3.0% zinc and 1.3% lead.
    Zinc head grades to the mill were 13% below plan for 2007 and 20% below
plan for Q4-07. The lower head grades in Q4-07 resulted from delays in
reaching planned mine benches as per the pit schedule. The recovery of zinc to
zinc concentrate for 2007 was 67%, however had improved to 73% by year end at
a concentrate grade of 57%. The 2007 zinc recovery was adversely affected by
the low head grade, circuit control issues and operator inexperience, and as a
result was 18% below plan. Significant improvements in zinc recoveries are
anticipated in Q1-08.
    Lead head grades to the mill were at plan for 2007 and 10% above plan for
Q4-07. The recovery of lead to lead concentrate for 2007 was 77% and had
improved significantly to 88% by year end at the planned concentrate grade of
72%. The year end lead recovery was 5% below plan, again due to grade and
circuit control issues and operator inexperience. Additional improvements in
lead recoveries are anticipated in Q1-08.
    Recoveries of zinc and lead to concentrates are expected to be at planned
levels of 85% and 90% respectively in 2008. These targets are supported by
improvements in key operational parameters such as head grades which are now
at mine plan of 3.0% zinc and 1.3% lead for Q1-08 and, through personnel and
equipment optimization. Operator training is now largely complete and circuit
control and optimization has been greatly enhanced with the recent
commissioning of the "On Stream Analyzer" ("OSA"), late in Q4-07. The OSA
provides real time zinc and lead analyses every fifteen minutes from twelve
different fluid streams in the flotation circuit. A computerized reagent
addition system based on OSA data is expected to be completed in Q1-08, which
should also enhance recoveries. A re-grind mill was brought on line in
mid-December, which is both enhancing zinc recoveries and mill throughput.
    Further improvements to the mill are planned for H1-08, which includes
modifications to the primary jaw crusher feed system and the fine ore bin slot
feeder. Currently, the mill has a run rate of 2,100 - 2,300 tpd and programs
are underway to increase throughput up to 2,500 tpd by the end of Q2-08. If
mill optimization programs currently underway are successful, 2008 planned
mill throughput could be exceeded by approximately 65,000 tonnes, being the
amount of planned mine production in excess of planned mill throughput. This
would result in 800,000 tonnes of mill throughput in 2008.
    C-1 cost for zinc in 2008 is currently projected to be CDN$0.39/lb,
however, a 10% premium to CDN$0.43/lb is warranted given the price volatility
for key commodities - i.e. reagents and petroleum products, and unforeseen
negative events. The projected C-1 cost range of $0.39 - $0.43/lb zinc falls
in the lower end of the scale with respect to other zinc producer costs in the
industry. C-1 zinc cost is a standard metric for reporting cost of zinc
production, and is calculated by deducting by-product credits from total
operating costs (site operating costs, all transportation costs and smelter
treatment charges), and dividing this net cost figure by the total pounds of
zinc production. By-product credits in 2008 may be derived from gypsum
production as well as lead. Approximately 450,000 tonnes of gypsum is
scheduled for extraction in 2008.
    Production targets for 2008 are 30,000 tonnes of zinc concentrate grading
58-62% zinc at 85% recovery to zinc concentrate and 12,000 tonnes of lead
concentrate grading 68-72% lead at a 90% recovery to lead concentrate.
    To the period ended December 31, 2007, the Corporation produced
9,321 tonnes and shipped 8,832 tonnes of zinc concentrate, and produced
3,359 tonnes and shipped 1,795 tonnes of lead concentrate. A significant
portion of the concentrates sold in 2007 was produced during the commissioning
phase of operations which results in abnormally high unit costs. A decision
was taken by management to record this material as production and revenue
therefrom, as opposed to a capitalized expenditure and a cost recovery. High
unit costs and lower mill recoveries during commissioning are normal and
reflect low grade ore to the mill as well as a much lower aggregate mill
running time (mill availability) as systems are being run-in and operators are
being trained.
    Overall, management is pleased with mill performance to date, and is
optimistic about achieving enhanced operating results in 2008.


    The Corporation will be focusing its development efforts principally on
three deposits - the Northeast deposit (200 metres northeast of the Scotia
Mine open pit), the Getty deposit (700 metres west of the open pit), and the
Smithfield deposit (37 kilometres northeast of Scotia Mine). Both the
Northeast and Smithfield deposits host high grade zinc-lead material which, in
addition to providing potential incremental mill feed, will also enhance mill
head grade flexibility enabling mill management to more effectively manage
head grades as warranted by changes in zinc and lead prices. Current planning,
subject to securing all necessary government approvals, is to have the
Northeast, Smithfield and Getty deposits ready for production in Q1-10. A
summary of zinc-lead reserves and resources is provided in Table 1 below.

    Table 1 - Zinc & Lead Reserves & Resources
    Scotia Mine NI-43-101(*)              Tonnes      Grade %        Grade %
                                                         Zinc           Lead
    Reserves Proven                    1,750,000          3.2            1.3
    Reserves Probable                  2,840,000          3.8            1.9
    Reserves - Proven & Probable       4,600,000          3.6            1.7
    Resources(inferred)                1,800,000          3.1            1.1
    (*)0.75% Zn Equivalent Cut-off (Zn Eq%= Zn%+0.43%Pb
    Getty Deposit NI-43-101(*)(*)
    Resources(inferred)                2,860,000         2.06            1.6
    (*)(*)2.50% Zn Equivalent Cut-off (Zn Eq%= Zn%+%Pb)
    Smithfield Deposit(*)(*)(*)
    Resources                            500,000          3.5            2.7
    (*)(*)(*) This resource estimate is historic in nature, not compliant
          with NI- 43-101 and as such can not be relied upon.

    Exploration efforts will continue on key zinc-lead targets such as
Carrolls Corner and Carrolls Farm which are both within 3.5 kilometres of the
Scotia Mine. Planned diamond drill programs will focus on targeting the fore
reef portion of the carbonate reef complex which typically hosts the higher
grade zinc and lead mineralization in this type of deposit.
    Success on these two prospects would be an important development for the
life of Scotia Mine. Similarly, efforts will also be focused on other Windsor
Basin, carbonate hosted zinc-lead prospects, with emphasis on those targets
with exceptional technical merit and/or located close to Scotia Mine. In
particular, the approximately 50 kilometres of Windsor Basin paleo-shoreline
northeast of the mine is considered highly prospective for zinc-lead
mineralized carbonate reef complexes. The lead-zinc mineralized material at
the Scotia Mine plus the nearby Getty deposit total approximately 11,500,000
tonnes, and occurs in three discrete deposits in a reef complex over a
distance of approximately 4 to 5 kilometres. This puts into perspective the
discovery potential of the 50 kilometres of paleo-shoreline/carbonate complex
to the northeast. Furthermore, the mineral claims held by Acadian covering
these 50 kilometres of favourable carbonate formation, represents only 30% of
the Corporation's total holdings in the Windsor Basin carbonates in Nova
    The Corporation is evaluating potential markets for its gypsum production
in 2008. Approximately 450,000 tonnes of wallboard grade gypsum will be
extracted from the Scotia Mine open pit during waste extraction in 2008.


    - Announced additional drill results for the Beaver Dam property on
      February 1, 2007, March 1, 2007, June 5, 2007, and October 22, 2007.
      Drill holes of particular note included BD2006-90 which intersected
      45 metres grading 3.32 g/t gold, BD2006-110 which intersected 40 metres
      grading 4.81 g/t gold, BD 07-134 which intersected 30 metres grading
      3.22 g/t gold and BD07-139 which intersected 58.0 metres grading
      1.59 g/t gold.
    - Completed an updated resource estimate for Beaver Dam on July 16, 2007
      which on a cut basis and a 0.3 g/t cut-off showed 9,080,000 tonnes in
      the measured and indicated categories grading 1.53 g/t gold for
      446,000 ounces contained gold (measured - 670,000 tonnes @ 1.54 g/t
      gold and indicated 8,410,000 tonnes @ 1.52 g/t gold), plus
      10,400,000 tonnes in the inferred category grading 1.51 g/t gold for
      504,000 ounces contained gold. Final technical report filed on SEDAR on
      September 17, 2007.
    - Announced results on February 19, 2007 of initial drill program on Lake
      Catcha property which confirmed the property's prospectivity for low
      grade - bulk tonnage gold deposit. Drill holes LC-06-04 and LC-06-05
      intersected 44 metres grading 0.46 g/t gold and 53 metres grading
      0.61 g/t gold respectively.
    - Results from an initial drill program on the Goldenville property
      released on May 10, 2007. Drill holes of particular note included
      GV06-04 which intersected 20.41 g/t gold over 2.91 metres and 60.43 g/t
      over 1.2 metres.


    The updated resource estimate announced for the Beaver Dam property on
July 16, 2007 increased the Corporation's measured and indicated gold
resources to 626,000 ounces and inferred resources to 909,000 on its four
advanced gold properties. A summary of gold resources as at September 17, 2007
is provided in Table 2 below.

    Table 2 - Scotia Goldfields Project GOLD RE

SOURCES ------------------------------------------------------------------------- Cut(*)(*) ------------------------------------------------------------------------- Property Lower Category Tonnes(*) Grade Ounces(*) Cut-off ------------------------------------------------------------------------- Inferred 10,400,000 1.51 504,000 ---------------------------------------------- Measured 670,000 1.54 35,000 Beaver Dam 0.30 g/t Indicated 8,410,000 1.52 411,000 Measured & 9,080,000 1.53 446,000 Indicated ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3.50 Inferred 383,000 11.93 147,000 Forest Hill g/t/1.20m ---------------------------------------------- Indicated 225,000 14.91 108,000 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3.50 Inferred 271,000 12.08 105,000 Tangier g/t/1.20m ---------------------------------------------- Indicated 134,000 9.67 42,000 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3.50 Inferred 385,000 12.38 153,000 Goldenville g/t/1.20m ---------------------------------------------- Indicated 63,000 14.72 30,000 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Inferred 909,000 --------- --------- TOTAL - 4 Measured & PROJECTS Indicated 626,000 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Uncut ------------------------------------------------------------------------- Property Lower Tonnes(*) Grade Ounces(*) Press Cut-off Release ------------------------------------------------------------------------- 10,370,000 2.16 720,000 ---------------------------------- 670,000 1.81 39,000 PR No. 23- Beaver 07 Dam 0.30 g/t 8,420,000 2.03 550,000 16-July-07 9,090,000 2.01 589,000 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3.50 383,000 12.42 153,000 Forest Hill g/t/1.20m ---------------------------------------------- 225,000 24.02 174,000 PR No. 13- 05; 7-Oct- 05 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3.50 271,000 15.09 130,000 Tangier g/t/1.20m ---------------------------------------------- 134,000 9.67 42,000 PR No. 17- 04; 5-Oct- 04 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3.50 385,000 18.78 232,000 Goldenville g/t/1.20m ---------------------------------------------- 63,000 16.62 33,000 PR No. 02- 05; 2-Mar- 05 ------------------------------------------------------------------------- ------------------------------------------------------------ Inferred 1,235,000 ---------------------- --------- TOTAL - 4 Measured & PROJECTS Indicated 838,000 ------------------------------------------------------------------------- (*) Rounded (*)(*) See Technical Reports filed on SEDAR on Sept. 17, 2007, Nov. 3, 2005, Nov. 5, 2004 and March 3, 2005 for details. The bulk of the Corporation's gold effort in 2007 has been directed at Beaver Dam as this project shows potential to be amenable to bulk tonnage - open pit mining as well as underground mining. This places the Beaver Dam property in the position as a potential site for a central milling facility which in addition to treating Beaver Dam material, would also mill material from the Corporation's other potential mine sites, at Forest Hill, Goldenville and Tangier, all of which are contemplated as underground operations. Scoping and metallurgical studies currently underway on Beaver Dam are in the final stages, and although these were expected to be completed in Q4-07, these are now not anticipated to be completed until mid-Q1-08. In the event underground mining is determined to be an important factor in the development of Beaver Dam, additional infill drilling and a bulk sampling program will likely be required before a production decision is made. Diamond drilling programs are also scheduled for Goldenville and Tangier with the objective of increasing the ratio of indicated to inferred resources. The current gold price and favourable price fundamentals going forward are strong incentives for accelerating the development of the Corporation's advanced gold properties - i.e. Beaver Dam, Goldenville, Forest Hill and Tangier. To accelerate the development of these four properties, the Corporation will require substantial funding. To this end, the Corporation is currently investigating the merits of segregating the gold assets into a new public company ("Newco"), and distributing a portion of the shares of Newco to shareholders of Acadian. It is contemplated that Newco would raise the necessary capital to develop the four gold properties in the capital markets. This spin off could be affected by way of a "plan of arrangement" and, if a decision is made to proceed, is estimated it would take six to eight months to complete. There can be no assurance that any transaction may arise from these deliberations and any such transaction would be conditional on receipt of all necessary shareholder, regulatory and court approvals. EXPLORATION/DEVELOPMENT - BARITE -------------------------------- The Corporation acquired a 100% interest in the Lake Ainslie, Nova Scotia barite-fluorite deposits on March 21, 2007 which are believed to represent the largest in situ resource of barite in Atlantic Canada. The deposits host an uncategorized resource of 4.25 million tonnes grading 34% barite and 17.3% fluorite, which equates to a contained barite resource totaling 1.6 million tonnes grading 90% barite. These resources are not NI 43-101 compliant and as such cannot be relied upon. Barite enjoys a special status in the industrial mineral sector because it is the principal component in drilling mud used in the petroleum industry. Virtually every oil and gas well drilled worldwide requires the use of barite, where it performs as a weighting agent to prevent gushers and blowouts. Depending on drilling conditions, each well can require between 500 - 3000 tonnes of barite. Global consumption is in the order of 8 million tonnes per year and the Gulf of Mexico, a potential market for the Lake Ainslie barite, utilizes approximately 1 million tonnes per year. The Acadian deposits are strategically located near an ice free deep water port, and in addition to the Gulf of Mexico, can potentially supply barite to the Canadian east coast offshore petroleum industry. The escalating long term global demand for petroleum products points to a growing market and bright future for barite. Barite destined for the Canadian east coast petroleum industry currently sells for approximately US$275/tonne. Acadian is planning a program of infill diamond drilling and in-house engineering studies on the Upper Johnson deposit, the highest grade (50-55%) barite deposit of the Lake Ainslie deposits. There is good potential for expansion of the currently identified barite deposits as well as for discovery of additional deposits on the Lake Ainslie property. The Corporation has recently acquired a 1,000 tpd modular heavy media separation ("HMS") plant which is expected to be a principal component in a gravity based upgrading facility. Should the Lake Ainslie deposits be brought into production, the residual fluorite will be stockpiled pending studies to determine the potential of upgrading this material to acid grade (97% fluorite). Acid grade fluorite currently sells for approximately US $300/tonne. CORPORATE HIGHLIGHTS -------------------- - Announced the closing of a $20 million private placement on April 2, 2007. - Announced the adoption of a shareholders rights plan on May 8, 2007. - Changed the corporate name from Acadian Gold Corporation to Acadian Mining Corporation to reflect the acquisition and start up of the Scotia Zinc-Lead Mine. - Commenced trading on the Toronto Stock Exchange on November 1, 2007. GENERAL OUTLOOK --------------- The western world's global credit crunch which commenced in August 2007 continues to overhang the global economy. This financial uncertainty coupled with an economic slowdown and possible recession in the U.S.A. in 2008 has already negatively impacted base metal prices. Despite continued double digit growth in China, London Metals Exchange ("LME") zinc and lead inventories have stopped falling and are now slowly creeping up, contributing to the negative sentiments held by metals traders on future prices. Viewed on a five year basis, zinc and lead inventories are virtually at all time lows, and recent additions to LME warehouses are not significant relative to historic levels. The global zinc and lead supply-demand balance/imbalance is to a large extent difficult to predict at this stage. Continued growth in developing countries should sustain relatively strong demand, however, the supply side is more difficult to quantify. Planned new mines and re-starts of dormant mines do not always proceed according to plan. For various reasons such as ballooning capital costs, shortage of experienced professional staff, and political issues amongst others, some of these mines will not start up and some will be delayed. This, along with imminent shut downs of near depleted mines, could result in a resurgence of zinc and lead prices in 2008 from current low levels, but probably not to the levels reached in 2006. Longer term we remain bullish on the prices for zinc and lead based on the aspirations of approximately 3 billion citizens in developing countries to raise their standard of living to that enjoyed by the west. This is currently happening in China and India. This month, Tata Motors in India announced the start up of production of the world's cheapest automobile priced at US$2,500 or about 100,000 rupees. Ford and GM are also scaling up planned production in these countries. This growth in gasoline/diesel powered vehicles (80% of global lead production is used in car batteries), coupled with rapid growth in infrastructure in China, should underpin zinc and lead prices at levels significantly higher than those pre-2005. The economic growth in the developing world will likely be dampened to a certain degree as export levels to the U.S.A. decline in tandem with the U.S.A.'s economic slowdown. Nevertheless, internal demand for base metals to support rapid growth in infrastructure, particularly in China, should outweigh the negative effect of the decrease in exports to the U.S.A. Based on the above and the current low levels of zinc and lead metal inventories on the LME, Acadian anticipates zinc to trade in the $1.00 - $1.40 range and lead in the $0.90 to $1.30 range in 2008. However, given the present uncertainty in financial markets due to the lack of a clarity as to the extent of the possible economic fallout tied ultimately to the sub-prime mortgage situation in the U.S.A., these price range brackets could move up or down reflecting either a positive or negative outcome. This muddy financial picture in conjunction with continued political instability in the Middle East and supply fundamentals, on the other hand have been bullish for the gold price which has moved up strongly in recent weeks. It appears likely that gold will be a strong performer in 2008, and as such Acadian is in an excellent position to take advantage of this situation by accelerating development of its advanced gold projects. The high level of activity in the petroleum industry in response to growing global demand for oil and gas should provide strong demand for barite going forward. Despite current uncertainty in the financial markets, Acadian is well positioned for growth in 2008 with a producing mine, a large portfolio of advanced projects in zinc-lead, gold and barite, and an excellent team of engineers and geologists to execute the Company's business plan. The Company expects a busy year in 2008 and believes Shareholders' continued patience and support will be rewarded. 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 The Corporation's forward-looking statements are expressly qualified in their entirety by this cautionary statement. OTHER ----- Terence Coughlan, B.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. CONFERENCE ---------- The Corporation will be participating in the Cambridge House Conference in Vancouver, British Columbia on January 20 and 21, 2008, and attendees are invited to meet the President and CEO, Will Felderhof, and Vice-President, Terry Coughlan at Booth Number 1409. ADDITIONAL INFORMATION ---------------------- For additional information and photographs on the Corporation's properties and activities, please visit our web site at 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: No regulatory authority has approved or disapproved the contents of this release. %SEDAR: 00015714E

For further information:

For further information: G. William Felderhof, President & CEO; Terry F.
Coughlan, Vice President; (902) 444-7779, Toll Free: (877) 444-7774,

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