Trading Symbol: ADA: TSX; ADAIF: OTCQX
HALIFAX, Sept. 25, 2012 /CNW/ - Acadian Mining Corporation ("Acadian" or the "Company") is pleased to announce that it has entered into an agreement for the sale of two of its non-core assets. Acadian agreed to sell its Tangier and Forest Hill properties to a private company that plans to develop the gold properties.
Acadian will receive $700,000 for the two non-core assets; $500,000 was paid on the signing of the agreement, $100,000 is payable after 3 months, and the balance is due after 6 months. Acadian retains a 1% Net Smelter Return royalty on each project; each royalty has a buyout option of $1 million.
Acadian's strategy is centered on exploration and development of its two core open-pit gold projects, namely the Fifteen Mile Stream and Beaver Dam projects, and the majority of the Company's resources will be directed toward these core assets for the foreseeable future. In addition to these core assets, Acadian owns an extensive portfolio of non-core assets. The monetization of some of its non-core assets will provide Acadian with funds that can be directed toward development of its core projects; it will also allow the Company to build an attractive royalty portfolio and relieve Acadian of some of its property holding costs.
TSX Listing Review Update
Further to the news release issued in June 2012 regarding the TSX listing review, Acadian's management is continuing to evaluate various courses of action that could be taken to meet TSX requirements before the end of the review period. It is the intent of Acadian to maintain a listing for the Company's shares.
Forward Looking Statements
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 29, 2012, which is available at www.SEDAR.com. Acadian's forward looking statements are expressly qualified in their entirety by this cautionary statement.
About the Company
Acadian is a Halifax, Nova Scotia, based company with several gold projects located in Atlantic Canada. The Company also owns barite properties on Cape Breton Island, Nova Scotia. Acadian's primary focus is centered on exploration and development of its two core gold deposits, namely the Fifteen Mile Stream and Beaver Dam Projects.
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 news release.
SOURCE: ACADIAN MINING CORPORATION
For further information:
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: (877) 444-7774
Halifax, Nova Scotia