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Acadian Mining Corporation ADAIF



GREY:ADAIF - Post by User

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Post by Almelindaon May 17, 2008 11:46am
422 Views
Post# 15084792

rticle in today's Halifax newspaper.

rticle in today's Halifax newspaper.Bad weather hurts mine startup



The operators of the Scotia mine in Gays River continued to struggle with weather and startup problems during the first three months of the year.

Financial figures released by Acadian Mining Corporation on Friday showed revenues and volume of heavy metals mined were both below management expectations for the quarter.

Lead and zinc production was 22-34 per cent below target and a $912,173 profit on revenues of $9,832,088 was well below financial expectations.

The company blamed the weak results on problems at the pit caused by extreme runoff due to heavy rains and spring thaw. The water overwhelmed the polishing pond discharge weir and forced the shutdown of the pit pumps.

The company said the heavy runoff resulted in lower grade material in April, which will impact second quarter results. The mine returned to normal operating conditions in late April.

Despite reduced production in March and April, company president and chief executive officer Will Felderhof said he is confident the mine will produce 30,000 tonnes of zinc concentrate and 12,000 tonnes of lead concentrate in 2008.

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