Vostok Minerals NEWSAcadian Mining exercises option to acquire claims on FMS Trend from Vostok Minerals
HALIFAX, Aug. 18, 2009 (Canada NewsWire via COMTEX News Network) --
<<
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
>>
AcadianMining Corporation (TSX: ADA) ("Acadian" or the "Company") is pleasedto 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 StreamTrend ("FMS Trend") in the Nova Scotia goldfields together withVostok's extensive Nova Scotia gold exploration database. Acadian nowowns a 100% interest in the Vostok Licenses subject to a 2% nsr whichcan be purchased at any time at Acadian's option for $2,000,000. Theaddition of the Vostok Licenses brings Acadian's holdings on the FMSTrend to 32,910 hectares.
The FMS Trend is a northeasterlytrending geological corridor which has been identified as beingprospective for low grade, bulk tonnage gold deposits potentiallyamenable to surface mining. Three advanced gold projects currentlybeing explored/developed in Nova Scotia occur on the FMS Trend,including the Beaver Dam and Fifteen Mile Stream properties controlledby Acadian.
The Vostok Licenses are strategically located inthe 18 km long interval between Beaver Dam and Fifteen Mile Streamwhich together host the bulk of Acadian's gold resources. Details ofAcadian's gold resources at Beaver Dam and Fifteen Mile Stream arefound in News Releases dated July 16, 2007 and May 29, 2008respectively, which are filed on SEDAR and on the Company's website.
Recognitionof the FMS Trend as a district scale feature prospective for bulktonnage gold deposits represents a major step forward in the search forthis type of deposit in Nova Scotia. Key features of the FMS Trend arethe coincidence of thick intervals of siltstone and mudstone definingthe Fifteen Mile Stream Formation, at the bottom of the GoldenvilleGroup and a favourable structural setting. A pictorial representationshowing the distribution of the FMS Trend will be posted on theCompany's website.
<< Managements Opinion ------------------- >>
WillFelderhof, President and CEO, stated, "Management is pleased to add theVostok Licenses to Acadian's holdings on the FMS Trend. We believe thediscovery potential on the FMS Trend for low grade - bulk tonnage golddeposits is excellent given that it is host to three such deposits,each at various stages of development. The Vostok Licenses areparticularly attractive as they are strategically located betweenAcadian's Beaver Dam and Fifteen Mile Stream gold deposits."
<< ScoZinc Limited out of CCAA --------------------------- >>
Acadian'swholly owned subsidiary, ScoZinc Limited ("ScoZinc") has received its"Certificate of Full Completion" (the "Certificate") from GrantThornton Limited, in its capacity as Monitor of ScoZinc pursuant to theCompanies' Creditors Arrangement Act ("CCAA"), which certificate hasbeen filed with the Supreme Court of Nova Scotia (the "Court"). TheCertificate certifies that all conditions precedent to the Plan ofArrangement of ScoZinc (the "Plan") pursuant to the CCAA as approved bythe creditors on May 21, 2009 and sanctioned by the Court on May 28,2009, have been satisfied or waived, all payments to the creditors ofScoZinc as set forth in the Plan have been made and the Plan has beenfully completed.
<< Management's Opinion -------------------- >>
WillFelderhof, President and CEO stated, "We are very pleased to have thismatter behind us and management can now once again focus on thebusiness of building Acadian. High up on the agenda will be the FifteenMile Stream bulk tonnage gold property and the internal re-start studyon Scotia Zinc-Lead Mine."
<< About Acadian ------------- >>
Acadianis a Halifax, Nova Scotia, Canada based mining company that owns azinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which iscurrently on care and maintenance, and is exploring and developinggold, zinc-lead, and barite properties in Atlantic Canada. Acadianholds a 29.18% interest in Royal Roads Corp. (RRO-TSX-V), which isactively exploring in Newfoundland and Labrador with a current focus onthe historic Buchans Camp.
<< Other ----- >>
RickHorne, M.Sc., P. Geo., is a qualified person as defined by NationalInstrument 43-101 and has reviewed the technical information reportedin this news release for accuracy.
<< Forward Looking Statement ------------------------- >>
Certaininformation regarding Acadian contained herein may constituteforward-looking statements within the meaning of applicable securitieslaws. Forward-looking statements may include estimates, plans,expectations, opinions, forecasts, projections, guidance or otherstatements that are not statements of fact. Although Acadian believesthat the expectations reflected in such forward-looking statements arereasonable, it can give no assurance that such expectations will proveto have been correct. Acadian cautions that actual performance will beaffected by a number of factors, many of which are beyond Acadian'scontrol, and that future events and results may vary substantially fromwhat Acadian currently foresees. Discussion of the various factors thatmay affect future results is contained in Acadian's Annual InformationForm dated March 31, 2009, which is available at www.sedar.com.Acadian's forward-looking statements are expressly qualified in theirentirety by this cautionary statement.