Newsletter MANShttps://www.tmans.ca/MANS_files/news/newsletters/2009/November%202009%20Newsletter.pdf
Paul Smith
VP Field Operations, Compliance, Permitting
Acadian Mining Corp
What is the most exciting project or challenge you are currently working on?
There are lots of exciting things happening in Acadian Mining at the moment. Perhaps the most exciting projects are in our gold portfolio – Fifteen Mile Stream and Beaver Dam Gold, located along the eastern shore. Although Beaver Dam is currently the most advanced of the two, we feel Fifteen Mile Stream holds high promise to be turned into an open pit or block underground mine. Our intent is to extract good grade gold and increase our resources. This, in turn, will allow us to develop a world class mine with exciting socioeconomic benefits to this region.
We have just finished a thirteen diamond drill-hole program at Beaver Dam to confirm earlier drill results and increase our degree of confidence in that resource. In addition, we hope to undertake a drill program at Fifteen Mile Stream in the near future to help us increase both our resource and our geological understanding of the mineralization.
What do you see as the future opportunities or challenges for your organization?
Acadian is very excited about its future in the resource industry and continues to work at expanding its project base. Certainly our gold resources, such as our Fifteen Mile Stream flagship project and Beaver Dam gold deposit will provide ample opportunity for expansion. We also continue to investigate other underground properties and are looking at expanding our exploration work in 2010.
Certainly in terms of base metals, we have our Scotia Mine that is now on ‘care and maintenance’, which represents a tremendous asset to the company. Over the coming months, we anticipate seeing commodity prices rise to the point where restarting this mine will become financially viable. To that end, we placed our mill in condition for a quick upstart time. The company also has other base metal properties in Newfoundland and Labrador held through its controlling interest in Royal Roads Corp.
Perhaps the most exciting news for Acadian Mining this past year was the acquisition of controlling interest (69%) in our company by Golden River Resources. This influx of new capital has allowed Acadian to clear itself of all financial debt and make plans to move forward on a renewed path of resource development. We’re really excited to have both the technical and operational knowledge of Golden River and its Australian based parent, Legend International, to help move Acadian’s interests forward. This is an extremely positive event in our company’s evolution. With their investment, our financial health is excellent, and we are excited about their experience with making companies like ours very successful.