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Selwyn Resources agrees to acquire Acadian Mining subsidiary for $10 million
The Canadian Press, On Tuesday February 8, 2011, 7:47 am
By The Canadian Press
VANCOUVER- Selwyn Resources Ltd. (TSXV:SWN) says it has signed a letter ofintent to acquire ScoZinc Ltd. for $10 million from Acadian MiningCorp. (TSX:ADA).
The purchase includes all assets of the zinc-lead Scotia zinc mine in Nova Scotia.
Underthe agreement announced Tuesday, both companies will hold an exclusiveperiod until Feb. 14 that will allow them to complete the letter ofagreement.
Selwyn said it plans to refurbish the Scotia mine with a goal of resuming production in the first quarter of next year.
"Theacquisition and restart of ScoZinc will be a major step in theevolution of Selwyn into a mid-tier base metal mining company, and willprovide Selwyn with an attractive opportunity to expand its operationsand take advantage of mining opportunities in mining friendly NovaScotia," said Selwyn president and CEO Harlan Meade in a release.
"ScoZincwill provide Selwyn with a basis for expansion of its management teamand an opportunity to grow its development and operating experience."