Trading Symbol: ADA: TSX; ADAIF: OTCQX News Release No. 09-12
September 25, 2012
NEWS RELEASE Acadian Sells Non-core Assets Halifax, Nova Scotia - 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. FOR FURTHER INFORMATION, PLEASE
CONTACT:
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: (877) 444-7774
mail@acadianmining.com
Halifax, Nova Scotia
No regulatory authority has approved or disapproved the
contents of this news release.
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