Price Change % Change Volume Day High/Low 52 Week High/Low 0.115 +0.075 +187.50% 5,171,904 0.13/0.045 0.65/0.015
Last Traded: 5/12/09 15:59 EST Transaction Volume 3,000 Open 0.045 Prev. Close 0.04 Bid 0.115 Ask 0.115 Bid Size 330,500 Ask Size 450,000 Market Cap (Mil) 17.64 Shares Out (mil) 153.40 Signal StockScore 72 Sentiment StockScore 69 Industry: BASIC MATERIALS - METALS & MINING		Advanced Charts | View History 1d5d3m6mYTD1y2y5y LineAreaOHLC

Acadian Mining confirms no material developments

	    Trading Symbol: ADA:TSX; C2Z-Frankfurt
	    Shares Outstanding: 170,549,112

	    HALIFAX, May 12 /CNW/ - At the request of Market Surveillance, on behalf
of the Toronto Stock Exchange, Acadian Mining Corporation (TSX: ADA)
("Acadian" or the "Company") confirms that there are no material undisclosed
corporate developments to account for recent trading activity in the Company's
shares on the Toronto Stock Exchange.







Aussies set to tap into N.S. gold 

By BILL POWER Business Reporter 

Wed. May 13 - 6:26 AM

A deal that would see the developer of some of Australia’s biggest gold mines come panning for the precious metal in Nova Scotia could close in about a week.

Documents filed with the Supreme Court of Nova Scotia indicate Golden River Resources Corp. of Australia is proceeding with its commitment to pump as much as $10 million into Halifax-based Acadian Mining Corp. as part of an effort to determine the commercial viability of gold reserves held by Acadian in the eastern part of the province.

However, the deal hinges on investor approval of a restructuring plan for ScoZinc Ltd., a wholly-owned affiliate of Acadian, under the Companies’ Creditors Arrangement Act. ScoZinc mothballed its Gays River lead and zinc operation after markets tanked last year, putting about 140 people out of work.

Investors in Acadian Mining will vote on a proposed settlement plan for ScoZinc at a creditors meeting May 21 in Halifax.

"The private placement by Golden River in shares of Acadian has occurred," states a monitor’s report to creditors from Grant Thorton Ltd.

The Grant Thorton report suggests a payout plan that begins at two cents on the dollar is the best possible deal for some creditors.

"ScoZinc’s financial crisis was the cumulative result of a number of factors outside of its control, but is primarily the consequence of rapid and deep decline in world commodity prices in the second half of 2008," reads the monitor’s report.

The owners of the stalled mine would be on the hook for a number of liabilities if the Acadian shareholders vote for a forced liquidation of ScoZinc, including an estimated $2.2 million worth of site remediation.

The report to creditors also notes various assets at the mine, including land and buildings valued at about $1.7 million and mining and milling equipment worth about $4.3, would be worth significantly less if a proposed restructuring plan is rejected and a forced liquidation sale is conducted.

( bpower@herald.ca)

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