Acadian Gold Closes Acquisition of Goldenville Mining Corporation-Update Corporate Activities.HALIFAX, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
See: Guaranteed Mortgage Certificate "), a private mineral exploration company with a substantial gold portfolio in Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography , Canada, and to assume the debt obligations of GMC at a total transaction cost of $275,473 (the "Transaction"). The vendors of GMC were Mr. D.S D.S Drainage Structure (flood protection) . MacLeod and Votix Corporation Limited ("Votix"), a private company controlled by Will Felderhof, (the "Vendors"). This transaction was previously announced in Press Release No. 12-04 on June 15, 2004 and Press Release No. 14-04 on July 30, 2004. The Transaction was a related-party transaction Related-Party Transaction A business deal or arrangement between two parties who are joined by a special relationship prior to the deal. For example, a business transaction between a major shareholder and the corporation, such as a contract for the shareholder's company to perform which proceeded in compliance with the requirements of Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. Rule 61-501 and with the approval of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . GMC controls 524 mineral claims in 16 gold properties covering 8,485 hectares, including the Goldenville property which has historically been considered the most important gold district in Nova Scotia because its past recorded gold production of 212,300 ounces of gold far exceeded that of the other gold districts. The Goldenville property boasts a large historic database based on 26,743 metres of diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral in 138 diamond drill holes, and in addition, a 183 metre vertical shaft which can be readily re-commissioned to access the underground workings. The acquisition of GMC brings Acadian Gold's holdings in Nova Scotia to 23 gold properties covering 20,129 hectares. The extent and quality of Acadian Gold's property holdings qualifies it as the leading company in the Nova Scotia goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. . Corporate Update The second and third quarters of 2004 continued to be busy periods for Acadian Gold with significant progress made in realizing key corporate objectives. Specifically, Acadian Gold is focused on the determination of gold resource estimates on its four most advanced gold projects, Forest Hill, Beaver Dam Beaver Dam, city (1990 pop. 14,196), Dodge co., SE Wis., on Beaver Dam Lake, in a productive farm and dairy area; inc. 1856. Industries included food processing, metal and metal products fabrication, printing, and machinery manufacturing. , Tangier and Goldenville, all of which boast extensive databases generated by other companies primarily in the boom period of the 1980s. These four properties along with a fifth, the Lake Lode Mine, which at a depth of 330 metres was the deepest gold mine in the Nova Scotia goldfields, collectively have databases supported by 911 diamond drill holes totalling 125,486 metres, and two shafts and three ramps with associated underground development. Acadian Gold's goal is to identify a resource of at least one million ounces of gold on these advanced projects by Spring, 2005. Subsequent to the end of the second quarter, Acadian Gold announced its first NI 43-101 compliant resource estimate for Forest Hill. This resource is in the inferred category and currently stands at 792,000 tonnes grading 11.8 g/t gold (uncut and at a 1.0 g/t cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, ), which equates to 300,501 ounces of gold. For further details on the Forest Hill resource estimate shareholders are referred to Press Release No. 15-04, August 13, 2004 and to the independent technical report filed on the regulatory filing site, www.sedar.com. This initial Forest Hill resource estimate is based on drill intercepts contained in 128 diamond drill holes, including the first 26 of 72 drill holes completed in the last twelve months by Acadian Gold. An update on this resource estimate incorporating additional historic drill holes and, when assays have been completed, the remaining 46 of Acadian Gold's drill holes, is anticipated to be made in late September, 2004. Resource estimates for Beaver Dam (230 drill holes), and Tangier (199 drill holes), are currently underway and it is anticipated that announcements will be forthcoming in this regard in mid to late September, 2004. Work will commence shortly on a resource estimation for Goldenville (138 drill holes), with a completion date scheduled for December, 2004. Acadian Gold's go forward objective and strategy is to establish gold resources on multiple properties in the Nova Scotia goldfields which could be developed to supply a central mill, administrative and service centre. This centralization cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. strategy coupled with the application of the ribbon geological model brings a new approach to the development of these extensive gold deposits. In the Bathurst camp of New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. , Acadian Gold continues to pursue a new gold discovery made by prospectors in 2003 on the Tetagouche property. See Press Release Nos. 8-03 (October 24, 2003); 11-03 (November 11, 2003); 14-03 (December 11, 2003) and 05-04 (March 1, 2004). Ground geophysical surveys have recently been completed and Acadian Gold awaits recommendations from its consultants with respect to targets for follow-up diamond drilling. The second half of 2004 should prove to be an exciting period for Acadian Gold with initial resource estimations pending for three properties - Tangier, Beaver Dam and Goldenville, and an update resource estimate pending for Forest Hill. In addition a second phase of diamond drilling is planned for the Tetagouche, New Brunswick property. The permitting process to access the underground mines at Forest Hill and Tangier has commenced for the purpose of underground exploration/development programs, including bulk sampling. The commencement of the underground programs will be dependent on available capital and receipt of required permits. In addition to press releases detailing program results, interested parties are directed to Acadian Gold's web site at www.acadiangold.ca and to SEDAR at www.sedar.com for additional corporate information. Peter C. Webster, P. Geo., is responsible for the management and supervision of the Company's exploration program and the preparation of the technical information reported in this news release. Mr. Webster is an independent third party geologist, President of Mercator Geological Services Limited and a qualified person as defined by National Instrument 43-101. If you wish to be added to the Company's email or fax distribution list for future news releases and updates, please contact us at phone: 902-444-7779 or fax: 902-444-3296. Shares Outstanding: 36,875,878 Acadian Gold Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ADA Ada, city, United States Ada (ā`ə), city (1990 pop. 15,820), seat of Pontotoc co., S central Okla.; inc. 1904. It is a large cattle market and the center of a rich oil and ranch area. ) |
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