Acadian Gold Continues Option Agreement On Forest Hill Property, Nova Scotia.HALIFAX, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
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. ) ("Acadian Gold") announced today that it has elected to continue the option agreement (as amended) (the "Option Agreement") to earn a 100% interest subject to a maximum net smelter royalty of 2% (the "Royalty") with respect to 64 mineral claims (the "Claims") comprising a portion of the Forest Hill gold property 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 , by making an advance royalty payment of $25,000 and issuing 1,138,952 common shares of Acadian Gold to a third party.Acadian Gold currently owns a 30% undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in the Claims.Acadian Gold can increase its interest in the Claims to 70% by completing a pre-feasibility study prior to March 31, 2006, and to 100% subject to the Royalty by either electing to complete an underground exploration/development expenditure of $500,000 by March 31, 2009, or, to make a final payment (the "Payment") comprising $150,000 in cash plus $250,000 of Acadian Gold shares prior to March 31, 2008. Acadian Gold must make the election to either proceed with the underground program or make the Payment on or before March 31, 2007. Acadian Gold wishes to advise that an information bulletin posted by Stockwatch on April 14, 2005 was not issued by Acadian Gold and was incomplete. The Forest Hill property comprises a total of 210 mineral claims, 64 of which are subject to the Option Agreement.The balance of 146 mineral claims are 100% owned by Acadian Gold. The Forest Hill gold property is an advanced project with a gold resource that currently stands at 104,055 ounces of gold in the indicated category (245,000 tonnes at an uncut grade of 13.21 g/t gold), plus 245,373 ounces of gold in the inferred category (818,000 tonnes at an uncut grade of 9.33 g/t gold).For details, please see press release dated December 9, 2004.There is scope for resource expansion at depth and along strike on the gold bearing veins, of which a total of 30 have been identified to date. Acadian Gold has recently completed 12 diamond drill holes totalling 1,034.5 metres in the eastern section of the property between section lines Section lines in the United States are one mile apart. When surveyors originally map an area, for instance a township, it was their custom to divide the new township into 36 - 1 square mile sections. Property ownership often followed this layout. A section is a 1 by 1 mile area. 1100 E and 2400 E.Assay results are pending. About Acadian Gold Corporation Acadian Gold Corporation is a gold exploration company focused on developing five advanced gold projects as well as eighteen others 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. in Canada, and exploring a new gold discovery in 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. , Canada.A new geological concept, the ribbon model, recently developed and proven successful in Bendigo, Australia is being applied with success in the geologically similar Nova Scotia goldfields.Acadian Gold is presently concentrating on developing four advanced gold properties, all of which are 100% controlled; Forest Hill, Tangier, 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. and Goldenville.As at March 2, 2005 measured and indicated resources stand at 298,126 ounces gold and inferred resources stand at 1,006,271 ounces gold. The Company's current work programs designed to move these projects forward in a logical, systematic manner include scoping studies, environmental permitting to re-access the mines, and 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 . Acadian Gold is bringing a new approach to the development of gold mines in Nova Scotia by pursuing a multiple mine - central processing strategy. Acadian Gold, the leading company in the Nova Scotia goldfields, trades on 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. under the symbol ADA. Peter C. Webster Webster, town (1990 pop. 16,196), Worcester co., S Mass., near the Conn. line; settled c.1713, set off from Dudley and Oxford and inc. 1832. The chief manufactures are footwear, fabrics, and textiles. , P. Geo., is responsible for the management and supervision of the Company's exploration program and is responsible for 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. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release may include statements about expected future events and/or financial results that 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 the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will provide to have been correct.The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions.The Company's forward-looking statements are expressly qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by this cautionary statement.The information contained herein is stated as of the current date and subject to change after that date.The Company disclaims any intention to update or revise this statement of forward-looking information, whether as a result of new information, future events or otherwise. For additional information on the Company's properties and activities, please visit our recently updated web site at www.acadiangold.ca.If you wish to be added to the Company's e-mail or fax distribution list for future news releases and updates, please contact us at phone:902-444-7779, fax: 902-444-3296 or email: mail@acadiangold.ca. Shares Outstanding: 48,092,473 The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Acadian Gold Corporation (TSX VENTURE:ADA) |
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