Acadian Gold To Acquire 100% Interest, Subject To Royalty Interest, In Forest Hill Gold 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 entered into an agreement (the "Agreement") subject to board and any regulatory approval required, to purchase the remaining 70% interest in 64 optioned 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 , thereby increasing Acadian Gold's interest to 100%, subject to a maximum 2.65% net smelter royalty (" n.s.r."). Under the terms of the Agreement, Acadian Gold will acquire the 70% interest by making a cash payment of $75,000, delivery of a non-interest bearing promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. in the amount of $75,000 due on March 31, 2006, and increasing the maximum net smelter royalty from 2.0% to 2.65%. Acadian Gold may at its sole discretion at any time prior to 5:00 p.m. Atlantic time Noun 1. Atlantic Time - standard time in the 4th time zone west of Greenwich, reckoned at the 60th meridian; used in Puerto Rico and the Virgin Islands and Bermuda and the Canadian Maritime Provinces Atlantic Standard Time March 31, 2018, reduce the royalty by 0.65% (thereby reducing the maximum royalty payable to 2.0%) by making a payment of $250,000 payable as to $125,000 in cash and $125,000 in cash or common shares of Acadian Gold at the discretion of Acadian Gold. The Closing of this transaction is scheduled for May 5, 2005, or such other date as may be agreed to by the parties. The acceleration of Acadian Gold's earn-in to 100% subject to a 2.65% n.s.r., relieves Acadian Gold of certain work commitments, thereby providing Acadian Gold greater flexibility in proceeding with the development of the Forest Hill gold property. The Forest Hill property comprises a total of 210 mineral claims, 64 of which are subject to the 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 December: see month. 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. About Acadian Gold Corporation Acadian Gold Corporation is a gold exploration company focused on developing five advanced gold projects as well as sixteen 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 Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , 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 ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. concept, the ribbon model, recently developed and proven successful in Bendigo Bendigo (bĕn`dĭgō), city (1991 pop. 57,427), Victoria, SE Australia. Founded in 1851 during the gold rush, Bendigo was the center for the greatest goldfield in Victoria. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , is being applied with success in the geologically ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. 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, details of which are provided in the table below.
SUMMARY OF GOLD RESOURCES
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Property Name Tonnes Grade Gold Ounces Uncut Press Release
and Resource Uncut(a) g/t Reference and
Category Date
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Measured Inferred(b)
and
Indicated
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Forest Hill PR No. 22-04;
Nov 09, 2004
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Indicated 245,000 13.21 104,055
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Inferred 818,000 9.33 245,373
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Tangier PR No. 17-04;
Oct 05, 2004
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Indicated 294,000 5.48 51,804
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Inferred 899,000 5.79 167,370
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Beaver Dam PR No. 29-04;
Dec 22, 2004
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Measured 219,000 2.32 16,377
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Indicated 1,110,000 2.39 85,373
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Inferred 3,808,000 2.73 334,271
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Goldenville PR No. 02-05;
Mar 02, 2005
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Indicated 181,000 6.96 40,517
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Inferred 855,000 9.43 259,257
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Totals to Date 298,126 1,006,271
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(a) Rounded (b) The inferred resources are in addition to the
indicated resources.
Acadian Gold is bringing a new approach to the development of gold mines in Nova Scotia by pursuing a multiple mine - central processing, servicing and management 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 MERCATOR Cardiology A clinical trial–Multicenter European Research Trial with Cilazapril After Angioplasty to Prevent Transluminal Coronary Obstruction & Restenosis that evaluated ACE inhibition with Cilizapril in preventing restenosis after PCTA in Pts 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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