Some old News about their purchase of a barite deposit. Just the barite itself, this property worth at least $200 mil at $200/tonne barite.
http://www.acadiangold.ca/Portals/18/PR%2010-07%20March%2021,%202007.pdfACADIAN GOLD ACQUIRES BARITE DEPOSITS IN ATLANTIC CANADA
Acadian Gold Corporation (ADA-TSX-V) (“Acadian Gold”) announced today that it has acquired a 100% interest in 52 mineral claims (842 hectares) in Cape Breton Island, Nova Scotia known as the Lake Ainslie Barite-Fluorite Deposits, thereby assuming control of what is believed to be the largest insitue resource of barite in Atlantic Canada based on historical information.
The deposits host an uncategorized resource of 4.25 million tonnes grading 34.0% barite and 17.3% fluorite (Conwest Exploration Company Limited, 1972). This equates to approximately 1.6 million tonnes of contained barite (90%). These resources are not National Instrument 43-101 compliant and as such cannot be relied upon. However, the estimation is based on 129 diamond drill holes totaling 16,394 metres of drilling. There is potential for expanding these resources through additional drilling. The principal consumer of barite is the oil and gas industry. Barite is the principal component in drilling mud, serving as a weighting agent thereby preventing blowouts and gushers.
Barite is presently priced at US$275 - $325 per tonne and acid grade fluorspar at US$230 - $240 per tonne (Industrial Minerals Magazine, March, 2007, p. 84).Will Felderhof, President and CEO stated, “Control of the Lake Ainslie Barite-Fluorite Deposits represents another step forward in the growth of Acadian Gold. These deposits are strategically located with respect to infrastructure and proximity to tidewater and are an obvious fit for our Atlantic Canada focus.”
Scotia Mine (Zinc-Lead) Update All mobile equipment necessary for mine start-up is now on site, and road construction for the open pit has commenced. Refurbishment of the mill is expected to be completed by March 30, 2007 and initial ore throughput is anticipated to commence in mid-April.
Photos showing the state of readiness of the Scotia Mine start-up taken on March 16, 2007 can be viewed on the Company’s website
www.acadiangold.ca.Other Terence Coughlan, B.Sc., P.Geo., is acting as Qualified Person in compliance with National Instrument 43-101with respect to this release and has reviewed the contents for accuracy.
About Acadian Gold
Acadian Gold is a resource company based in Halifax, Nova Scotia, Canada focused on exploring and developing gold and zinc properties in Atlantic Canada.
In addition to exploring and developing zinc properties in Nova Scotia through the Scotia Zinc Project, Acadian Gold is currently focused on developing four advanced gold properties, Beaver Dam, Tangier, Forest Hill and Goldenville, which form the core holdings of the Scotia Goldfields
project. All of the four advanced properties host gold resources described in technical reports prepared in compliance with National Instrument 43-101 and are available on
www.sedar.com. A summary of gold resources is provided in Press Release No. 01-06, January 5, 2006, under the
paragraph titled "About Acadian Gold". Acadian Gold is bringing a new approach to the development of Nova Scotia gold deposits by pursuing a multiple mine central processing, managing and servicing strategy.
The principal focus in the Scotia Zinc project is the Scotia Mine which is slated to commence zinc and lead production in Q2-2007. At the planned rate of production from the open pit, the Scotia Mine is expected to produce 30,000 tonnes of high grade zinc concentrate and 10,000
tonnes of high grade lead concentrate per year. This is equivalent to 39.8 million pounds of zinc and 16.5 million pounds of lead annually. The projected (feasibility study) cost of production is US$0.34 to $0.36/pound zinc equivalent. Please see Press Release No. 16-06, July, 17, 2006 for
further details.
Acadian Gold holds a 51% equity interest in Royal Roads Corp. (“Royal Roads”). Royal Roads’ principal asset is a 16,075 hectare (approximately 32 km x 5 km) mineral property known as the Tulks North property which is strategically located in the centre of the world-class Buchans base
metal camp in central Newfoundland, Canada. Royal Roads recently purchased 8,890,953 common shares of Buchans River Ltd. (“Buchans River”) (BUV – TSX-V). This represents 53.06% of the outstanding shares of Buchans River. The purpose of the share acquisition was to
increase the land position under Acadian Gold’s control within the famous Buchans mining camp and increase the potential for finding additional zinc-lead-silver deposits. Acadian Gold’s indirect interest in Buchans River is 27%. Royal Roads' Tulks North property is host to the Daniel’s Pond deposit which was discovered by BP Resources Canada Ltd. in 1989. Royal Roads reported (See Press Release issued November 7, 2006) an inferred resource (Zn cutoff = 2%, S.G. 4.0) of 1.69 million tonnes grading 0.57%
copper, 4.40% lead, 8.37% zinc, 196.9 g/t silver and 0.68 g/t gold over an average width of 4.2 metres. Royal Roads is presently conducting a diamond drilling program at Daniel’s Pond.
Forward Looking Statement
Certain information regarding the Company 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 the Company 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. 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.
Discussion of the various factors that may affect future results is contained in the Company’s
2005 Annual Report which is available at
www.sedar.com. The Company’s forward-looking
statements are expressly qualified in their entirety by this cautionary statement.
For additional information on the Company’s properties and activities, please visit our 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,
email:
mail@acadiangold.ca.
FOR FURTHER INFORMATION, PLEASE CONTACT:
G. William Felderhof, President & CEO
or Terry F. Coughlan, Vice President
3
(902) 444-7779 Toll Free: 877-444-7774
mail@acadiangold.caHalifax, Nova Scotia
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this
release.
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