leadf
logo-loader
viewAtlantic Gold

Changes at Acadian Mining to assist Atlantic Gold with gold assets

americas350_49c3842b23f22.jpg

Atlantic Gold (ASX:ATV) noted an announcement by Acadian Mining Corporation (TSX:ADA), that it had given an option to Mr Joseph Gutnick to make a private placement of up to 338.1 million ordinary shares to Golden River Resources Corporation (“Golden River”).

Golden River is controlled by Mr Gutnick. According to the Acadian announcement if the transaction is
completed, Mr Gutnick will control more than 68% of Acadian and have 50% of the nominees of the Board of Directors of Acadian.

Atlantic Gold said it looked forward to having Acadian, with Mr Gutnick’s involvement, continuing as an active neighbour exploring and developing gold deposits in Nova Scotia.

MOU with Acadian Mining

On 31 October 2008, Atlantic Gold announced that a Memorandum of Understanding (“MOU”) had been signed with Acadian to consider:

- processing ore from Atlantic Gold’s Touquoy Gold Project through Acadian’s Scotia mill; and
- consolidating the assets of the two companies including their gold interests, the aggregate resource inventory of which amounts to almost 3.0 million ounces gold.

Discussions between Atlantic Gold and Acadian continued until last week, the two companies have not achieved a definitive plan to give effect to the objectives of the MOU.  Atlhough Atlantic Gold remains hopeful through the subscription by Golden River to the placement of Acadian shares described above, will create a basis for the MOU between Acadian and Atlantic Gold to be progressed.

Quick facts: Atlantic Gold

Price: - CAD

TSX-V:AGB
Market: TSX-V
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Kavango Metals 'gearing up' after announcing Botswana joint venture with...

Kavango Resources PLC's (LON:KAV) Mike Moles speaks to Proactive London following the announcement of the Botswana strategic joint venture with Power Metal Resources. The venture will see the formation of a new, jointly owned, privately held company that is focussed on large-scale mineral...

12 hours, 38 minutes ago

2 min read