Acadian Mining provides outlook for Scotia mine operations
Acadian Mining Corporation announced today that it remains confident of achieving its production targets at its Scotia Zinc-Lead Mine in Nova Scotia for the quarter ended September 30, 2008. A 5,000 tonne parcel of zinc concentrates shipped in August was produced in approximately 42 days, and a second shipment is anticipated to be ready by month end. Lead production and shipments are also in line with targets.
Additional operating costs were incurred during the quarter due to unscheduled maintenance in the mill and higher fuel costs associated with increased volumes of pumping due to the highest volume of rain on record for the month of August. Despite these extra costs, the Corporation expects to be cash flow positive from operations in the third quarter at current metal prices.
Acadian continues to be on target for meeting its 2008 sales target of 30,000 wet metric tonnes (“WMT”) of zinc concentrates and 12,000 WMT of lead concentrates. The Corporation expects fourth quarter production to be similar to the third quarter and at current metal prices, cash flow from operations to show further improvement in the fourth quarter.
