Selwyn Resources agrees to acquire Acadian Mining subsidiary for $10 million

Selwyn Resources Ltd. says it has signed a letter of intentiron ore crushing and screening plant to acquire ScoZinc Ltd. for $10 million from Acadian Mining Corp. The purchase includes all assets of the zinc-lead Scotia zinc mine in Nova Scotia. Under the agreement announced Tuesday, both companies will hold an exclusive period until Feb. 14 that will allow them to complete the letter of agreement.

Selwyn said it plans to refurbish the Scotia mine with a goal of resuming production in the first quarter of next year. "The acquisition and restart of ScoZinc will be a major step in the evolution of Selwyn into a mid-tier base metal mining company, and will provide Selwyn with an attractive opportunity to expand its operations and take advantage of mining opportunities in mining friendly Nova Scotia," said Selwyn president and CEO Harlan Meade in a release...