I disagree. What you saw with Acadian was a Jr company that has a very good portfolio of properties. Back a year ago - they had about 37 exploration properties. Originally the emphasis was gold and they bought alot of the Scotia gold fields. They always saw it as a property that would have 4 gold fields feeding a central mill. They originally bought the Scotia Zinc Co for the mill but when they looked at the old feasibility study they realized that the zinc property was quite economic on its own. Back then there were about 49 million shares. When they looked at financing they really wanted to go to the bank and get a loan. They worked on that for quite awhile but in the end the loan did not work out and they went for a big share offering and the market did not forgive them.

I am invested in another company and they got a loan but it was like for 14% per annum - interest up front - term 12 - 18 months. Warrants to be issued too. Then they had to pay a commission of 6% for the finders fees. So Acadian took the financing. Then, the first year you have the cost of granting of options, production sometimes at lower grades because the company is still working on things and then finally a rotten market place.

This company is spinning off the gold properties. Its letting the shareholders get some value for them and they are advancing the properties while gold is selling for a good price. In terms of Royal Roads - you are seeing the consolidation of the New Foundland assets of Danials Pond (spelling may not be right). Acadian owns many shares in this company too - so consolidation is good. In terms of financings - money can be gathered for specific tasks. My assumption is that with the value of zinc down and lead up - the zinc properties have enough of a strain on their own cash that for the first few years the company needs the money for the zinc properties. The gold properties can go after what they need for efficiently.

Anyway just my opinion. Others likely know better.