Acadian Mining announces final closing of $10 million private placement

    Trading Symbol: ADA:TSX; C2Z-Frankfurt
    Shares Outstanding: 491,691,616

HALIFAX, Oct. 22 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") is pleased to announce that it has completed the final closing ("Final Closing") of the second tranche ("Second Tranche") of the private placement of common shares to Golden River Resources Corporation ("Golden River") first announced on March 17, 2009. On the Final Closing, Acadian issued 133,316,047 common shares for proceeds of approximately $4 million. The Final Closing of the Second Tranche brings the total subscription proceeds received by Acadian from Golden River to $10 million for an aggregate of 338,111,334 common shares, representing approximately 69% of the total issued and outstanding common shares of Acadian. The proceeds will be used to fund operational overheads including repayment of indebtedness to Royal Roads Corp and the advancement of Acadian's gold properties in accordance with an agreed upon budget.

    About Acadian
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Acadian is a Halifax, Nova Scotia Canada based mining company with five advanced gold projects, all of which host National Instrument 43-101 compliant resources. The Company also owns a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently on care and maintenance. Acadian is actively exploring and developing its gold, zinc-lead, and barite properties in Atlantic Canada. Acadian holds a 29.18% interest in Royal Roads Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and Labrador with a current focus on the historic Buchans Camp.

    Additional Information
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For additional information on Acadian's properties and activities, please visit our web site at www.acadianmining.com.

    No regulatory authority has approved or disapproved the contents of this
    release.

For further information: G. William Felderhof, President & CEO; Terry F. Coughlan, Vice President, (902) 444-7779, Toll Free: (877) 444-7774, mail@acadianmining.com