Acadian Mining provides corporate update



    Trading Symbol: ADA: TSX; C2Z-Frankfurt
    Shares Outstanding: 153,357,907

    HALIFAX, Oct. 24 /CNW/ - Acadian Mining Corporation (ADA:TSX) ("Acadian"
or "Corporation") announced today that while the recent sharp drop in prices
for lead and zinc are negatively impacting revenues, this is being mitigated
to a degree by the sharp fall in the value of the Canadian dollar versus the
U.S. dollar. The Company was marginally profitable from operations in the
third quarter which represents a dramatic improvement over the loss reported
from the second quarter. Further measures are being planned and implemented
where possible to reduce operating costs and increase revenue at Scotia Mine
to protect the operating margin in the months ahead.
    Nonetheless, Acadian is examining alternative options in the event that
further metal price deterioration necessitates suspension of zinc and lead
production. A first order alternative being evaluated is the modification of
the Scotia Mill to potentially treat gold mineralized material sourced from
one or more of the Corporation's gold properties. The Corporation has five
advanced gold properties which collectively host indicated resources totaling
626,000 ounces of gold and inferred resources totaling 1,010,000 ounces.
Details of these resources are presented in the table below.
    The Beaver Dam bulk tonnage - open pit target gold property is located 60
kilometres northeast of Scotia Mine and the Forest Hill underground target
gold property, which boasts a modern shaft and extensive underground
development, is located 190 kilometres northeast of Scotia Mine. The Scotia
Mill was used by previous owners in the late 1980s to treat approximately
145,000 tonnes of gold mineralized rock from Beaver Dam and Forest Hill. A
recovered grade of 1.85 g/t gold at a recovery of 90% was achieved for the
Beaver Dam material and 12.6 g/t gold at a recovery of 94% was achieved for
the Forest Hill material.

    
    Gold Resources
    -------------------------------------------------------------------------
                                                              Cut(xx)
    -------------------------------------------------------------------------
    Property      Lower      Category                 Tonnes  Grade    Ounces
                  Cut-off                                (*)              (*)
    -------------------------------------------------------------------------
    Beaver Dam    0.30 g/t   Measured & Indicated  9,080,000   1.53   446,000
                             ------------------------------------------------
                             Inferred             10,400,000   1.51   504,000
    -------------------------------------------------------------------------
    Fifteen Mile
     Stream(XXX)  0.7 g/t    Inferred              3,800,000   1.66   202,000
    -------------------------------------------------------------------------
    Forest Hill   3.50       Indicated               225,000  14.91   108,000
                             ------------------------------------------------
                  g/t/1.20m  Inferred                383,000  11.93   147,000
    -------------------------------------------------------------------------
    Tangier       3.50       Indicated               134,000   9.67    42,000
                             ------------------------------------------------
                  g/t/1.20m  Inferred                271,000  12.08   105,000
    -------------------------------------------------------------------------
    Goldenville   3.50       Indicated                63,000  14.72    30,000
                             ------------------------------------------------
                  g/t/1.20m  Inferred                385,000  12.38   153,000
    -------------------------------------------------------------------------
     TOTAL -                 Measured & Indicated                     626,000
                                                                    ---------
                                                                    ---------
     5 Properties            Inferred                               1,111,000
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                              Uncut
    -------------------------------------------------------------------------
    Property      Lower      Category                 Tonnes  Grade    Ounces
                  Cut-off                                (*)              (*)
    -------------------------------------------------------------------------
    Beaver Dam    0.30 g/t   Measured & Indicated  9,090,000   2.01   589,000
                             ------------------------------------------------
                             Inferred             10,370,000   2.16   720,000
    -------------------------------------------------------------------------
    Fifteen Mile
     Stream(XXX)  0.7 g/t    Inferred              3,800,000   1.66   202,000
    -------------------------------------------------------------------------
    Forest Hill   3.50       Indicated               225,000  24.02   174,000
                             ------------------------------------------------
                  g/t/1.20m  Inferred                383,000  12.42   153,000
    -------------------------------------------------------------------------
    Tangier       3.50       Indicated               134,000   9.67    42,000
                             ------------------------------------------------
                  g/t/1.20m  Inferred                271,000  15.09   130,000
    -------------------------------------------------------------------------
    Goldenville   3.50       Indicated                63,000  16.62    33,000
                             ------------------------------------------------
                  g/t/1.20m  Inferred                385,000  18.78   232,000
    -------------------------------------------------------------------------
    TOTAL -                  Measured & Indicated                     838,000
                                                                    ---------
                                                                    ---------
    5 Properties             Inferred                               1,437,000
    -------------------------------------------------------------------------

    (*)   Rounded
    NR No. 23-07, July 16, 2007; NR No. 13-05, Oct 7, 2005; NR No. 02-05,
    March 2, 2005; NR No. 17-04, Oct 5, 2004; NR No. 08-08, May 29, 2008
    (xx)  See Technical Reports filed on SEDAR by Acadian Mining Corporation
          for details.
    (xxx) 50% owned by Acadian Mining Corporation

    Governmental approvals would be required prior to bringing one or more of
the gold properties into production as well as to treat gold ore in the Scotia
Mill.
    The third quarter financial results are anticipated to be released during
the week of November 3, 2008.
    Acadian is also pleased to announce that Scotia Mine has passed the 500
day mark without a lost time accident. This is an important milestone which is
testimony to the considerable efforts on the part of mine management and
employees who are committed to Acadian's policy of practicing world class
safety and continuous improvement at Scotia Mine.

    Other
    -----

    Terence Coughlan, B.Sc., P. Geo., is a qualified person as defined by
National Instrument 43-101 and has reviewed the technical information reported
in this news release for accuracy.
    

    Forward Looking Statement
    -------------------------
    Certain information regarding the Corporation contained herein may
constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other statements
that are not statements of fact. Although the Corporation believes that the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
The Corporation cautions that actual performance will be affected by a number
of factors, many of which are beyond the Corporation's control, and that
future events and results may vary substantially from what the Corporation
currently foresees. Discussion of the various factors that may affect future
results is contained in the Corporation's 2007 Annual Report which is
available at www.sedar.com. The Corporation's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.


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




For further information:

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

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Acadian Mining Corporation

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