Acadian Mining announces final closing of $10 million private placement

    
    Trading Symbol: ADA:TSX; C2Z-Frankfurt
    Shares Outstanding: 491,691,616
    
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<p><location>HALIFAX</location>, <chron>Oct. 22</chron> /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 <person>Golden River</person> Resources Corporation ("<person>Golden River</person>") first announced on <chron>March 17, 2009</chron>. On the Final Closing, Acadian issued 133,316,047 common shares for proceeds of approximately <money>$4 million</money>. The Final Closing of the Second Tranche brings the total subscription proceeds received by Acadian from <person>Golden River</person> to <money>$10 million</money> 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 <person>Royal Roads</person> Corp and the advancement of Acadian's gold properties in accordance with an agreed upon budget.</p>
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    About Acadian
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<p>Acadian is a <location>Halifax</location>, Nova Scotia <location>Canada</location> 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 <location>Canada</location>. Acadian holds a 29.18% interest in <person>Royal Roads</person> Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and Labrador with a current focus on the historic Buchans Camp.</p>
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    Additional Information
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<p>For additional information on Acadian's properties and activities, please visit our web site at <a href="http://www.acadianmining.com">www.acadianmining.com</a>.</p>
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    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, [phone], Toll Free: [phone], [email protected]