Acadian Mining announces new Executive Chairman and Directors

    
    Trading Symbol: ADA:TSX; C2Z-Frankfurt
    Shares Outstanding: 491,691,616
    
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<p><location>HALIFAX</location>, <chron>Oct. 26</chron> /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") announces that its board of directors has been restructured following the completion of the <money>$10 million</money> private placement by <person>Golden River</person> Resources Corporation ("<person>Golden River</person>"). Messrs. Herman Felderhof, <person>Terry Coughlan</person> and <person>Jim Borland</person> resigned from the board of directors of Acadian effective <chron>October 23, 2009</chron>. Two new appointments were made to the board, namely, <person>Mr. Joseph Gutnick</person>, President and CEO of Legend International Holdings, Inc. and <person>Golden River</person>, who has also been appointed Executive Chairman of the board of Acadian and <person>Dr. Alan Trench</person>. <person>Mr. G. William Felderhof</person>, formerly Chairman, President and CEO will continue to serve as President and CEO and <person>Mr. Terry Coughlan</person> will continue as Vice President.</p>
<p>It was a term of the agreement between Acadian and <person>Golden River</person> that, following the completion of the <money>$10 million</money> investment by <person>Golden River</person> in Acadian, the board of Acadian would be restructured to be comprised of six members, three of whom would be nominated by <person>Golden River</person>. See news release 03-09 dated <chron>March 17, 2009</chron>. The <person>Golden River</person> private placement was effected in a number of tranches, the last of which was completed on <chron>October 22, 2009</chron>. See news release 20-09 dated <chron>October 22, 2009</chron>.</p>
<p>The board of Acadian as restructured is now comprised of <person>Mr. Joseph Gutnick</person>, Executive Chairman, <person>Mr. Will Felderhof</person>, President and CEO, <person>Mr. Jascha Boge</person>, P.Eng., <person>Dr. Alan Trench</person>, PhD., M.B.A., <person>Mr. Menachem Vorchheimer</person> and <person>Mr. Glenn Williams</person>, F.C.A.</p>
<p><person>Mr. Gutnick</person> is a leading mining industry entrepreneur, with extensive public company experience in the mining sector in both <location>Australia</location> and <location>North America</location>. <person>Mr. Gutnick</person> was responsible for overseeing the discovery of the Plutonic gold deposit, and the discovery, development and operation of the world class Bronzewing and Jundee gold mines in <location>Australia</location>. Mr Gutnick is a Fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the Australian Institute of Management, a Member of the Institute of Company Directors in <location>Australia</location>, and was a Director of the World Gold Council. Mr Gutnick was awarded the prestigious Diggers award at the 1997 Diggers and Dealers Industry Awards.</p>
<p><person>Dr. Allan Trench</person> is a geologist/geophysicist and business management consultant with approximately 20 years' experience within the Australian resources sector across a number of commodity groups. <person>Dr. Trench</person> holds a Bachelor of Science (Honours), a doctorate in Geophysics, a master of Business Administration (Distinction) from Oxford University and a Master of Science (Distinction) in Mineral Economics. He commenced his career as an academic at Oxford University in England before moving to <location>Australia</location> on a Royal Society Fellowship. After a period at the University of Western <location>Australia</location> he joined WMC as the Exploration Manager for the Leinster-Mt Keith region. <person>Dr. Trench</person> then managed a number of exploration companies before joining McKinsey & Company as a management consultant. <person>Dr. Trench</person> is a non-executive Chairman/Director of several Australian and U.S. public listed companies.</p>
<p>The board of directors of Acadian wishes to thank Messrs. <person>Jim Borland</person>, <person>Terry Coughlan</person> and Herman Felderhof for their considerable contributions to Acadian during their tenures on the board.</p>
<p>Will Felderhof, President and CEO stated, "The <person>Golden River</person> group led by <person>Mr. Joseph Gutnick</person>, has a strong and very successful track record for developing and operating gold mines in <location>Australia</location> and I believe that they will be instrumental in helping Acadian grow into a sizeable North American mining company that will bring value to all shareholders".</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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    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, [phone], Toll Free: [phone], [email protected]