Acadian Mining Corporation Announces Share Consolidation

Trading Symbol: ADA:TSX

HALIFAX, Nov. 10 /CNW/ - Acadian Mining Corporation ("Corporation") (TSX: ADA) is pleased to announce that at a special meeting of shareholders held on November 10, 2010 ("Meeting"), shareholders passed a special resolution to approve a consolidation of the Corporation's common shares on the basis of one (1) post-consolidation share for up to every ten (10) pre-consolidation shares, as the directors may determine.  The board of directors of the Corporation has determined to effect the consolidation on the basis of one (1) post-consolidation share for every ten (10) pre-consolidation shares.  Outstanding options will be adjusted on the basis of the same ratio.  In the event that the consolidation would otherwise result in the issuance of a fractional share, no fractional share shall be issued and such fraction will be rounded down to the nearest whole number.  The Corporation currently has 541,572,541 common shares issued and outstanding.  Following the consolidation, there will be approximately 54,157,254 common shares issued and outstanding.  The consolidation will be effective for trading purposes on the Toronto Stock Exchange as of November 17, 2010.

Letters of transmittal with respect to the consolidation will be mailed to all of the Corporation's registered shareholders shortly.  All registered shareholders will be required to send the certificates representing their pre-consolidated common shares, along with a properly executed letter of transmittal, to the Corporation's registrar and transfer agent, Computershare Investor Services Inc., all in accordance with the instructions provided in the letter of transmittal.  Additional copies of the letter of transmittal can be obtained through Computershare at 1-800-564-6253.  All shareholders who submit a duly completed letter of transmittal along with their pre-consolidated share certificates to Computershare will receive a direct registration advice.

Further details of the consolidation are contained in the Corporation's information circular dated October 1, 2010, which was filed and is available on SEDAR under the Corporation's profile.  Notwithstanding the disclosure in the circular, the Corporation will not declare a record date for the purposes of the share consolidation.

About the Corporation

Acadian is a Halifax, Nova Scotia, Canada based company with five advanced gold projects, all of which host National Instrument 43-101 compliant resources.  The Corporation also owns a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently on care and maintenance, and barite properties on Cape Breton Island, Nova Scotia.  Acadian's primary focus is centered on exploration and development of its gold deposits in Atlantic Canada.

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 news release.

For further information:

Grant Ewing, President and Chief Executive Officer
[phone] Toll Free: [phone]
[email protected]