Acadian Mining Corporation ADAIF

Last financing and drilling results

[maldoror]

The last financing (the bulk of it) has a three month hold, which expires on March 29, 2004, therefore the first day of trading for normal settlement is March 30, 2004. That means that at least 12 million shares become available for trading- the cost of these shares is 27 cents (this excludes calculations as to the value of the warrants, which are not in the money at the current price of ADA).To what extent this will effect the near term pricing of ADA is unknown as it depends on the investment attitude of the buyers of the private placement. We believe that it is unlikely that it will represent near term negative pressure on the price of ADA but it certainly will add to overhead supply above 30 cents and in order to overcome this potential willingness to take profits, ADA needs to come up with some good results that will solidify longer term hold attitudes towards the stock.Improving liquidity is essential as Friday's closing bids of 26 cents and closing offerings of 32 cents represent a spread between bid and offer of 23%. This type of spread is a living testimony to the total inadequacy of the TSX market maker system but in the case of ADA it is also indicative of the thinness of the market. Regarding drilling results we are being put into the same position as everybody else. The drilling on the Forest Hill property has been sent for assay and the lab promised to have them two weeks ago. It is obvious that "Future Shock" by Alvin Toffler does not apply here as the future does not arrive prematurely in the area of drilling results.We expect and hope that the Forest hill drilling results will be announced some time this week. The Northern Miner of March 4, 2004 had a large article (starting on page 1)about the Nova Scotia gold mining history and its potential. The article is a multi-page one and goes into a lot of detail and is a worthwhile read. It specifically mentions the Forest Hill property and the fact that Seabright Co. spent $20 million drilling that property. The article also talks about Will Felderhof and ADA.. All in all the article indicates that there is a lot of potential and I believe that the current management is well qualified, able and willing to unlock that potential. ADA definitely needs some help in the public relations department and we are told that management is aware of it and working on improving it. Maldoror, your charming confidant and penitent sinner(O'Maldoror for the day in honour of St.Patrick)