Acadian Mining Corporation ADAIF

News

[Buffy15]

Acadian Gold Files NI 43-101 Technical Report on Goldenville Resource Estimate on SEDAR HALIFAX, NOVA SCOTIA, Mar 2, 2005 (CCNMatthews via COMTEX) -- (CCN Mathews) Acadian Gold Corporation (TSX VENTURE:ADA) GOLDENVILLE RESOURCE ESTIMATE STANDS AT 40,517 OUNCES INDICATED PLUS 259,257 OUNCES INFERRED COMBINED RESOURCES FOR FOREST HILL, TANGIER, BEAVER DAM AND GOLDENVILLE NOW STANDS AT 298,126 OUNCES MEASURED AND INDICATED PLUS 1,006,271 OUNCES INFERRED Acadian Gold Corporation ("Acadian Gold") is pleased to announce that it has filed a final report with the regulatory bodies and on SEDAR on the resource estimation for its Goldenville project in Nova Scotia effective March 1, 2005. Based on a 1.0 g/t cut-off and minimum 1.2 metre estimated true width, the Company is pleased to report an indicated resource of 40,517 ounces of gold (181,047 tonnes grading 6.96 g/t gold (uncut) plus an inferred resource of 259,257 ounces of gold (855,025 tonnes grading 9.43 g/t gold (uncut). Based on a 3.5 g/t cut-off, eliminating resource blocks less than 3.5 g/t results in an indicated resource of 33,429 ounces of gold (62,554 tonnes grading 16.62 g/t gold (uncut) plus an inferred resource of 232,242 ounces of gold (384,596 tonnes grading 18.78 g/t gold (uncut). Click here for additional information Management is greatly encouraged by the initial resource estimates for Goldenville and by the potential to add to these resources by completing further diamond drilling on the prospective Goldenville structure which crosses Acadian Gold's property for a distance of 8 kilometres. Of particular interest is the 1.25 kilometre zone between the Stuart Shaft and the Bluenose Shaft (Stuart-Bluenose Zone). This zone is the location of historic production of 212,000 ounces of gold as well as the above reported resources of 40,517 ounces (uncut; indicated category) and 259,257 ounces uncut; inferred category). The deepest drill hole intercept to date at Goldenville is in the Stuart-Bluenose Zone which assayed 14.67 g/t gold over 1.2 metres at a vertical depth of 317 metres. Other prospective target areas include the relatively unexplored areas east of the Bluenose Shaft, immediately west of the Stuart Shaft, and in the vicinity of Mitchell Lake where previous drilling reported a drill intercept assaying 1.33 g/t gold over 20.2 metres (press release December 1, 2004). Acadian Gold has just completed a limited drill program at Mitchell Lake and assays are pending. The Goldenville Mine property is an advanced exploration/development project which boasts a large historic database generated from exploration programs completed in the 1980s. In addition to 29,074 metres of diamond drilling in 142 drill holes, the three compartment Stuart Shaft was rehabilitated to the 183 metre level and a limited program of underground sampling and drilling was undertaken prior to project suspension in 1988. A planned bulk sampling program based on recommendations by MPH Consulting Limited was not completed. A final report by MPH Consulting Ltd. (May, 1989), recommended that any future evaluation of the property continue the underground evaluation program initiated in 1988 and complete the required mine development in areas of high potential to obtain bulk sample material. The ultimate objective of the recommended program was to prepare a mineable reserve calculation and to develop operational parameters for use in a feasibility study. The key mineral claims comprising the Goldenville Mine property cover 8 kilometres of strike length of the most important portion of the gold bearing structure hosting the former Goldenville mines. Approximately 110 gold bearing quartz veins are reported to occur over an approximate width of 156 metres. Some of these were mined on both the north and south limbs of the anticlinal structures. The eastern portion of the anticline is characterized by saddle veins which are reported (Faribault, Canadian Geological Survey, 1903) to be amongst the largest in the Nova Scotia goldfields. The above resource figures have been provided by Peter Webster, P.Geo., of Mercator Geological Services Limited ("Mercator"), independent consultants to Acadian Gold, in accordance with NI 43-101 and in accordance with "Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definition Guidelines". A minimum gold grade threshold of 1.0 g/t over 1.2 metre minimum true width and a high grade block grade cutting factor of 50 grams per tonne was used in the resource estimations. Estimations were also made based on gold grade thresholds of 2.0 g/t and 3.5 g/t. The above resource estimations are based on weight averaged composite gold values from surface and underground diamond drill intercepts from 142 drill holes and underground sampling completed by previous operators in the period 1961-1988. Composite resource blocks volumes were calculated using the end area method on cross sections created in Surpac v5.0 software. A maximum polygon block height was established, and polygons were extended 25 metres above and below the weighted average drill hole intercept. If an adjacent drill hole or underground working was closer than 25 metres to the drill hole, the polygon was extended one half the distance to the adjacent drill hole or working. Indicated Mineral Resources were defined in the area between the Bluenose and Stuart Shaft areas. Resources of this class were defined on the basis of proximity to underground sampling or continuity of individual intercepts between two or more drill holes, which increased the confidence in the potential for strike and dip continuity of stratabound veins. Inferred Mineral Resources were defined in areas tested by diamond drilling only. A minimum weighted average gold grade of 1 g/t over an estimated true width of 1.2 meters was applied to all inferred resource polygons. The addition of the Goldenville resource estimate brings Acadian Gold's total gold resource to 298,126 ounces in the measured and indicated category plus 1,006,271 ounces in the inferred category, details of which are provided in the table below. Click here for additional information Management's Opinion Management is very pleased with the progress that has been made over the past two years with respect to building resources on the Forest Hill, Beaver Dam, Tangier and Goldenville properties. Collectively the gold resources on these four properties is the largest gold resource ever reported in the Nova Scotia goldfields. Will Felderhof, President and CEO stated, "Over 90% of the reported gold resources are within 200 metres from surface. Not only is this shallow depth a favourable feature from a potential development perspective, but also illustrates the depth potential for additional gold mineralization." Peter C. Webster, P. Geo., is responsible for the management and supervision of the Company's exploration program and is responsible for the preparation of the technical information reported in this news release. Mr. Webster is an independent third party geologist, President of Mercator Geological Services Limited and a qualified person as defined by National Instrument 43-101. This news release includes statements about expected future events and/or financial results that are forward looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbour for forward looking statements provisions contained in the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may include statements, plans expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company 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 Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the Forward Looking Statements section of the Management's Discussion and Analysis of Results in the Company's Annual Report for 2003 which is filed with the Ontario Securities Commission and SEDAR. For additional information on the Company's properties and activities, please visit our recently updated web site at www.acadiangold.ca. If you wish to be added to the Company's e-mail or fax distribution list for future news releases and updates, please contact us at phone: [phone], fax: [phone] or email: [e-mail]. Shares Outstanding: 46,953,521 Acadian Gold Corporation G. William Felderhof President & CEO [phone] / 1-877-444-7774 [e-mail] Halifax, Nova Scotia or Acadian Gold Corporation Terry F. Coughlan Vice President [phone] / 1-877-444-7774 [e-mail] Halifax, Nova Scotia NEWS RELEASE TRANSMITTED BY CCNMatthews The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy