Acadian Gold Corporation

Acadian Gold Corporation

March 23, 2005 16:05 ET

Acadian Gold Extends Gold Zone on Its Tetagouche Property, Bathurst, New Brunswick


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ACADIAN GOLD CORPORATION

TSX VENTURE SYMBOL: ADA

MARCH 23, 2005 - 16:05 ET

Acadian Gold Extends Gold Zone on Its Tetagouche
Property, Bathurst, New Brunswick

HALIFAX, NOVA SCOTIA--(CCNMatthews - March 23, 2005) - Acadian Gold
Corporation (TSX VENTURE:ADA) ("Acadian Gold") announced today that a
recently completed second phase diamond drilling program continues to
confirm and expand the gold bearing zone identified at Tetagouche in the
Bathurst Camp of New Brunswick. This program was designed to test the
quality and limits of known gold mineralization and determine the
geological structure controlling such mineralization.

Eight drill holes totalling 604 metres were completed in the second
phase drilling program bringing the total diamond drilling completed on
the property to 19 drill holes totalling 1,239 metres. Highlights of the
second phase program are as follows:



---------------------------------------------------------------------
Width
DDH From To m Au g/t
---------------------------------------------------------------------

---------------------------------------------------------------------
TP04-12 125.5 130.8 5.3 0.80
---------------------------------------------------------------------
including 128.0 129.3 1.3 2.77
---------------------------------------------------------------------
TP04-13 78.5 78.7 0.2 1.23
---------------------------------------------------------------------
TP04-13 81.5 82.0 0.5 1.02
---------------------------------------------------------------------
TP04-15 39.1 42.0 2.9 0.65
---------------------------------------------------------------------
including 41.0 41.5 0.5 2.08
---------------------------------------------------------------------
TP04-15 55.1 55.3 0.2 1.14
---------------------------------------------------------------------
TP04-17 19.1 26.1 7.0 0.50
---------------------------------------------------------------------
including 19.1 21.3 2.2 0.41
---------------------------------------------------------------------
including 23.3 25.4 2.1 1.18
---------------------------------------------------------------------


Although the large alteration zone was intersected, no assays of
significance were encountered in drill holes 14, 16, 18 and 19.

While the results of this program have not resulted in economic grade
gold intersections, they have significantly enhanced our understanding
of the extent of the mineralization and the controlling features. The
alteration zone hosting the gold mineralization ranges between 16 and 52
metres in width, extends to 300 metres in length, and remains open in
both directions along strike as well as at depth.

The alteration zone comprises a hydrothermally altered volcanic
assemblage hosting multiple gold bearing quartz breccia zones, iron
carbonate veins and disseminated acicular arsenopyrite / pyrite. These
zones parallel the contact between the mafic volcanics in the south and
sedimentary rocks to the north which trend northeast across the
property. The sedimentary-volcanic contact is co-incident with an
interpreted structural lineament which has the potential to host quartz
breccia zones of greater dimension and grade than identified to date. As
such, the sedimentary-volcanic contact which crosses the property for a
distance of 7 kilometres, is a target to be considered in any future
exploration program.

One of the gold zones identified in drill hole TP04-12 which intersected
5.3 metres grading 0.8g/t gold (including 1.3 metres grading 2.77 g/t
gold), lies proximal to a gabbroic intrusive and exhibits bleaching
alteration, local acicular arsenopyrite and pyrite fracture filing. This
geological setting also merits a follow up exploration program.

Results from a recent airborne survey by Furgo (MEGATEM Magnetic and EM
survey) indicate that the favourable contact and mafic assemblage trends
several kilometres northeast and southwest on Acadian Gold's claim group
totalling 87 claims. Several other airborne EM anomalies have been
defined which merit ground follow up.

Our consultants are currently completing a detailed evaluation of the
phase one and two drill results as well as the MAGATEM airborne data.
These evaluations will support recommendations for future work programs.

About Acadian Gold Corporation

Acadian Gold Corporation is a gold exploration company focused on
developing five advanced gold projects as well as eighteen others in the
Nova Scotia goldfields in Canada, and exploring a new gold discovery in
New Brunswick, Canada. A new geological concept, the ribbon model,
recently developed and proven successful in Bendigo, Australia is being
applied with success in the geologically similar Nova Scotia goldfields.
Acadian Gold is presently concentrating on developing four advanced gold
properties, all of which are 100% controlled; Forest Hill, Tangier,
Beaver Dam and Goldenville. As at March 2, 2005 measured and indicated
resources stand at 298,126 ounces gold and inferred resources stand at
1,006,271 ounces gold. The Company's current work programs designed to
move these projects forward in a logical, systematic manner include
scoping studies, environmental permitting to re-access the mines, and
diamond drilling.

Acadian Gold is bringing a new approach to the development of gold mines
in Nova Scotia by pursuing a multiple mine - central processing strategy.

Acadian Gold, the leading company in the Nova Scotia goldfields, trades
on the TSX Venture Exchange under the symbol ADA.

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:
902-444-7779, fax: 902-444-3296 or email: mail@acadiangold.ca.

Shares Outstanding: 46,953,521

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Acadian Gold Corporation
    G. William Felderhof
    President & CEO
    (902) 444-7779 or toll free 1-877-444-7774
    (902) 444-3296 (FAX)
    or
    Acadian Gold Corporation
    Terry F. Coughlan
    Vice President
    (902) 444-7779 or toll free 1-877-444-7774
    (902) 444-3296 (FAX)
    mail@acadiangold.ca
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.