Acadian Gold Corporation

Acadian Gold Corporation

March 02, 2005 15:41 ET

Acadian Gold Files NI 43-101 Technical Report on Goldenville Resource Estimate on SEDAR


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ACADIAN GOLD CORPORATION

TSX VENTURE SYMBOL: ADA

MARCH 2, 2005 - 15:41 ET

Acadian Gold Files NI 43-101 Technical Report on
Goldenville Resource Estimate on SEDAR

HALIFAX, NOVA SCOTIA--(CCNMatthews - March 2, 2005) - 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).



INDICATED AND INFERRED RESOURCES

Indicated Mineral Resource Estimate
---------------------------------------------------------------------
Gold grade Tonnes Gold Grade Gold Grade Total Ounces
Threshold Uncut Uncut (g/t) (g/t) 50 g cut Uncut
---------------------------------------------------------------------
3.5g/t 62,554 16.62 14.72 33,429
---------------------------------------------------------------------
2g/t 106,976 10.76 9.65 37,012
---------------------------------------------------------------------
1g/t 181,047 6.96 6.31 40,517
---------------------------------------------------------------------

Inferred Mineral Resource Estimate
---------------------------------------------------------------------
Gold grade Tonnes Gold Grade Gold Grade Total Ounces
Threshold Uncut Uncut (g/t) (g/t) 50 g cut Uncut
---------------------------------------------------------------------
3.5g/t 384,596 18.78 12.38 232,242
---------------------------------------------------------------------
2g/t 533,739 14.26 9.64 244,730
---------------------------------------------------------------------
1g/t 855,025 9.43 6.54 259,257
---------------------------------------------------------------------


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.



---------------------------------------------------------------------
Property Name Tonnes Grade Gold Ounces Uncut Press Release
and Resource Uncut(a) g/t Reference
Category and Date
---------------------------------------------------------------------
Measured Inferred(b)
And
Indicated
---------------------------------------------------------------------
Forest Hill PR No. 22-04;
Nov 09, 2004
---------------------------------------------------------------------
Indicated 245,000 13.21 104,055
---------------------------------------------------------------------
Inferred 818,000 9.33 245,373
---------------------------------------------------------------------
Tangier PR No. 17-04;
Oct 05, 2004
---------------------------------------------------------------------
Indicated 294,000 5.48 51,804
---------------------------------------------------------------------
Inferred 899,000 5.79 167,370
---------------------------------------------------------------------
Beaver Dam PR No. 29-04;
Dec 22, 2004
---------------------------------------------------------------------
Measured 219,000 2.32 16,377
---------------------------------------------------------------------
Indicated 1,110,000 2.39 85,373
---------------------------------------------------------------------
Inferred 3,808,000 2.73 334,271
---------------------------------------------------------------------
Goldenville PR No. 02-05;
Mar 02, 2005
---------------------------------------------------------------------
Indicated 181,000 6.96 40,517
---------------------------------------------------------------------
Inferred 855,000 9.43 259,257
---------------------------------------------------------------------
Totals to Date 298,126 1,006,271
---------------------------------------------------------------------

(a) Rounded

(b) The inferred resources are in addition to the indicated resources.


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

Shares Outstanding: 46,953,521

-30-

Contact Information

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