Acadian Mining Corporation announced that it has received a final metallurgical report from SGS Lakefield Research Limited (Lakefield) on a test program for the recovery of gold from its 100% owned Beaver Dam project. Results of the program were excellent, showing that a gold recovery process comprising gravity separation plus cyanidation or flotation of tails should achieve in excess of 97% recovery. In addition, column tests showed that Beaver Dam gold mineralization is amenable to heap leaching with a recovery of 90% in 49 days for material crushed to 1/8 inch. The metallurgical test program examined the response of samples to a variety of gold extraction processes, including gravity separation, bottle roll and column cyanide leaching and flotation, and grindability testing. The test material comprised 1403.5 kg of PQ diamond drill core from three shallow drill holes drilled specifically for the metallurgical test programs. The results show that a combination of direct gravity separation and tailing cyanidation should achieve approximately 98% gold extraction. The gravity testwork indicated a high proportion of gravity recoverable free gold with recoveries ranging between 72% to 85% from five, 120 kg batch tests using a Knelson MD-3 concentrator. The average gold recovery by gravity for the total 600 kgs tested was 82%. The gravity tailings from each test were individually cyanide leached and yielded excellent results with 83% to 93% gold extraction with very low cyanide consumptions of 0.07 to 0.13 kg/tonne of feed. The cyanide leach tailings assayed 0.04 g/t gold on average.

Acadian Mining Corporation reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported operating loss of CAD 1.7 million against operating income of CAD 2 2,279 a year ago. Net income was CAD 174,354 and revenue was CAD 20,858 against net loss of CAD 158,729 and revenue of CAD 8,697,156 a year ago. Cash used in operating activities was CAD 3.1 million against CAD 393,985 a year ago. Acquisition of capital assets was CAD 1,691 against CAD 838,520 a year ago. For the nine months period, the company reported operating loss of CAD 7.1 million against operating income of CAD 4.7 million a year ago. Net loss was CAD 4,643,810 and revenue was CAD 2,401,885 against net loss of CAD 5,008,969 and revenue of CAD 22,217,371 a year ago. Cash used in operating activities was CAD 4.6 million against cash from operating activities of CAD 3.9 million a year ago. Acquisition of capital assets was CAD 11,691 against CAD 4.8 million a year ago.

Acadian Mining Corporation announced the results of the first 3 diamond drill holes of the recently completed 13 hole program totalling 2,360.5 meters on the Beaver Dam gold property, Nova Scotia. The 3 holes reported below are in-fill drill holes on 12.5 m line spacing designed to increase the confidence level of the current resource. The current resource is based on drilling on a 25 m line spacing and 20 m along the line grid pattern. The ultimate objective is to move the project, which is being evaluated for both its bulk tonnage-open pit potential and underground potential at depth, to the feasibility stage. Further exploration drilling is also planned with the objective of expanding resources. Drill hole BD-09-142 terminated in old mine workings and as a result did not fully intersect the target zone. The true width of gold mineralized intercepts varies from approximately 80% (-50 dip hole) to 85% (-45 dip hole) of the intercept width. The Beaver Dam Main Zone as presently defined has a strike length of 725 meters and averages approximately 30 meters in width. Drilling to date has generally been to shallow depths to support a potential bulk tonnage - open pit development plan. However, limited deep drilling to date demonstrates the continuity of the gold zones to depth, and supports the potential for a gold deposit amenable to underground mining methods below the open pit target. The current resource at Beaver Dam is comprised of cut indicated resources of 446,000 oz. gold (9.08 million tonnes grading 1.53 g/t gold) and cut inferred resources of 504,000 oz. gold (10.40 million tonnes grading 1.50 g/t gold).