Acadian Gold Announces Gold Resource Estimate For Beaver Dam Property-100,407 Ounces Measured And Indicated Plus 332,100 Ounces Inferred.

HALIFAX, Nova Scotia -- Acadian Gold Corporation (TSX VENTURE:ADA)

Combined Resources For Forest Hill, Tangier And Beaver Dam Now Stands At 256,266 Ounces Measured And Indicated Plus 744,843 Ounces Inferred

Acadian Gold Corporation (ADA-TSX-VE) ("Acadian Gold") is pleased to announce initial resource estimations for its Beaver Dam project in Nova Scotia, effective November 15, 2004. The following measured, indicated and inferred 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". The independent consultants resource estimate is based on a draft NI 43-101 report dated November 15, 2004 and the Company is anticipating filing the final report within 30 days to comply with NI 43-101 requirements.

MEASURED, INDICATED AND INFERRED RESOURCES
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Category       Gold Grade            Gold Grade     Gold   Gold Grade
                Threshold     Tonnes      (g/t)   Ounces (g/t) 10 g/t
                 (g/t)(a)  (rounded)     Uncut     Uncut       Cut(c)
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Measured    0.30g/t/3.00m    219,000       2.32   16,377         2.22
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Indicated   0.30g/t/3.00m  1,106,000       2.36   84,030         2.23
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Inferred(b) 0.30g/t/3.00m  3,789,000       2.73  332,100         2.09
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(a) Threshold; 0.30 g/t/3m above 200 metres depth and 1.00 g/t/3 below
    200 metres depth.
(b) The inferred resources are in addition to the measured and
    indicated resources.
(c) Block grades greater than 10.00 g/t cut to 10.00 g/t.

The above resource estimations are based on weight averaged composite gold values from underground sampling and diamond drill intercepts from 238 drill holes completed by previous operators in the period since 1977. A minimum gold grade threshold for composite gold values of 0.3 g/t over 3 metres for samples above the 930 metre elevation and 1.0 g/t over 3 metres for composite gold values below the 930 metre elevation were used, as well as an assigned high grade block grade cutting factor of 10 grams per tonne. Resource blocks volumes were calculated using the end area method on cross sections created in Surpac v5.0 software.

Measured Mineral Resources were defined only in areas where substantial amounts of underground development had been completed in the late 1980s. In these locations development was completed on various quartz veins and results of continuous underground chip sampling were available. Indicated Mineral Resources were defined only in the Main Section. Resources of this class were defined on the basis of proximity to underground workings or closely spaced diamond drilling on veins developed by underground workings or on veins close to workings. Inferred Mineral Resources were defined in areas tested by diamond drilling only.

This study has concluded that the Beaver Dam property has potential for evaluation as a low grade bulk tonnage operation which may be suitable for development by open pit and underground bulk mining methods. This conclusion is reinforced by the results of bulk sampling and processing by previous operators. These tests gave an average reconciled gold grade of 1.85 g/t for a combined tonnage of 41,119 tonnes, of which 8,822 tonnes were from an open pit that returned a reconciled gold grade of 2.45 g/t. Metallurgical recovery for these tests averaged 88.5% using a gravity and flotation mill.

The bulk (90%) of these resources occur in the Main Section over an approximately 70 metre wide geological zone to a depth of 200 metres and over a strike length of 500 metres. Composite gold values occur in 3 metre to approximately 50 metre long down hole intervals within the geological zone with an average of combined mineralized  widths per drill hole of about 18 metres. The Main Section is open at depth and in the eastern end resource blocks have been identified at a depth of 668 metres. It is believed that these are among the deepest gold intercepts in the Nova Scotia goldfields and demonstrate the depth potential of this gold property.

To the east the geological zone is displaced about 600 metres to the northeast by the Mud Lake Fault at which location it is known as the North Section. Resource blocks have been outlined in the North Section and are included in the resource estimations. The North Section is open for further exploration at depth and to the east.

The geological zone has also been identified 900 metres west of the Main Section in an area known as the Mill Shaft Section. Resources have also been established for this section and are included in the resource estimates. The Mill Shaft Section also provides further exploration potential, as it is open at depth and to the west. The area 300 metres west of the Main Section contains a small historical open pit (MEX Pit) and has been subject to only limited drilling, which has been included in this resource. It is considered to be a prime exploration target.

Management is greatly encouraged by the initial resource estimates for Beaver Dam and by the potential to add to these resources by completing further diamond drilling on the Mill Shaft Section, the MEX Pit Section and the North Section, where limited resources were outlined by the consultants report. In view of the scale and nature of these resources, the historical confirmatory bulk sampling results and the excellent metallurgical recoveries stated above, it is the intention of Acadian Gold to have the open pit/underground bulk mining potential of the property evaluated in the near future.

The following table is a summary of resources announced for Forest Hill, Tangier and Beaver Dam and the expected time frame of a future additional announcement regarding resource estimates for the Goldenville property.

Gold Resources - (Forest Hill &
 Tangier  - 1.0 g/t threshold,            Gold Ounces     Gold Ounces
 uncut; Beaver Dam  - 0.3g/t/3.0m             (uncut)         (uncut)
 threshold, uncut)                           Measured
                                     and/or Indicated     Inferred(a)
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Forest Hill                                   104,055         245,373
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Tangier                                        51,804         167,370
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Beaver Dam                                    100,407         332,100
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Goldenville - estimate due
 late January, 2005
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Totals to Date                                256,266         744,843
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(a) The inferred resources
 are in addition to the indicated
 resources.
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Management is very pleased with the progress being made with respect to building resources on the Company's gold properties and looks forward to receiving additional estimates from its consultants on Goldenville in January 2005. The Company's objective is to identify sufficient gold resources in the near term on its four most advanced properties with a view to treatment in a central mill complex. These properties collectively have a large database base of 881 diamond drill holes totalling 121,324 metres and underground development including three ramps and two shafts.

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:36,878,078

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Acadian Gold Corporation (TSX VENTURE:ADA)