Acadian Gold Upgrades and Increases Resources at Forest Hill.

HALIFAX, Nova Scotia -- Acadian Gold Corporation (TSX VENTURE: ADA) ("Acadian Gold") is pleased to announce an updated and revised resource estimation for its Forest Hill project in Nova Scotia, effective November 3, 2004. The following indicated and inferred resource figures by Michael P. Cullen, P. Geo. were prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definitions and Guidelines. The independent consultants resource estimate is based on a draft NI 43-101 report dated November 3, 2004 and the Company is anticipating filing the final report within 30 days to comply with NI 43-101 requirements.

Based on a 1.0 g/t cut-off and minimum 1.2 meter estimated true width, the Company is pleased to report an indicated resource of 104,055 ounces of gold (245,000 tonnes grading 13.21 g/t gold (uncut) plus an inferred resource of 245,373 ounces of gold (818,000 tonnes grading 9.33 g/t gold (uncut).

The indicated and inferred resource figures listed below primarily reflect drilling intercepts centred around the Teasdale Shaft in the central portion of the property and the 1400 E - 1900 E Ramp area located 400-900 metres to the east. The drilling program which was designed to both identify new gold mineralized shoots within stacked, sub-horizontal ribbon type trends as well as provide better definition of known gold mineralized shoots was successful as demonstrated by the increase in tonnages in the inferred category as well as the addition of initial tonnages in the indicated category. The identification of indicated resources at Forest Hill is considered noteworthy in that it represents a positive step forward in the continuing development of this advanced gold project. An updated and revised resource estimation is as follows:

Indicated Resources
---------------------------------------------------------------------
Gold Grade          Tonnes(a)   Gold Grade   Gold Ounces   Gold Grade
Threshold(g/t)                    (g/t)      Uncut            (g/t)
                                  Uncut                    50 g/t Cut
---------------------------------------------------------------------
      1.0           245,000       13.21        104,055         8.52
      2.0           188,000       16.82        101,666        10.71
      3.5           156,000       19.65         98,555         12.3
---------------------------------------------------------------------

Inferred Resources(b)
---------------------------------------------------------------------
Gold Grade          Tonnes(a)   Gold Grade   Gold Ounces   Gold Grade
Threshold(g/t)                    (g/t)      Uncut            (g/t)
                                  Uncut                    50 g/t Cut
---------------------------------------------------------------------
      1.0           818,000        9.33        245,373         8.32
      2.0           609,000       12.27        240,245        10.77
      3.5           485,000       14.73        229,687        12.84
---------------------------------------------------------------------

(a) Tonnages rounded

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

The following table is a summary of resources announced for Forest Hill and Tangier and expected time frames of future additional announcements regarding resource estimates for the Beaver Dam and Goldenville properties.

---------------------------------------------------------------------
Gold Resources (1 g/t threshold)                 Uncut Gold Ounces
---------------------------------------------------------------------
                                             Indicated    Inferred(b)
---------------------------------------------------------------------
Forest Hill                                    104,055     245,373
Tangier                                         51,804     167,370
Beaver Dam - estimate due mid Nov., 2004
Goldenville - estimate due late Dec., 2004
---------------------------------------------------------------------

Totals to Date                                 155,859     412,743
---------------------------------------------------------------------
(b) The inferred resources are in addition to the indicated resources

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 Beaver Dam in November, 2004 and Goldenville in December, 2004. 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 milling complex. These properties collectively have a large database based on 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 Mr. Webster and Michael P. Cullen, P.Geo. are 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. Mr. Cullen is a Senior Geologist at Mercator and independent third party person as defined by National Instrument 43-101.

The Company has implemented a quality control program to ensure that all exploration, sampling and analytical procedures are conducted in accordance with best practices. All drill core samples are sawn in half with half shipped by courier to SGS Canada Inc. for analysis and half retained in the core box for future study. Samples are analyzed for gold using fire assay pre-concentration procedures followed by atomic absorption or gravimetric finish. Samples containing quartz veins or visible gold and samples initially grading more than 0.5 grams gold/tonne are prepared using a screen metallics assay method, which provides a weighted average grade based upon analysis of plus and minus 150 mesh sample fractions.

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 statement s 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 email 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)