Hope this does not slow down our project.............Golnsil /Financial Editors:

Acadian announces Cdn$10.0 million private placement

    Trading Symbol: ADA:TSX; C2Z-Frankfurt
    Shares Outstanding: 153,495,907

    HALIFAX, March 17 /CNW/ - Acadian Mining Corporation (TSX: ADA)
("Acadian") announced today that it has reached agreement with Golden River
Resources Corporation ("Golden River") to complete a private placement of up
to 338,111,334 common shares ("Offering") for aggregate gross proceeds to
Acadian of up to Cdn$10 million. The Offering is contemplated to close in two
or more tranches.
    The closing of the first tranche, for an aggregate of Cdn$1.0 million
(38,111,334 shares) is subject only to receipt of the required regulatory
approvals, including the approval of the Toronto Stock Exchange and is
expected to occur on or about April 10, 2009. Upon completion of closing of
the initial tranche, Golden River will be entitled to nominate one member to
the board of directors of Acadian.
    The remaining Cdn$9.0 million of the Offering (300,000,000 shares at
Cdn$0.03 per share) will close in one or more tranches upon the receipt of all
necessary regulatory approvals, approval of the shareholders of Acadian and
the satisfaction of certain other conditions precedent, including completion
of due diligence by Golden River. Acadian will seek approval from its
shareholders at its next annual meeting. Notice of the meeting and supporting
documents will be mailed to shareholders in the coming weeks. In the event
that the conditions precedent to the final tranche are not satisfied by July
1, 2009, then neither party will have any obligation to complete the balance
of the private placement.
    Upon completion of the Cdn$10.0 million Offering, the board of directors
of Acadian will be comprised of six members - three nominees of each of
Acadian and Golden River.
    The proceeds of the Offering are to be used by Acadian for operational
overheads, the advancement of Acadian's gold properties and the discharge of
the creditor's of Acadian's wholly-owned subsidiary, ScoZinc Limited, all in
accordance with a plan and budget to be approved by Golden River.
    Golden River's President and CEO, Mr Joseph Gutnick, is a successful and
well known mining industry entrepreneur. He is also the President and CEO of
Legend International Holdings, Inc. and Executive Chairman of North Australian
Diamonds Limited and Top End Uranium Limited. Mr Gutnick was responsible for
overseeing the discovery, development and operation of the world class
Plutonic, Bronzewing and Jundee gold mines in Australia. Mr Gutnick is a
Fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the
Australian Institute of Management, a Member of the Institute of Company
Directors in Australia, and was a Director of the World Gold Council. Mr
Gutnick was awarded the prestigious Diggers award at the 1997 Diggers and
Dealers Industry Awards in recognition of his considerable contribution to the
Australian mining industry.
    Upon closing the transaction, Acadian will focus on continuing the
development of its five advanced gold projects; Beaver Dam, Fifteen Mile
Stream, Forest Hill, Goldenville and Tangier, all of which host National
Instrument 43-101 compliant gold resources. Beaver Dam and Fifteen Mile Stream
are being evaluated as potential open pit deposits and Forest Hill,
Goldenville and Tangier as underground deposits. Acadian is pursuing a central
servicing and processing strategy as an integral part of its development plan
with respect to its gold properties. The mill at Acadian's Scotia Mine
(lead-zinc) is expected to become idle in late March - early April due to
cessation of mining zinc-lead ore at Scotia Mine resulting from low zinc and
lead prices. As such, the Scotia Mill is presently being considered as a
potential processing facility for the material sourced from one or more of
Acadian's gold deposits. The Scotia Mill is capable of processing in excess of
3,000 tpd (grinding at 100 mesh), and will require only relatively minor
modifications to process gold ore. Proceeding with this plan will be dependent
on favourable project economics, various governmental approvals and additional
funding.
    Will Felderhof, President and CEO stated, "The proposed investment of
Cdn$10 million by Golden River headed up by Joseph Gutnick, a well known and
respected Australian mining executive and entrepreneur, is a strong
endorsement of the go forward potential of Acadian's significant gold and base
metal assets. We look forward to recommencing the building process of Acadian
with the completion of this investment."

    Other
    -----

    Acadian's wholly owned subsidiary, ScoZinc Limited, intends to return to
court on March 20, 2009 to seek a further extension to May 27, 2009 to the
stay period granted by the Nova Scotia Supreme Court pursuant to the Companies
Creditor Arrangement Act. The extension will enable ScoZinc to conclude all
ongoing milling operations and complete its remediation work at the Scotia
Mine site and prepare a plan of compromise or arrangement to present to
ScoZinc's creditors.

    About Acadian
    -------------

    Acadian is a Halifax, Nova Scotia, Canada based mining company which
operates a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia and is
exploring and developing gold, zinc-lead, and barite properties in Atlantic
Canada.

    Forward Looking Statement
    -------------------------

    Certain information regarding Acadian contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are not
statements of fact. Although Acadian 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. Acadian cautions that
actual performance will be affected by a number of factors, many of which are
beyond Acadian's control, and that future events and results may vary
substantially from what Acadian currently foresees. Discussion of the various
factors that may affect future results is contained in Acadian's Annual
Information Form dated March 28, 2008, which is available at www.sedar.com.
Acadian's forward-looking statements are expressly qualified in their entirety
by this cautionary statement.

    Additional Information
    ----------------------

    For additional information on Acadian's properties and activities, please
visit our web site at www.acadianmining.com.

    No regulatory authority has approved or disapproved the contents of this
    release.

For further information: G. William Feld