Trading Symbol: ADA TSX-V; C2Z-Frankfurt Press Release No Shares Outstanding: 104,808,584 November 1, 2006

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1 Trading Symbol: ADA TSX-V; C2Z-Frankfurt Press Release No Shares Outstanding: 104,808,584 November 1, 2006 ACADIAN GOLD ANNOUNCES DRILL RESULTS TANGIER GOLD PROPERTY CONFIRMS GOLD MINERALIZATION WEST OF FAULT MR. JOHN RAWDING, CA, ASSUMES CFO POSITION FULL TIME INCENTIVE STOCK OPTION GRANTED TO MR. JOHN RAWDING, CFO AND MR WILLIAM ROGERS, COO Acadian Gold Corporation (ADA-TSX-V) ("Acadian Gold") is pleased to announce drill hole results from its Tangier property in the Nova Scotia goldfields. Results confirm the continuation of gold mineralization west of the Copper Lake Fault, a structure which forms the western limit to the bulk of the currently delineated resources and underground development at the Blueberry Hill Mine. The continuation of gold mineralization west of the Copper Lake Fault is an important development at the Blueberry Hill Mine, as it demonstrates the potential of increasing resources readily accessible from current underground infrastructure. The Blueberry Hill Mine is accessed by a ramp to a vertical depth of 145 metres below surface. An additional potentially important finding resulting from the assays is the presence of wide intervals of anomalous to low grade gold mineralization including 0.32 g/t gold over metres true width (includes 5 metres of zero grade) and 0.30 g/t over metres true width. This is a new development and the Tangier property should be evaluated as a target for bulk tonnage/open pit potential as well as underground. The uncut gold grades in the table below of particular significance are the intersection of g/t gold over 1.40 metres true width and g/t gold over 1.20 metres true width on the Marker Vein which has now been confirmed for over a distance of more than two kilometres. The Marker Vein was historically one of the principal gold producing veins at Tangier. Table 1: Tangier Drill Intercepts Hole From To Interval True Width Grade Uncut (g/t/interval) T T T T T

2 Hole From To Interval True Width Grade Uncut (g/t/interval) T90-3* T T T T T *includes 5.00 meters of 0 grade between m and m downhole. T90-1 intersected anomalous results only with a maximum value of 0.35g/t/5.27m est. true width. Full Time CFO Acadian Gold is also pleased to announce that, beginning in October 2006, Mr. John Rawding has accepted the position of Chief Financial Officer ("CFO") of the Company on a full time basis. Mr. Rawding has been the CFO for Acadian Gold on a part-time basis since March 14, Mr. Rawding is a Chartered Accountant and, until recently was a senior partner at Williams Rawding MacDonald LLP, Chartered Accountants in New Glasgow, Nova Scotia. Incentive Stock Options Granted On October 26, 2006 John Rawding, CFO and William Rogers, COO were granted 600,000 and 750,000 stock options, respectively, pursuant to the Company's incentive stock option plan. Each option is exercisable for one share of Acadian Gold at $0.53 per share. The options vest and become exercisable in accordance with a schedule under which 10% of the options granted may be exercised immediately and the remaining options vest in increments over a two-year period. The options are exercisable until October 26, Sample Protocol All drilling, core logging and sampling is supervised by Peter C. Webster, P. Geo. and pertinent information is recorded by staff geologists into a computerized system. Drill core is stored and sampled in a secure locked facility. One metre core sample intervals are established over the entire hole length by staff geologists and sample intervals are recorded. Core is either cut by a diamond tipped saw or split with a manual core splitter and one half of the core is sampled. Samples are bagged and labeled with pre-numbered sample tags, sealed with a metal tie and secured in sealed buckets for shipment by courier to ALS Chemex in Val-d Or, Quebec. Once received by the lab, samples are logged in a sample tracking system and received weights are recorded. The entire sample is coarse crushed and pulverized to approximately 85% passing 75 micron (200 Mesh) to generate the plus and minus fractions for the 150 Mesh screen analysis. The final prepared pulp is 2

3 passed through a 105 micron (Tyler 150 Mesh) stainless steel screen to separate the oversize fractions. Any +105 micron material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction result. The 105 micron fraction is homogenized and two sub-samples are analyzed by fire assay with AAS finish. The average of the two AAS results is taken and reported as the Au (-) fraction result. The Au (+) and Au (-) are weight averaged to produce a total gold value for the sample. Blind standards and blanks are inserted at standard intervals by Acadian Gold and ALS Chemex as check samples. About Acadian Gold Acadian Gold is a Halifax, Nova Scotia, Canada based resource company focused on exploring and developing gold and zinc properties in Atlantic Canada. In addition to exploring and developing zinc properties in Nova Scotia through the Scotia Zinc Project, Acadian Gold is currently focused on developing four advanced gold properties, Beaver Dam, Tangier, Forest Hill and Goldenville, which form the core holdings of the Scotia Goldfields project. All of the four advanced properties host gold resources described in technical reports prepared in compliance with National Instrument and are available on A summary of gold resources is provided in Press Release No , January 5, 2006, under the paragraph titled "About Acadian Gold". Acadian Gold is bringing a new approach to the development of Nova Scotia gold deposits by pursuing a multiple mine central processing, managing and servicing strategy. The principal focus in the Scotia Zinc Project is the Scotia Mine which is slated to commence zinc and lead production in Q Other 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 Certain information regarding the Company contained herein may constitute forwardlooking 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 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 Company s

4 Annual Report which is available at The Company s forward-looking statements are expressly qualified in their entirety by this cautionary statement. For additional information on Acadian Gold s properties and activities, please visit our web site at If you wish to be added to Acadian Gold s or fax distribution list for future news releases and updates, please contact us at phone: , fax: FOR FURTHER INFORMATION, PLEASE CONTACT: G. Will Felderhof, President & CEO or Terry F. Coughlan, Vice President / Halifax, Nova Scotia The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 4

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