EXHIBIT 99.3
Golden River Resources Corporation
A Delaware Corporation
-----------------------------------------
Level 8, 580 St Kilda Road, Melbourne
Victoria 3004, Australia
PO Box 6315, St Kilda Road Central
Melbourne, Victoria 8008, Australia
Telephone: +61 3 8532 2860
Facsimile: +61 3 8532 2805
Email: investor@goldenriverresources.com
Trading Symbol: ADA:TSX; C2Z-Frankfurt Trading Symbol: GORV:OTCBB
Shares Outstanding: 541,572,541 Shares Outstanding: 243,593,440
News Release No. 14-10
July 16, 2010
- --------------------------------------------------------------------------------
ACADIAN MINING AND GOLDEN RIVER
COMPLETE PRIVATE PLACEMENT
Acadian Mining Corporation (TSX: ADA) ("Acadian") and Golden River Resources
Corporation ("Golden River") jointly announced today the completion of a private
placement from treasury of 49,233,866 common shares of Acadian to Golden River
at a price of Cdn$0.03 per common share for aggregate proceeds to Acadian of
Cdn$1,477,015.98.
Acadian intends to use the net proceeds of the private placement for its
aggressive gold exploration program which is about to commence at Fifteen Mile
Stream and will continue work on its other gold properties.
Following the private placement, Golden River owns 387,345,200 common shares of
Acadian, representing approximately 71.5% of Acadian's issued and outstanding
common shares. Golden River acquired the common shares for investment purposes
only and has no current intent to acquire any further securities of Acadian.
The common shares issued to Golden River are subject to a four month hold period
from the date of issue.
About Acadian
- -------------
Acadian is a Halifax, Nova Scotia, Canada based company with five advanced gold
projects, all of which host National Instrument 43-101 compliant resources. It
also owns a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is
currently on care and maintenance. Acadian is actively exploring and developing
its gold, zinc-lead, and barite properties in Atlantic Canada.
About Golden River
- -------------------
Golden River is a Delaware corporation with gold exploration interests in Nova
Scotia, Canada via Acadian and in the Northwest Territories of Canada at its
Slave and Committee Bay gold properties.
Additional Information
- ------------------------
For additional information on Acadian's properties and activities, please visit
Acadian's web site at www.acadianmining.com.
For additional information on Golden River's properties and activities, please
visit Golden River's web site at www.goldenriverresources.com.
Golden River Resources - Forward Looking Statement
- ------------------------------------------------------
Forward-looking statements in this press release are made pursuant to the "safe
harbour" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties including, without limitation, the risks of exploration and
development stage projects, risks associated with environmental and other
regulatory matters, mining risks and competition and the volatility of mineral
prices. Actual results and timetables could vary significantly. Additional
information about these and other factors that could affect Golden River's
business is set forth in Golden River's fiscal 2009 Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission.
No regulatory authority has approved or disapproved the
contents of this release.
Contact for Acadian:
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: 877-444-7774
mail@acadianmining.com
Halifax, Nova Scotia
Contact for Golden River:
Peter Lee
PO Box 6315
St. Kilda Road Central
Melbourne 8008
Victoria, Australia
011 61 3 8532 2860
PeterL@axisc.com.au