June 24, 2008
Adanac Molybdenum Update and Ruby Creek Project
Adanac Molybdenum Corp. ("Adanac") (TSX: AUA)(PINK SHEETS: AUAYF)(FRANKFURT: A9N) ("the Company") has retained Michael MacLeod, P.Eng., as a Consulting Mining Engineer to provide technical, commercial and business advice for the development of the Ruby Creek Project.
Mr. MacLeod's formal education included a B.SC Eng. (Mining), and M. Eng. (Mining) and an MBA. As a seasoned mine developer, Mr. MacLeod has more than 25 years experience with several major and junior mining companies. He has been responsible for major capital projects, feasibility assessments, marketing and environmental studies.The project is in detailed engineering and all long lead time processing and mining equipment have been ordered. On June 20, 2008 the company announced the receipt of the provincial Mines Act Permit for its proposed 20,000 tonne per day Ruby Creek Molybdenum Project in north-western British Columbia.
On May 30, 2008, the Company announced the completion of the $80 million bridge financing. The company has now paid out all monies to the suppliers and contractors and cleared the outstanding liens against the company.
Adanac Molybdenum Corporation is engaged in the exploration and development of mines to produce molybdenum and other ferro-alloy metals. Its flagship property is the Ruby Creek molybdenum project located near Atlin, BC. The property contains an open pit reserve of 157.7 million tonnes grading 0.058% Mo using a 0.040% cut-off grade.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
David Stone, President & Chief Executive Officer
This release is not an offer of securities for sale in the United States.
Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Adanac Molybdenum Corporation David Stone President & CEO (604) 531-9639 (604) 531-9634 (FAX) Email: [email protected] Website: www.adanacmoly.com
SOURCE: Adanac Molybdenum Corporation