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Ruby Creek Project � Exploration Update
September 30, 2008
- Vancouver, British
Columbia
Adanac Molybdenum Corp. ("Adanac or the Company" - TSX: AUA, Pink Sheets: AUAYF,
Frankfurt: A9N) announces the results for 15
holes from its Ruby Creek 2007/ 2008 diamond drilling program.
2007/2008 Diamond Drill Program
The program includes 60 holes starting at AD372:
AD372 to AD374 results previously reported on September 13, 2007
AD375 to AD383 results previously reported on July 10, 2008
AD384 to AD393 condemnation holes
AD394 to AD402 results reported in this news release
AD403 to AD410 awaiting assay determinations
AD411 to AD416 results also reported in this news release
AD416 to AD431 awaiting assay determinations
The table attached to this news release provides location coordinates
for all 60 holes (AD372 through AD431) and includes those reported in prior
news releases - where coordinates were omitted. The drill-hole locations have
recently been surveyed by Underhill Geomatics of Whitehorse.
15 Hole Update in this Release
The attached drill map shows the 15 holes for which assays are reported
in this news release. These include holes AD394 through AD402 (9 holes) and
AD411 through AD416 (6 holes). The assays and other
information are provided in the attached table.
The 15 holes includes six vertical and angled holes drilled to the
northwest of the feasibility defined open pit rim and eight vertical and angled
holes drilled within the feasibility defined open pit, east of Moly Lake.
A number of the 15 holes completed the Company�s drilling outline of an
approximate 450m long by 250m wide block of mineralization northwest of the Adera
fault. The holes show two distinct zones, one shallow and the other extending
to depth. Notably higher-grade mineralization was found at depth at the
southwest end of the block in drill-hole AD400
which returned
36.6 meters of 0.15% Mo and 198.1 meters of 0.13% Mo. The mineralization is open to the
southwest.
Other significant intercepts includes:
Hole AD-401 88.4 meters of 0.10% Mo and 259 meters of
0.70% Mo
Hole AD-415 213.4 meters of 0.08% Mo
Hole AD-416 182.9 meters of 0.10% Mo
The company is confident that recent drilling below the bottom of the
feasibility study defined open pit and in the footwall of the Adera
fault will add considerably to the Ruby Creek site mineralization, and that
work north of the Adera fault has defined a substantial new resource
in the northwest wall of the feasibility defined open pit.
Future News Releases
Adanac expects to release
additional information on the 60 hole 2007/2008 program when
assay results are available, which is expected prior to the end of 2008.
Adanac has engaged Golder
Associates Ltd. to incorporate the information from the 2007/2008 drilling
program and to update the mineral resource estimate for the Ruby Creek site.
This work is currently underway and is expected to be complete one month
following receipt of the final assays for the 60 hole program.
Currently the report is expected prior to the end of 2008.
Golder Associates Ltd.,
previously determined the Ruby Creek deposit contains a NI 43-101 compliant
�measured and indicated� resource of 212.9 million tonnes grading
0.063% Mo at a 0.04% Mo cut-off. This mineral resource does not include the
drill results from the 2007/2008 drilling program.
CEO Comment
Peter R Jones, Adanac Chairman and CEO said
"the high grade results continue to be very encouraging and I look forward
to the new NI 43-101 report, addition mineralization will enhance our robust
economics and open opportunities to further extend mine life or production
rate�. He also said "we plan to complete project funding this year, start
site construction in early 2009 with a production start in Q4 2010".
Qualified Person
This news release was reviewed by Robert Pinsent,
PhD., P. Geo., a qualified person recognized under National Instrument 43-101.
Attachments:
1. <!--[endif]-->Ruby creek 2007/2008 - 60 hole drilling information
table
2. <!--[endif]-->Ruby Creek 15 hole location plan
About Adanac Molybdenum
Corporation
Adanac Molybdenum Corporation is
listed on the TSX and Frankfurt exchanges and owns the Ruby Creek Molybdenum
Project in Northern British Columbia. The
Company has advanced the project through feasibility studies, a production
decision and has previously ordered long-lead equipment, completed permitting
for construction, constructed a road to the site and secured US$80 million in
bridge financing. The Company is sourcing final construction funding and
expects a site construction start in February 2009 and production in Q4, 2010.
Information
Contact
Peter
R. Jones � Chairman & CEO
Suite 200 � 2055 152 Street, Surrey, B.C. V4A
4N7
Telephone: 604-535-6834 Facsimile: 604-536-8411
Email:
info@adanacmoly.com
Cautionary
Notice: The
Reader is cautioned that the full Cautionary Notice is not attached to this
email. The reader is requested to access the news release on the Company�s
website at www.adanacmoly.com
or at SEDAR at www.sedar.com
to read the full Cautionary Notice. The full Cautionary Notice is not attached
as the recipient�s spam filters frequently block receiving emails containing
the full Cautionary Notice.
To view tables and
map, please click on link below:
http://www.adanacmoly.com/_resources/news/2008-09-30_nr.pdf