RUBY
CREEK RECEIVES APPROVAL TO BEGIN ONSITE CONSTRUCTION
Provincial approval
follows previous permit for road construction
Vancouver, British
Columbia � December 24, 2007 � Adanac Molybdenum
Corporation (TSX: AUA) (Pink Sheets:
AUAYF) (Frank: A9N) today announced the British Columbia Ministry of Energy
Mines and Petroleum Resources has issued a permit approving pre-construction
work program at the Company�s Ruby Creek open-pit mine site near Atlin, B.C. The permit was issued on December 21, 2007
pursuant to Section 10 of the Mines Act R.S.B.C. 1996, c 293.
�This receipt achieves
another major milestone for the project, and allows site preparation and
construction to begin onsite immediately in the New Year,� said Michael
MacLeod, President and CEO. �In addition, the previously announced upgrading of
the access road from the Surprise
Lake bridge
to the mining lease, including the installation of the new bridge over Boulder
Creek, was completed on December 19. The coming year will be very exciting as
construction continues to ramp up.�
Construction is scheduled
to continue immediately following the Christmas break. Timely resumption of
activities is enabled by extensive preparations undertaken by Ledcor CMI Ltd. of Vancouver and its local and regional
subcontractors. Preparations include an operational 50-person construction
camp, equipment laydown area, fuel storage facility
and telecommunications setup. Construction will expand in scope and scale as
site development accelerates through the winter months. Activities will include
onsite road upgrading, excavation of overburden, installation of a 550-person
onsite camp and preparation of all associated construction infrastructure.
Detailed engineering of the Ruby Creek project began in
November 2006 and procurement of long lead time items got under way in March
2007. The Company announced a production decision and received the provincial
Environmental Assessment Certificate in September 2007. In November 2007 a provincial special
use permit was issued, authorizing construction of the project access road and
associated earthworks. Adanac is currently arranging
equity and debt financing to build the mine and infrastructure.
About Adanac Molybdenum
Adanac Molybdenum
Corporation is engaged in the exploration and development of mines to produce
molybdenum and ferro-alloy metals. The Company aims
to become the first new large scale primary producer of molybdenum in 25 years.
Adanac�s flagship
property is the proposed Ruby Creek molybdenum project, located near Atlin, B.C. The property contains open pit reserves of
157.7 million tonnes grading 0.058% Mo at a 0.040% Mo
cut-off grade.
This news release has
been reviewed by Michael E. MacLeod, P.Eng. a qualified person pursuant to National Instrument 43-101.
Information Contact
Michael
MacLeod
President & CEO
Head
Office: Suite 200 � 2055 152 Street, Surrey, B.C. V4A 4N7
Corporate
Office: 2A 15782 Marine Drive,
White Rock, B.C. V4B 1E6
Telephone:
604-531-9639 Facsimile: 604-531-9634
Email: info@adanacmoly.com
Not for distribution to U.S. newswire services or for dissemination in
the U.S.
www.adanacmoly.com
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This message was
sent from Hope Parrish. It was sent from: Adanac Moly, 2A 15782
Marine Dr, White Rock, BC
V4B 1E6, Canada.
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