Ruby
Creek - Comprehensive Study Switched to Screening Assessment
September
30, 2008 - Vancouver, British
Columbia
Adanac Molybdenum Corporation (�Adanac
or the Company�, - TSX: AUA, Pink Sheets: AUAYF, Frankfurt: A9N) was advised by
the Government of Canada on September 29, 2008, that its Ruby Creek Molybdenum
Open Pit Mine Project in northern British Columbia has changed permitting for
production from a �Comprehensive Study� to a �Screening Level Assessment�.
The Project is permitted for
construction by the Government of British Columbia and Adanac
is currently sourcing project funding for a construction start in February 2009
with first production planned for October 2010.
Adanac is pleased that the Government of Canada has changed the permitting for
production from a �Comprehensive Study� to a �Screening Level Assessment�, as
this will likely expedite permitting for production, while providing adequate
environmental review as well as input from groups who may be impacted.
The Company expects completion of
Federal permitting for production, including Schedule 2 Amendment to the Metal
Mining Effluent Regulations, during 2009; which is well before planned
production start in October 2010.
Commenting on the notification Peter
Jones, Adanac Chairman and CEO said,
�this
is excellent news, reflecting the valuable support of the Taku River
Tlingit First Nation and the Community of Atlin�. He
also said �construction permits are in place and the switch to screening for
the production permit gives the Project more credibility during the fund
raising stage�.
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
construction funding and expects a site construction start in February 2009 and
production in Q4, 2010.
Information Contact
Peter R. Jones �
Chairman, President & 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:
This news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation and United States
securities laws.