Construction Begins at Adanac�s
Ruby Creek Project
Vancouver,
British Columbia -- November 7, 2007 -- Adanac Molybdenum Corporation (TSX: AUA) (OTC: AUAYF) (FRANKFURT: A9N) today
announced the commencement of construction at the Company�s Ruby Creek open-pit
mine site near Atlin, B.C.
The
work has been authorized by the B.C. Ministry of Forests, which has issued a
special use permit authorizing construction of the project access road and
associated earthworks.
�This
is a very exciting moment for Adanac,� said Michael MacLeod, President and CEO.
�The years of preparation have paid off, and now we�re actually beginning
construction of a molybdenum mine.�
Ledcor CMI
Ltd.(�LEDCOR�) of Vancouver will act as general contractor for
this phase of construction, and will be engaging local and regional
subcontractors. These currently include Golden Hill Ventures Limited of Whitehorse, Yukon; Ruby
Gold Ltd. of Atlin
and a joint venture between Ketza Construction
Corporation of Whitehorse
and Taku River Tlingit
First Nation, located at Atlin.
Work on
the access road will begin immediately, owing to extensive preparations
undertaken during October by LEDCOR and its subcontractors at Surprise Lake,
B.C. These include an operational 50 person construction camp, equipment laydown area, fuel storage facility and telecommunications
setup, all of which are intended to coordinate and support construction
activities. Construction will expand in scope and scale as site development
accelerates through the winter months. Activities will include excavation of
overburden, installation of a 550-person onsite camp and preparation of all
construction infrastructure.
As
previously announced, the British Columbia government issued an Environmental Assessment Certificate
for the Ruby Creek project in September.
Adanac�s
state-of-the-art concentrator has a capacity for throughput of 20,000 tonnes per day, expected to produce 12�14 million pounds of
molybdenum per year during the initial four years of operation.
About Adanac Molybdenum
Adanac
Molybdenum Corporation is engaged in the exploration and development of mines
to produce molybdenum and ferro-alloy metals. Adanac�s flagship property is the Ruby Creek molybdenum
project, located near Atlin, B.C. Procurement of long
lead time equipment has been completed and construction has begun.
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
The
Toronto Stock Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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