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Adanac CORPORATE UPDATE
May 2, 2008 - Vancouver,
British Columbia
Adanac Molybdenum Corporation (TSX: AUA) (Pink Sheets: AUAYF) (Frank: A9N) (�Adanac� or the �Company�) is continuing to re-structure itself in preparation of
the resumption of full scale project construction upon the contemplated
mid-May, 2008 closing of the bridge financing, announced on April 15, 2008, and
subsequent overall project financing initiative underway as announced on
October 17, 2007. The bridge financing would be in the form of senior secured
notes, and would include the issuance of warrants to purchase up to 19.99% of the
equity of the Company, including the amount of such warrants, on a fully
diluted basis. Completion of the balance of the project financing is targeted
for the summer of 2008.
As announced on
March 27, 2008, Dr. David Stone has assumed the role of CEO of the Company, and will
assume responsibilities for corporate governance, strategic investments, and
corporate administration. Mr. Michael MacLeod, as COO, has assumed direct
responsibility for project development and subsequent operation of the mine,
mill and related infrastructure; with Mr. Paul
Zimmerman, Engineering Manager, and Mr. Michael Sung,
Construction Manager, providing additional management and technical support.
Mr. Rick Alexander (Vice
President, Project Development), Mr. Mike Petrina
(General Manager), and Mr. David Kwok
(Chief Financial Officer) have resigned. Mr. Kelvin Lee CGA., Corporate
Controller, has assumed the role of CFO for the Company on an interim basis.
Ms. Gayle Dalli, Vice President Finance, has been recently hired and will assume
responsibility for helping secure project financing. She will work closely with
the Company�s CFO and CEO on treasury and investment issues.
Subject to receipt of financing, and in the normal course of business,
additions to the management team will be recruited to support the needs of the
Company. The Company�s human resources plan can be implemented on short notice
to acquire the management, staff, construction and operating personnel to
execute the work planned for 2008, 2009 and beyond.
�/2
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. This news release has been reviewed by
Michael MacLeod, P.Eng. a qualified person pursuant to National Instrument
43-101 and the President and Chief Operating Officer, of the Company.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
David Stone
Chief Executive Officer
Information Contact
David Stone
CEO
Head Office: Suite
200 � 2055 152 Street, Surrey,
B.C. V4A 4N7
� Telephone: 604-535-6834 Facsimile: 604-536-8411
Corporate Office: 2A 15782 Marine Drive,
White Rock, B.C. V4B 1E6
� Telephone: 604-531-9639 Facsimile: 604-531-9634
Email: info@adanacmoly.com
This release is not an offer of securities for sale in
the United States.
The
Toronto Stock
Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.
www.adanacmoly.com