ADANAC MOLYBDENUM UPDATE AND RUBY CREEK PROJECT
June 24, 2008 - Vancouver, British Columbia
Adanac Molybdenum Corp. (�Adanac�) (TSX: AUA, Pink Sheets: AUAYF, Frank: A9N), (�the Company�) has retained Michael MacLeod, P.Eng., as a Consulting Mining Engineer to provide technical, commercial and business advice for the development of the Ruby Creek Project
Mr. MacLeod�s formal education included a B.SC Eng. (Mining), and M. Eng. (Mining) and an MBA. As a seasoned mine developer, Mr. MacLeod has more than 25 years experience with several major and junior mining companies. He has been responsible for major capital projects, feasibility assessments, marketing and environmental studies.
The project is in detailed engineering and all long lead time processing and mining equipment have been ordered. On June 20, 2008 the company announced the receipt of the provincial Mines Act Permit for its proposed 20,000 tonne per day Ruby Creek Molybdenum Project in north-western British Columbia.
On May 30, 2008, the Company announced the completion of the $80 million bridge financing. The company has now paid out all monies to the suppliers and contractors and cleared the outstanding liens against the company.
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.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
David Stone
President & Chief Executive Officer
Information Contact
David Stone
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
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