Adanac Molybdenum Corporation

Published : September 30th, 2008

Comprehensive Study Switched to Screening Assessment

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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.

 

 

 

 

It was sent from: Adanac Moly, 2A 15782 Marine Dr, White Rock, BC V4B 1E6, Canada.

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Adanac Molybdenum Corporation

DEVELOPMENT STAGE
CODE : AUA.TO
ISIN : CA00652E5065
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Adanac Molybdenum is based in Canada.

Adanac Molybdenum develops copper and molybdenum in Canada, and holds various exploration projects in Canada.

Its main asset in development is RUBY CREEK in Canada and its main exploration properties are B&C SPRINGS/ NEVADA BC, CUCOMUNGO and PINE NUT in Canada.

Adanac Molybdenum is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 5.3 millions as of today (US$ 5.2 millions, € 4.0 millions).

Its stock quote reached its lowest recent point on April 09, 2009 at CA$ 0.02, and its highest recent level on March 04, 2011 at CA$ 9.00.

Adanac Molybdenum has 25 462 000 shares outstanding.

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In the News and Medias of Adanac Molybdenum Corporation
11/7/2007 640 million gamble on molybdenum mine
Financings of Adanac Molybdenum Corporation
12/10/2007Announces $15 million Equity Offering
Option Grants of Adanac Molybdenum Corporation
3/17/2008 Incentive Stock Options
10/25/2007INCENTIVE STOCK OPTIONS
Nominations of Adanac Molybdenum Corporation
9/22/2009 Announces Resignation of President and CEO and Appointment ...
8/5/2008Senior Management Core Team Appointment
Financials of Adanac Molybdenum Corporation
2/28/2011Announces Emergence from CCAA
Project news of Adanac Molybdenum Corporation
5/29/2009(Ruby Creek)Releases Updated 2009 NI 43-101 Mineral Resource Report for ...
1/20/2009(Ruby Creek)Ruby Creek Project - Exploration Update
9/30/2008(Ruby Creek)Comprehensive Study Switched to Screening Assessment
10/1/2008(Ruby Creek)Ruby Creek Project - Exploration Update
7/10/2008(Ruby Creek)Drilling Encounters More Mineralization Adjacent to the Perm...
6/24/2008(Ruby Creek)Update and Ruby Creek Project
1/28/2008(Ruby Creek) Focusing on Critical Path
12/24/2007(Ruby Creek)Ruby Creek Receives Approval to Begin Onsite Construction
12/6/2007(Ruby Creek) CONFIRMS POSITIVE ECONOMICS ON ITS RUBY CREEK PROJECT
11/7/2007(Ruby Creek) Construction Begins at Ruby Creek
9/28/2007(Ruby Creek)MAJOR MINING EQUIPMENT SELECTED AND ORDERED FOR RUBY CREEK P...
9/12/2007(Ruby Creek) RECEIVES ENVIRONMENTAL CERTIFICATE FOR RUBY CREEK PROJECT
Corporate news of Adanac Molybdenum Corporation
1/25/2011Outlines New Common Share Distribution
8/28/2009Obtains Extension of Stay Period under CCAA to November 30, ...
7/6/2009Obtains Extension of Stay Period under CCAA
1/20/2009Completes Initial Restructuring
1/19/2009Gains Extension to Creditor Protection
12/20/2008to Evaluate Strategice Alternatives Under CCAA Protection
11/14/2008Presentation at Rodman and Renshaw Conference in New York
11/7/2008Interview with Mining Industry TV Airing Times
9/30/2008Implements Shareholder Rights Plan
9/19/2008Website Update and Reconstruction
8/8/2008Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit
7/14/2008Management Reorganization
6/20/2008Receives BC Mines Act Permit
6/4/2008Corporate Update
5/28/2008Closes Bridge Financing
5/2/2008Corporate Update
4/16/2008Announces $80 Million Bridge Financing Offer
3/27/2008Announces Organizational Changes
3/19/2008Ruby Creek Project Update
1/29/2008New Interview Posted on Smartstox.com
1/17/2008MGI Securities Inc - INITIATING COVERAGE - Adanac Molybdenum...
12/31/2007Announces Completion of Previously Announced Financing
12/21/2007Announces Final Terms To Previously Announced Financing
10/17/2007Engages Investment Bank For Ruby Creek Debt Financing
9/11/2007Receives Environmental Certificate
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