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Adanac FOCUSING ON CRITICAL PATH
Vancouver, British Columbia � January 28, 2008 -- (TSX: AUA) (PINK SHEETS: AUAYF) (FRANKFURT:
A9N) Adanac
Molybdenum Corp. (the �Company�) has decided to slow down its
on-site construction activities for the development of its Ruby Creek
Molybdenum Project. The Company has no plans to de-mobilize any of the
installed construction facilities or site development construction equipment.
Moreover, the exploration drilling program that is currently underway to expand
the near pit mineralization announced previously (September 13, 2007) will
continue as planned through February and March.
The Company continues to aggressively
advance the Project by focusing its resources on the detailed engineering and
construction planning that is underway, and expediting of the long lead time
processing and mining equipment. The minor schedule disruptions related to
curtailing the winter site work program can be reasonably mitigated by good
planning and higher productivities that can be achieved during the long summer
daylight hours. Concentrating on those elements that are on the critical
project development path is just good practice.
�The current financial market distress does
not impact the real fundamentals of the Ruby Creek Project. The molybdenum
price and demand are solid, and project costs are well controlled by the early
ordering of the major pieces of process equipment. The Project remains
economically sound and robust, environmentally sustainable, and socially
acceptable.� says Michael MacLeod, President and CEO. �Since receipt of the
Special Use Permit on November 7, 2007 and the Pre-Construction Mines Act Permit
on December 21, 2007; upgrading the road to accommodate highway traffic,
including installation of a bridge spanning Boulder Creek, from the Surprise Lake Bridge
to the Project site has been completed.�
Activities associated with securing all of
the financing required to build the Project will be accelerating rapidly in
early February. While the volatility and uncertainty currently plaguing the
financial markets is problematic, the Company expects that the diligent
financial ground work prepared by its team of highly experienced technical,
legal, and financial advisors and investment houses; that has been underway
since October 2007; will facilitate an expeditious closing. Terms and details
of the financial arrangements will be released as they become available.
Adanac Molybdenum
Corp. 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.
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.
www.adanacmoly.com
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