Adanac Molybdenum Corporation

Published : May 29th, 2009

Releases Updated 2009 NI 43-101 Mineral Resource Report for Ruby Creek

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Adanac Releases Updated 2009 NI 43-101 Mineral Resource Report for Ruby Creek

May 29, 2009 - Vancouver, British Columbia.

Adanac Molybdenum Corporation (�Adanac� or the �Company�, - TSX: AUA, Pink Sheets: AUAYF, Frankfurt: A9N) announced today that it has received the final 2009 updated National Instrument 43-101 (�NI 43-101�) Mineral Resource Technical Report (the �April 2009 Mineral Resource Report�) for its 100%-owned Ruby Creek molybdenum deposit located in northern British Columbia, Canada (the �Ruby Creek Project�). The April 2009 Mineral Resource Report was independently prepared by Golder Associates Ltd. (�Golder�).

A summary of the April 2009 Mineral Resource Report was provided by the Company in its news release dated April 15, 2009, and as reported at that time, the current estimated total of both Measured and Indicated Resource categories, at a cut-off grade of 0.04% molybdenum (�Mo�), is 275.4 million tonnes grading 0.067% Mo and an Inferred Mineral Resource of 39.1 million tonnes grading 0.062% Mo. The contained Mo (lbs.) are in situ and have no mill recovery factors applied to them.

Christopher C. Kirby, President and Chief Executive Officer, said, �The April 2009 resource estimate and 3-D model indicates the presence of high-grade mineralization at depth at the west end which is very promising as there appears to be room to grow at depth at the head of the Ruby Creek valley.�

The April 2009 Mineral Resource Report is summarized at various cut-off grades in the following table:

 

Resource Category

Cut-off (Mo%)

Quantity (tonnes)

Mo (%)

Contained Mo (lbs)

Measured

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

54,055,000

48,676,000

43,642,000

36,978,000

30,273,000

23,377,000

17,075,000

11,711,000

8,228,000

0.069

0.074

0.078

0.084

0.091

0.098

0.107

0.117

0.127

82,209,000

79,263,000

75,361,000

68,734,000

60,626,000

50,733,000

40,342,000

30,303,000

23,037,000

Indicated

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

437,348,000

278,313,000

231,712,000

174,643,000

117,696,000

71,669,000

42,546,000

24,127,000

14,114,000

0.047

0.060

0.065

0.072

0.080

0.089

0.100

0.111

0.122

451,659,000

368,503,000

332,550,000

275,839,000

206,897,000

141,157,000

93,329,000

58,975,000

38,101,000

Total Measured and Indicated

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

491,403,000

326,989,000

275,354,000

211,621,000

147,969,000

95,046,000

59,621,000

35,838,000

22,342,000

0.049

0.062

0.067

0.074

0.082

0.092

0.102

0.113

0.124

533,868,000

447,766,000

407,911,000

344,573,000

267,523,000

191,890,000

133,671,000

89,278,000

61,138,000

Inferred

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

299,478,000

78,232,000

39,076,000

25,781,000

17,533,000

10,437,000

5,460,000

3,180,000

2,142,000

0.030

0.048

0.062

0.072

0.080

0.090

0.103

0.117

0.128

196,082,000

83,147,000

53,719,000

40,701,000

30,746,000

20,608,000

12,451,000

8,206,000

6,048,000

 

Mr. Kevin Palmer, P. Geo., of Golder, is an independent Qualified Person within the meaning of NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Palmer is responsible for the April 2009 Mineral Resource Report and has reviewed the technical disclosures in this news release.

The new updated April 2009 Mineral Resource Report has been filed on www.sedar.com and the Company�s website at www.adanacmoly.com.

About Adanac Molybdenum Corporation

Adanac Molybdenum Corporation is an exploration and development mining company listed on the TSX and Frankfurt exchanges. The Company�s principal asset is its 100%-owned Ruby Creek open-pit molybdenum mine project located in northern British Columbia, Canada. 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.

 

Information Contact

Christopher C. Kirby � President and Chief Executive Officer
Telephone: (604) 535-6834 Facsimile: (604) 536-8411

Email: info@adanacmoly.com

 

 

 

Cautionary Notice: The Reader is cautioned that the full Cautionary Notice is not attached to this email. The reader is requested to access the news release on the Company�s website at www.adanacmoly.com or at SEDAR at www.sedar.com to read the full Cautionary Notice. The full Cautionary Notice is not attached as the recipient�s spam filters frequently block receiving emails containing the full Cautionary Notice.

 

 

 

 

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Adanac Molybdenum Corporation

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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
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Financials of Adanac Molybdenum Corporation
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Project news of Adanac Molybdenum Corporation
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9/30/2008(Ruby Creek)Comprehensive Study Switched to Screening Assessment
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7/10/2008(Ruby Creek)Drilling Encounters More Mineralization Adjacent to the Perm...
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1/28/2008(Ruby Creek) Focusing on Critical Path
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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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