Adanac Molybdenum Corporation

Published : October 01st, 2008

Ruby Creek Project - Exploration Update

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Ruby Creek Project � Exploration Update

 

September 30, 2008 - Vancouver, British Columbia

Adanac Molybdenum Corp. ("Adanac or the Company" - TSX: AUA, Pink Sheets: AUAYF, Frankfurt: A9N) announces the results for 15 holes from its Ruby Creek 2007/ 2008 diamond drilling program.

2007/2008 Diamond Drill Program

 

The program includes 60 holes starting at AD372:

 

AD372 to AD374 results previously reported on September 13, 2007

AD375 to AD383 results previously reported on July 10, 2008

AD384 to AD393 condemnation holes

AD394 to AD402 results reported in this news release

AD403 to AD410 awaiting assay determinations

AD411 to AD416 results also reported in this news release

AD416 to AD431 awaiting assay determinations

 

The table attached to this news release provides location coordinates for all 60 holes (AD372 through AD431) and includes those reported in prior news releases - where coordinates were omitted. The drill-hole locations have recently been surveyed by Underhill Geomatics of Whitehorse.

 

15 Hole Update in this Release

 

The attached drill map shows the 15 holes for which assays are reported in this news release. These include holes AD394 through AD402 (9 holes) and AD411 through AD416 (6 holes). The assays and other information are provided in the attached table.

 

The 15 holes includes six vertical and angled holes drilled to the northwest of the feasibility defined open pit rim and eight vertical and angled holes drilled within the feasibility defined open pit, east of Moly Lake.

 

A number of the 15 holes completed the Company�s drilling outline of an approximate 450m long by 250m wide block of mineralization northwest of the Adera fault. The holes show two distinct zones, one shallow and the other extending to depth. Notably higher-grade mineralization was found at depth at the southwest end of the block in drill-hole AD400 which returned 36.6 meters of 0.15% Mo and 198.1 meters of 0.13% Mo. The mineralization is open to the southwest.


 

Other significant intercepts includes:

 

Hole AD-401 88.4 meters of 0.10% Mo and 259 meters of 0.70% Mo

Hole AD-415 213.4 meters of 0.08% Mo

Hole AD-416 182.9 meters of 0.10% Mo

 

The company is confident that recent drilling below the bottom of the feasibility study defined open pit and in the footwall of the Adera fault will add considerably to the Ruby Creek site mineralization, and that work north of the Adera fault has defined a substantial new resource in the northwest wall of the feasibility defined open pit.

 

Future News Releases

 

Adanac expects to release additional information on the 60 hole 2007/2008 program when assay results are available, which is expected prior to the end of 2008.

 

Adanac has engaged Golder Associates Ltd. to incorporate the information from the 2007/2008 drilling program and to update the mineral resource estimate for the Ruby Creek site. This work is currently underway and is expected to be complete one month following receipt of the final assays for the 60 hole program. Currently the report is expected prior to the end of 2008.

 

Golder Associates Ltd., previously determined the Ruby Creek deposit contains a NI 43-101 compliant �measured and indicated� resource of 212.9 million tonnes grading 0.063% Mo at a 0.04% Mo cut-off. This mineral resource does not include the drill results from the 2007/2008 drilling program.

 

CEO Comment

Peter R Jones, Adanac Chairman and CEO said "the high grade results continue to be very encouraging and I look forward to the new NI 43-101 report, addition mineralization will enhance our robust economics and open opportunities to further extend mine life or production rate�. He also said "we plan to complete project funding this year, start site construction in early 2009 with a production start in Q4 2010".

Qualified Person

This news release was reviewed by Robert Pinsent, PhD., P. Geo., a qualified person recognized under National Instrument 43-101.

Attachments:

1.     <!--[endif]-->Ruby creek 2007/2008 - 60 hole drilling information table

2.     <!--[endif]-->Ruby Creek 15 hole location plan


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 final construction funding and expects a site construction start in February 2009 and production in Q4, 2010.

Information Contact

Peter R. Jones � Chairman & 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: 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.

 

 

To view tables and map, please click on link below:

 

http://www.adanacmoly.com/_resources/news/2008-09-30_nr.pdf

 

 

It was sent from: Adanac Molybdenum Corp., 200 2055 152nd Street, Surrey, BC V4A 4N7 , Canada.

Email Marketing Software

 

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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1/20/2009Completes Initial Restructuring
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