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RUBY CREEK PROJECT UPDATE

March 19, 2008 - Vancouver, British Columbia

On January 28, 2008 Michael MacLeod, Chief Executive Officer of the Company, announced that the Company has temporarily suspended its field construction activities at its Ruby Creek Project (the �Project�) near Atlin, British Columbia, pending the putting into place of a bridge financing (the �financing�) which is being negotiated by its financial agents. The Company�s US financial agents have been working diligently on securing up to $80 million in bridge financing which forms part of the $650 million capital expenditures to fund the 23,000 TPD mine and mill construction at Ruby Creek. The US agents have received a term sheet from an interested major institution but the terms are not in line with Adanac�s ability to move the project forward on its existing obligations. The US agent is attempting to restructure the terms on a more positive basis while continuing discussions with other interested parties. Adanac has positioned itself to be one of the few mining projects capable of proceeding to production over the next eighteen months. The Company has received notice that four of its suppliers have filed builders� liens on the Project totaling approximately $3,000,000. These claims are not in dispute and will be paid by the Company in the ordinary course of business from its expected financing.

Adanac�s salient features are:

F0B7                    Long lead items have been ordered and are scheduled to be delivered throughout 2008 and early 2009 (If ordered today, lead times for several of the items have increased to between 36 and 48 months).

F0B7                    Updated technical report has been completed (see news release dated December 6, 2007) and confirms positive economics of the Ruby Creek Project. The Ruby Creek Project is projected at 23,000 TPD for a 21 year mine life with pay back from the 5 year high grade starter pit in 3.2 years.

F0B7                    Detailed engineering by Amec PLC is about 60% complete.

F0B7                    Adanac received its permit approving its pre-construction work program at Ruby Creek on December 24, 2007. The permit to construct is imminent and requires a $3 million bond.

F0B7                    Adanac is currently working with the responsible agencies to complete the Federal comprehensive review by the 4^th quarter 2008.

F0B7                    Adanac received its Environmental Assessment Certificate from the British Columbia Government on September 10, 2007. A major milestone for the Company.

F0B7                    Exploration diamond drilling outside the pit area to the north, south and west has identified significant molybdenum mineralization up to 256 meters grading .08% Mo in the north wall of the pit. Once resources are established on these mineralized areas years could be added to the life of the mine.

F0B7                    The Company continues to negotiate an Impact Benefits Agreement with the Taku-River Tlingit whom have been very supportive of the Ruby Creek Project.

F0B7                    Supply and demand factors continue to influence the price of molybdenum positively as the price per pound of molybdenum remains in the $33 to $34 per pound range.

The capital markets have been undergoing significant turbulence and uncertainty. The resulting instability in the financial markets has made it much more difficult to obtain financing for major projects. Although the backlash has been disruptive, projects like Ruby Creek are gaining significant attention as a result of the advanced state of the project.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Michael MacLeod
President & Chief Executive Officer

Information Contact

Michael MacLeod

President & CEO

Head Office: Suite 200 � 2055 152 Street, Surrey, B.C. V4A 4N7

�� Telephone: 604-535-6834 Facsimile: 604-536-8411
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.

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