MANAGEMENT REORGANIZATION
July 14, 2008 - Vancouver, British Columbia
Adanac
Molybdenum Corp. (�Adanac�) (TSX: AUA, Pink Sheets: AUAYF, Frank: A9N), (�the Company�) is pleased to report that Mr. Paul F. Nelson, C.A.,
has been appointed to the position of President and CEO of the Company. Mr
Nelson, who has been a director of the Company since 2006, is a Chartered
Accountant with extensive senior experience in the areas of corporate finance,
strategic planning, controllership, treasury and restructuring. For over 20
years Mr. Nelson held a number of senior positions in finance at Telus
Corporation and since 2001 has
been engaged in consulting in corporate finance issues.
Dr. David Stone (President, Chief Executive Officer
and Director) is leaving to pursue other interests. The Board would like to
thank Dr. Stone for his services as director and interim CEO and wishes him
well in his future endeavours.
Adanac is pleased to announce the engagement of Mr.
Peter R. Jones, P. Eng., as a consultant to the Company, to provide strategic
experience in the mining industry and recently retired as Director of HudBay
Minerals Inc. where he was instrumental in raising funds for the purchase of
Hudson Bay Mining and Smelting Co., Limited and for HudBay's IPO and subsequently
in 2006 achieved one of the highest share price and capitalization gains on the
TSX. Peter has extensive project experience and mine operational experience.
For the past two years he was also Chairman of the Mining Association of Canada
and in 2006 was named prairie region, Entrepreneur of the Year by Ernst and
Young.
The Company is pleased to announce that Mr. Dan Koyich is
rejoining the Adanac Board of Directors. Mr. Koyich has been a director of
public companies since 1997. He was previously a director of Adanac and is
currently Vice-President Corporate Development for Adanac. Mr. Koyich has
provided consulting services regarding investor relations, business
administration and financing for publicly listed companies. Mr. Koyich will
be a valuable addition to the board.
The Company has been conducting interviews with the
assistance of C.J. Stafford and Associates to identify high quality senior
management candidates to effectively move the Ruby Creek project forward
through the final stages of financing and into production.
�/2
Adanac Molybdenum Corporation 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.
On Behalf of Management
ADANAC
MOLYBDENUM CORPORATION
Paul Nelson
President & Chief Executive Officer
Information Contact
Paul Nelson -
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
This
release is not an offer of securities for sale in the United States.
The Toronto
Stock Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
www.adanacmoly.com