Nov 07, 2007 06:00 ET
Construction Begins at Adanac's Ruby Creek Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2007) - Adanac Molybdenum Corporation (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) today announced the commencement of construction at the Company's Ruby Creek open-pit mine site near Atlin, B.C.
The work has been authorized by the B.C. Ministry of Forests, which has issued a special use permit authorizing construction of the project access road and associated earthworks.
"This is a very exciting moment for Adanac," said Michael MacLeod, President and CEO. "The years of preparation have paid off, and now we're actually beginning construction of a molybdenum mine."
Ledcor CMI Ltd. ("LEDCOR") of Vancouver will act as general contractor for this phase of construction, and will be engaging local and regional subcontractors. These currently include Golden Hill Ventures Limited of Whitehorse, Yukon; Ruby Gold Ltd. of Atlin and a joint venture between Ketza Construction Corporation of Whitehorse and Taku River Tlingit First Nation, located at Atlin.
Work on the access road will begin immediately, owing to extensive preparations undertaken during October by LEDCOR and its subcontractors at Surprise Lake, B.C. These include an operational 50 person construction camp, equipment laydown area, fuel storage facility and telecommunications setup, all of which are intended to coordinate and support construction activities. Construction will expand in scope and scale as site development accelerates through the winter months. Activities will include excavation of overburden, installation of a 550-person onsite camp and preparation of all construction infrastructure.
As previously announced, the British Columbia government issued an Environmental Assessment Certificate for the Ruby Creek project in September.
Adanac's state-of-the-art concentrator has a capacity for throughput of 20,000 tonnes per day, expected to produce 12-14 million pounds of molybdenum per year during the initial four years of operation.
About Adanac Molybdenum
Adanac Molybdenum Corporation is engaged in the exploration and development of mines to produce molybdenum and ferro-alloy metals. Adanac's flagship property is the Ruby Creek molybdenum project, located near Atlin, B.C. Procurement of long lead time equipment has been completed and construction has begun.
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
LG FRIESDORF
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