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Adanac das Molybdän-Invest!
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Adanac CLOSES BRIDGE FINANCING
May 27, 2008 - Vancouver, British Columbia
Dr. David Stone, CEO, reports:
ADANAC MOLYBDENUM CORPORATION CLOSES THE PREVIOUSLY ANNOUNCED BRIDGE FINANCING PRIVATE PLACEMENT; PROCEEDS TO BE USED TO PARTIALLY FUND EQUIPMENT PURCHASES, DETAILED ENGINEERING, CONSTRUCTION PLANNING AND CORPORATE OVERHEAD FOR THE DEVELOPMENT OF THE PROPOSED RUBY CREEK PROJECT.
Adanac Molybdenum Corporation (TSX: AUA) (Pink Sheets: AUAYF) (Frank: A9N) (“Adanac” or the “Company”) today confirmed it has closed the previously announced financing. At closing, the Bridge Financing will be funded to $68.5 million. The Company has the option to increase the Bridge Financing up to a total of $80 million at any time prior to May 30, 2008.. The proceeds will be used to fund continued development of the company’s proposed Ruby Creek molybdenum project.
The financing is in the form of senior secured notes issued pursuant to a Securities Purchase Agreement signed on 23 May, 2008. The agreements related to the financing will be filed on SEDAR. Under the terms of the financing the Company will grant, in total, warrants to subscribe for a number of shares of Common Stock equal to 21.4054% of the fully-diluted outstanding shares of Common Stock of the Company. The Warrants will expire the earlier of either three (3) years after the closing by the Company of the contemplated raise to secure the balance of the financing to build the project in convertible debt and/or high yield debt, or five (5) years from the date of issuance.
This financing was arranged through Adanac’s United States based investment banker and includes participation from leading global institutional investors. Securing the balance of the funds required to build the mine, mill and related infrastructure is scheduled to be completed by the fourth quarter of 2008.
“This financing enables Adanac to continue its engineering and construction planning activities and take possession of processing equipment we have ordered for the molybdenum mine. It represents a strong vote of confidence from the financial market for building the project.” said Dr. David Stone, CEO.
Adanac Molybdenum Corp. 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. This news release has been reviewed by Michael MacLeod, P.Eng. a qualified person pursuant to National Instrument 43-101 and the President and Chief Operating Officer, of the Company.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
David Stone
Chief Executive Officer
Information Contact
David Stone
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
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Wednesday, June 4th 2008 - Vancouver, British Columbia (MOLY @ 32.90US/lb)
Adanac Molybdenum Corporation (TSX: AUA) (Pink Sheets: AUAYF) (Frank: A9N) reports that Mr. Michael MacLeod (President, Chief Operating Officer & Director) has resigned effective today to pursue other endeavors. The Board, management and staff of Adanac would like to explicitly recognize and thank Mr. MacLeod for his substantial contributions to Adanac and its Ruby Creek Project.
Dr. David Stone, Chief Executive Officer, has assumed the role of President of the Company.
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
David Stone,
Chief Executive Officer
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Würde ich momentan jemand zum Einstieg in Adanac raten? Eher nicht, Weil die Gesamtfinanzierung sich im Moment als sehr schwierig gestaltet. Man sieht es ja was alleine für die "kleine" Finanzierung an Zusagen seitens des Unternehmens gemacht wurden.
Da möchte ich gar nicht wissen, wie die Gesamtfinanzierung aussehen soll.
Mhm, kann aber Ende Sommer auch anders kommen, die Finanzierung wird stehen und der Kurs zieht an. Hier ist alles möglich, vom billigen Verkauf bzw. Übernahme des Projektes, Finanzierung noch dieses Jahr oder Stillstand!
Aber alles nur meine Meinung!
So ran an die Polen! :-)
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Press Release Source: Adanac Molybdenum Corporation
Adanac Receives BC Mines Act Permit
Friday June 20, 6:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 20, 2008 -- Adanac Molybdenum Corporation (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) ("Adanac" or the "Company") is pleased to announce the receipt of the provincial Mines Act Permit for its proposed 20,000 tonne per day Ruby Creek Molybdenum Project ("the project") located near Atlin, British Columbia.
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The Mines Act Permit is the most crucial approval issued by the Province of British Columbia. Along with other facets of development, it will allow for site preparation, earthworks, steel erection, mill construction and assembly, and open pit development.
The Mines Act Permit process was the subsequent step to the Environmental Assessment process which focused on the potential impacts of the Ruby Creek Project. The Northwest District Mine Review Committee (NWDMRC) met on a regular basis and concluded the project represented a viable economic opportunity with benefits to the local community while long term effects on the environment are projected to be minimal.
"Ruby Creek is an example of the vibrant mining sector at work in British Columbia," said Minister of State for Mining Kevin Krueger. "The road is already in excellent working condition, and the operators are displaying that they are environmentally responsible in their actions to protect the fish habitat in Surprise Lake."
Many valuable contributions to the project have been provided by the Taku River Tlingit First Nation and its consultants, Atlin community, various provincial regulators and regulatory agencies, and Adanac and its consultants. The receipt of the Mines Act Permit is an example of the positive outcomes possible when First Nations, community, regulatory agencies, and industry work together for a common goal. Adanac Molybdenum Corp. recognizes the significance of this level of achievement, and sincerely appreciates the efforts made by each of these parties.
Commenting on the receipt of the Mines Act Permit, Dr. David Stone, Chief Executive Officer, says, "We are extremely proud of our team in achieving this important milestone for the Company. We look forward to working with the Atlin community and the TRTFN in advancing the Ruby Creek project forward to production."
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
Dr. David Stone, Chief Executive Officer
This release is not an offer of securities for sale in the United States.
Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.
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.
Contact:
Contacts:
Adanac Molybdenum Corporation
Edward Lee
Executive Vice President
(604) 535-6834
(604) 536-8411 (FAX)
Adanac Molybdenum Corporation
Corporate Office
(604) 531-9639
(604) 531-9634 (FAX)
Email: info@adanacmoly.com
Website: http://www.adanacmoly.com
--------------------------------------------------
Source: Adanac Molybdenum Corporation
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Adanac Molybdenum Update and Ruby Creek Project
Tuesday June 24, 4:49 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 24, 2008 -- Adanac Molybdenum Corp. ("Adanac") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) ("the Company") has retained Michael MacLeod, P.Eng., as a Consulting Mining Engineer to provide technical, commercial and business advice for the development of the Ruby Creek Project.
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Mr. MacLeod's formal education included a B.SC Eng. (Mining), and M. Eng. (Mining) and an MBA. As a seasoned mine developer, Mr. MacLeod has more than 25 years experience with several major and junior mining companies. He has been responsible for major capital projects, feasibility assessments, marketing and environmental studies.
The project is in detailed engineering and all long lead time processing and mining equipment have been ordered. On June 20, 2008 the company announced the receipt of the provincial Mines Act Permit for its proposed 20,000 tonne per day Ruby Creek Molybdenum Project in north-western British Columbia.
On May 30, 2008, the Company announced the completion of the $80 million bridge financing. The company has now paid out all monies to the suppliers and contractors and cleared the outstanding liens against the company.
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
David Stone, President & Chief Executive Officer
This release is not an offer of securities for sale in the United States.
Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.
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.
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"On May 30, 2008, the Company announced the completion of the $80 million bridge financing. The company has now paid out all monies to the suppliers and contractors and cleared the outstanding liens against the company"
Das Management hält sich wie gewohnt bedeckt, was Ausblicke und Fortschritte in Sachen weiterer Bohrergebnisse oder Finanzierung betrifft, aber das sind wir als Shareholder ja gewohnt. Wenn die Finanzierung abgeschlossen ist, dann kann das Management sich noch so dumm anstellen bei der Veröffentlichung der News ( so wie wir es bereits gewohnt sind) denn dann kracht es hier gewaltig.
Mal sehen ob der Film Überlänge hat....
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Natural Resource Extraction
Open-pit Ruby Creek mine gets approval from British Columbia government
Richard Gilbert
staff writer
The development of a $750-million mine at Ruby Creek in British Columbia’s northwestern corner is on track.
Vancouver-based Adanac Molybdenum Corporation has hired a consulting engineer and has received a permit the exploration and development of mines to produce molybdenum and other metals.
The company’s flagship property is the Ruby Creek molybdenum project, which is a low-grade bulk type of deposit, located at the headwaters of Ruby Creek near Atlin B.C.
The company announced that it retained a consulting engineer to provide technical, commercial and business advice. Earlier, the company announced the receipt of a provincial Mines Act permit for an open pit mine that would operate at 20,000 tonnes per day.
“This project is another example of the vibrant mining sector at work in British Columbia,” said Kevin Krueger, minister of state for mining.
“Ruby Creek mine will create approximately 550 jobs during the construction phase and approximately 250 direct jobs during the operations phase, greatly benefiting the local economy.”
The Mines Act permit is the most crucial approval issued by the B.C. government.
Along with other facets of development, it will allow for site preparation, earthworks, steel erection, mill construction and assembly, and open pit development.
Construction is expected to take about two years and, once in production, the mine is expected to operate for more than 20 years.
The Mines Act permit process was a subsequent step to the environmental assessment process, which focused on the potential impacts of the Ruby Creek project.
The province granted the project an environmental assessment certificate in 2007, following a review by B.C.’s Environmental Assessment Office.
The Taku River Tlingit First Nation participated in the technical working group and was involved in all aspects of the review.
Adanac embarked on a $750-million debt and equity financing initiative for the mine last October and expects to complete its financing this summer.
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Kennt einer das Lied: Das wird der Sommer unseres Lebens.... lalala :-)
Spätestens wenn die gesamte Finazierung durch ist und bekannt gegeben wird, dann knallen hier die Korken und Adanac sollte innerhalb kürzester Zeit bei zumindest nem Jahresumsatz von 250MioCanD liegen, bevor es dann weitergeht siehe TCM oder es kommt die Übernahme.
Das sind dann hier so um die 1.10€, wie gesagt kurzfristig. Langfristig sollte man sich dann die Konditionen der Finanzierung anschauen.
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Adanac Molybdenum Corp.: Drilling Encounters More Mineralization Adjacent to the Permitted Open Pit
Thursday July 10, 6:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 10, 2008 -- Adanac Molybdenum Corp. ("Adanac") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) ("the Company") is pleased to announce updated results from its ongoing exploration program adjacent the permitted open pit on the Ruby Creek molybdenum property, located near Atlin, British Columbia.
The 2007 diamond drill program consisted of 40 NQ holes (A-07-372 to A-08-411) totaling 14,019 meters (45,982 feet) that included exploration and condemnation drilling. Of these, 30 exploration holes (A-07-372 to A-07-383 and A-08-394 to A-08-411) were drilled to test for mineralization north of the Adera fault. Another 10 condemnation holes (A-07-384 to A-08-393) were located at the Company's mill-site and tailings impoundment area to confirm the absence of significant mineralization. Drill hole map is available at the company website at www.adanacmoly.com.
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The exploration drilling was used to test an initial strike length of over 400 meters and identified a continuous zone of mineralization within a 250 meter-wide drop block between the Adera fault and a sub parallel structure named the Molly Lake fault. This zone is outside, but adjacent to, the currently permitted open pit. This new zone extends to the northeast and is open to the southwest and to depth.
The eight holes listed below were drilled from pads arranged in two fences across the slope of the hill north of the Adera fault. In most cases, two holes were drilled from each pad; one vertical and one at a moderate angle to the northwest. Three drill-holes (A-07-372 to A-07-374) were described in a previous news release dated September 13, 2007.
--------------------------------------------------
Drill Hole # Azimuth Dip Depth (m) From (m) To (m) Length (m) %Mo
--------------------------------------------------
A-07-375 30 -65 529.44 276.14 364.54 88.4 0.039
--------------------------------------------------
A-07-376 330 -60 529.74 133.5 352.96 219.46 0.062
includes 203.61 261.52 57.91 0.09
215.8 218.85 3.05 0.294
398.68 450.49 51.81 0.068
410.87 413.92 3.05 0.297
--------------------------------------------------
A-07-378 0 0 399.29 108.2 111.25 3.05 0.274
281.94 284.99 3.05 0.472
312.42 367.28 54.86 0.057
includes 330.71 333.76 3.05 0.218
--------------------------------------------------
A-07-379 0 0 416.66 66.14 99.67 33.53 0.064
includes 87.48 90.53 3.05 0.239
--------------------------------------------------
A-07-380 330 -60 343.2 56.69 99.36 42.67 0.15
includes 84.12 87.17 3.05 0.689
87.17 90.22 3.05 0.977
175.56 343.2 167.64 0.062
includes 212.14 215.19 3.05 0.251
294.44 297.49 3.05 0.65
334.06 377.11 3.05 0.341
--------------------------------------------------
A-07-381 330 -50 364.24 77.72 80.77 3.05 0.313
242.32 364.24 121.92 0.107
includes 242.32 245.37 3.05 0.329
312.42 315.47 3.05 0.366
315.47 318.52 3.05 0.267
333.75 336.8 3.05 0.275
348.99 352.04 3.05 1.036
--------------------------------------------------
A-07-382 0 0 395.63 81.69 157.89 76.2 0.11
99.97 103.02 3.05 0.856
103.02 106.07 3.05 0.51
142.34 145.39 3.05 0.479
--------------------------------------------------
A-07-383 0 0 74.07 47.24 74.07 26.83 0.146
includes 53.34 56.39 3.05 0.728
--------------------------------------------------
(This is a stockwork Deposit and true widths are unknown at this time)
The Company is waiting for assays for a further eighteen holes and results will be released as they come available. Core assays are being carried out by Acme Analytical Laboratories Ltd. of Vancouver, BC.
A systematic program of condemnation drilling throughout the proposed mill-site and tailings impoundment area started in November and was completed over the winter. The drill holes show that the rocks underlying the area are essentially barren. It would appear the infrastructure will not impinge on any significant mineralization. The assays have not been released, but a report has been filed with the British Columbia Ministry of Energy, Mines and Petroleum Resources.
The drilling is contracted to Foraco Drilling Ltd. of Kamloops, B.C. and exploration is continuing. Adanac expects to complete an updated resource estimate sometime after the completion of the current drill program.
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, B.C. The property contains an open pit proven+probable reserve of 157.7 million tonnes grading 0.058% Mo using a 0.040% Mo cut-off grade.
This news release was reviewed by Dr. Robert Pinsent, Ph.D., P.Geo., a qualified person recognized under National Instrument 43-101.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
David Stone, President & Chief Executive Officer
This release is not an offer of securities for sale in the United States.
Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.
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.
To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/adanac_map.pdf.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Adanac Molybdenum Corp.
David Stone
President & CEO
(604) 531-9639
(604) 531-9634 (FAX)
Email: info@adanacmoly.com
Website: http://www.adanacmoly.com
--------------------------------------------------
Source: Adanac Molybdenum Corporation
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13:03 EDT Monday, July 14, 2008
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2008) - Adanac Molybdenum Corp. ("Adanac") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT: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.
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
This release is not an offer of securities for sale in the United States.
Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Adanac Molybdenum CorporationPaul NelsonPresident & CEO(604) 531-9639(604) 531-9634 (FAX)Email: info@adanacmoly.comWebsite: www.adanacmoly.comThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Adanac Molybdenum Corporation: Ruby Creek Project-$26 Million Building Fabrication Award
Monday August 11, 4:40 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 11, 2008 -- Adanac Molybdenum Corp. ("Adanac or the Company") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) announces it has awarded Supreme Steel Ltd. of Edmonton, Alberta the fabrication of the Ruby Creek Project Power Plant Building, Crusher Building, Process Building and Maintenance Building, at a total cost of approximately $26 million.
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The order includes building steel frames, some interior platforms, doors and cladding, which will be fabricated at Supreme's Edmonton and Delta shops. Transportation to the Ruby Creek site is scheduled to start in June 2009.
Adanac has previously ordered long delivery mining and processing equipment to allow the project site construction to start in February 2009 and production to start in Q4 2010.
The project equipment and material orders to date total approximately $137 million.
The Company has also previously constructed a road to site as well as installed a 100 man camp and has received all necessary permits to construct the mine.
The Company has previously raised bridge financing of US$80 million and the process to source the final construction financing is underway.
Peter R. Jones, Adanac CEO, said, "Our project is the most advanced large scale open pit primary molybdenum mine in the world today and we are on track for a Q4 2010 production start." He also said, "We plan to complete project funding this year and then start site construction in early 2009."
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 $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.
Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward looking information include risk factors discussed in the Annual Information Form for the year ended April 30, 2008 for the Company available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States unless an exemption from registration is available.
Contact:
Contacts:
Adanac Molybdenum Corporation
Peter R. Jones
Chairman, President & CEO
(604) 535-6834
(604) 536-8411 (FAX)
Email: info@adanacmoly.com
Website: http://www.adanacmoly.com
--------------------------------------------------
Source: Adanac Molybdenum Corporation
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Adanac Molybdenum Corp.: Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit
Friday August 8, 3:49 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 8, 2008 -- Adanac Molybdenum Corp. ("Adanac or the Company") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) is pleased to announce that the Province of British Columbia has created a fish habitat reserve which prohibits claim staking in the Upper Pine Creek drainage of the Surprise Lake watershed. The reserve will facilitate the Ruby Creek Mine Project fish habitat compensation program, required by the Government of Canada, for tailings impoundment permitting.
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The reserve is expected to provide safe fish habitat and beneficial spawning, rearing and foraging areas in the Surprise Lake watershed which is home to significant fish populations.
The Company is constructing the Ruby Creek mine, process facility and infrastructure, under permits issued by the Province of British Columbia. The Government of Canada tailings impoundment review continues and completion is expected in 2009, well before mine production planned start in Q4 2010.
The creation of the fish habitat reserve is the culmination of many years of research and coordinated efforts by the Project Working Group which includes the Taku River First Nation and its consultants, the Atlin Community, the BC Ministry of Environment, the BC Ministry of Energy, Mines and Petroleum Resources and Fisheries and Oceans Canada.
Peter Jones, Adanac CEO, said, "The fish habitat creation shows how the Governments of British Columbia and Canada are working together to facilitate Ruby Creek production permitting." He also said, "We are in process of sourcing final construction funding which we are targeting to have in place before yearend."
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 $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.
Disclaimer
This release is not an offer of securities for sale in the United States.
Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.
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.
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Press Release Source: Adanac Molybdenum Corporation
Adanac Molybdenum Corporation: Ruby Creek-Comprehensive Study Switched to Screening Assessment
Tuesday September 30, 1:50 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 30, 2008 -- Adanac Molybdenum Corporation ("Adanac or the Company") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) was advised by the Government of Canada on September 29, 2008, that its Ruby Creek Molybdenum Open Pit Mine Project in northern British Columbia has changed permitting for production from a "Comprehensive Study" to a "Screening Level Assessment".
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The Project is permitted for construction by the Government of British Columbia and Adanac is currently sourcing project funding for a construction start in February 2009 with first production planned for October 2010.
Adanac is pleased that the Government of Canada has changed the permitting for production from a "Comprehensive Study" to a "Screening Level Assessment", as this will likely expedite permitting for production, while providing adequate environmental review as well as input from groups who may be impacted.
The Company expects completion of Federal permitting for production, including Schedule 2 Amendment to the Metal Mining Effluent Regulations, during 2009; which is well before planned production start in October 2010.
Commenting on the notification Peter Jones, Adanac Chairman and CEO said, "This is excellent news, reflecting the valuable support of the Taku River Tlingit First Nation and the Community of Atlin." He also said, "Construction permits are in place and the switch to screening for the production permit gives the Project more credibility during the fund raising stage."
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Tuesday September 30, 5:11 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 30, 2008 -- Adanac Molybdenum Corporation ("Adanac or the Company") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) announces the implementation of a Shareholder Rights Plan to be presented and considered by shareholders at the Company's Annual and Special General Meeting of Shareholders to be held at the offices of the solicitors for the Company, Fasken Martineau DuMoulin LLP, 2900-550 Burrard Street, Vancouver, British Columbia on Wednesday, October 22, 2008 at 10:00 am.
The Company confirms the mailing to shareholders of the Annual and Special General Meeting materials and the Annual Report, the mailing of which were completed on September 24, 2008 and which are also available on SEDAR at www.sedar.com.
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Tuesday September 30, 5:25 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 30, 2008 -- Adanac Molybdenum Corp. ("Adanac or the Company") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) 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
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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. Ruby creek 2007/2008 - 60 hole drilling information table
2. Ruby Creek 15 hole location plan
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