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Message: Gains Extension to Creditor Protection

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Gains Extension to Creditor Protection

posted on Jan 19, 09 09:36AM

January 19, 2009

Adanac Gains Extension to Creditor Protection

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2009) - Adanac Molybdenum Corporation ("Adanac or the Company") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) announced today that, by Order of the Supreme Court of British Columbia made Friday, January 16, 2009, all of the relief granted in the Initial Order made in Adanac's Companies' Creditors Arrangement Act proceedings on December 19, 2008 has been confirmed, including the stay of proceedings which has been extended until April 3, 2009. Further information, including copies of the December 19, 2008 and January 16, 2009 Orders can be found on the website of KPMG Inc. at www.kpmg.ca/adanac.

The Initial Order appointed KPMG Inc. as Adanac's Monitor.

Enquiries may be directed to:
Mr. Mark Kemp-Gee,
KPMG Inc.
777 Dunsmuir Street, PO Box 10426
Vancouver, BC V7Y 1K3
Telephone: (604) 691-3397
Facsimile: (604) 691-3036
Email: mkempgee@kpmg.ca

About Adanac Molybdenum Corporation

Adanac Molybdenum Corporation is listed on the TSX and Frankfurt exchanges and owns the Ruby Creek 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.

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