Releases Updated 2009 NI 43-101 Mineral Resource Report for Ruby Creek
posted on
May 29, 2009 06:33AM
May 29, 2009 | |
Adanac Releases Updated 2009 NI 43-101 Mineral Resource Report for Ruby Creek | |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Adanac Molybdenum Corporation ("Adanac" or the "Company") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) announced today that it has received the final 2009 updated National Instrument 43-101 ("NI 43-101") Mineral Resource Technical Report (the "April 2009 Mineral Resource Report") for its 100%-owned Ruby Creek molybdenum deposit located in northern British Columbia, Canada (the "Ruby Creek Project"). The April 2009 Mineral Resource Report was independently prepared by Golder Associates Ltd. ("Golder"). A summary of the April 2009 Mineral Resource Report was provided by the Company in its news release dated April 15, 2009, and as reported at that time, the current estimated total of both Measured and Indicated Resource categories, at a cut-off grade of 0.04% molybdenum ("Mo"), is 275.4 million tonnes grading 0.067% Mo and an Inferred Mineral Resource of 39.1 million tonnes grading 0.062% Mo. The contained Mo (lbs) are in situ and have no mill recovery factors applied to them. Christopher C. Kirby, President and Chief Executive Officer, said, "The April 2009 resource estimate and 3-D model indicates the presence of high-grade mineralization at depth at the west end which is very promising as there appears to be room to grow at depth at the head of the Ruby Creek valley." The April 2009 Mineral Resource Report is summarized at various cut-off grades in the following table: --------------------------------------------------------------------------- Resource Cut-off Contained Mo Category (Mo%) Quantity (tonnes) Mo (%) (lbs) --------------------------------------------------------------------------- Measured 0.02 54,055,000 0.069 82,209,000 0.03 48,676,000 0.074 79,263,000 0.04 43,642,000 0.078 75,361,000 0.05 36,978,000 0.084 68,734,000 0.06 30,273,000 0.091 60,626,000 0.07 23,377,000 0.098 50,733,000 0.08 17,075,000 0.107 40,342,000 0.09 11,711,000 0.117 30,303,000 0.10 8,228,000 0.127 23,037,000 --------------------------------------------------------------------------- Indicated 0.02 437,348,000 0.047 451,659,000 0.03 278,313,000 0.060 368,503,000 0.04 231,712,000 0.065 332,550,000 0.05 174,643,000 0.072 275,839,000 0.06 117,696,000 0.080 206,897,000 0.07 71,669,000 0.089 141,157,000 0.08 42,546,000 0.100 93,329,000 0.09 24,127,000 0.111 58,975,000 0.10 14,114,000 0.122 38,101,000 --------------------------------------------------------------------------- Total Measured 0.02 491,403,000 0.049 533,868,000 and Indicated 0.03 326,989,000 0.062 447,766,000 0.04 275,354,000 0.067 407,911,000 0.05 211,621,000 0.074 344,573,000 0.06 147,969,000 0.082 267,523,000 0.07 95,046,000 0.092 191,890,000 0.08 59,621,000 0.102 133,671,000 0.09 35,838,000 0.113 89,278,000 0.10 22,342,000 0.124 61,138,000 --------------------------------------------------------------------------- Inferred 0.02 299,478,000 0.030 196,082,000 0.03 78,232,000 0.048 83,147,000 0.04 39,076,000 0.062 53,719,000 0.05 25,781,000 0.072 40,701,000 0.06 17,533,000 0.080 30,746,000 0.07 10,437,000 0.090 20,608,000 0.08 5,460,000 0.103 12,451,000 0.09 3,180,000 0.117 8,206,000 0.10 2,142,000 0.128 6,048,000 --------------------------------------------------------------------------- The new updated April 2009 Mineral Resource Report has been filed on www.sedar.com and the Company's website at www.adanacmoly.com. About Adanac Molybdenum Corporation Adanac Molybdenum Corporation is an exploration and development mining company listed on the TSX and Frankfurt exchanges. The Company's principal asset is its 100%-owned Ruby Creek open-pit molybdenum mine project located in northern British Columbia, Canada. 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. For more information on the Company, please visit www.adanacmoly.com. |