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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
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Mr. Kevin Palmer, P.Geo., of Golder, is an independent Qualified Person within the meaning of NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Palmer is responsible for the April 2009 Mineral Resource Report and has reviewed the technical disclosures in this news release.

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.
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