Moving ahead at Ruby Creek: developing a world-class Molybdenum producer
Adanac Molybdenum Corporation aims to become the world’s first new large scale primary producer of molybdenum in 25 years. The company is currently procuring equipment and advancing development with the goal of bringing its flagship property of Ruby Creek, British Columbia into production in early 2009. The company also holds three exploration properties in Nevada.
• Strong market fundamentals support robust molybdenum prices
• Ruby Creek to begin producing in early 2009
• 144 M tonnes of mineable reserves enable 21-year mine life
• 18-month lead over other molybdenum projects
• Experienced management and board
To become the first New Large Scale Open Pit Molybdenum Producer in 25 years.
New pressures in molybdenum supply and demand have risen to the forefront this millennium where usage of the metal is entering a new era. Asia is finally experiencing an industrial revolution that will strain existing resources for the next several decades. Currently the abundance of existing molybdenum deposits will easily fill increased demand, but are years away from obtaining production. Adanac’s belief is that the 20 000 tonne per day open pit Ruby Creek mine will be first major primary molybdenum mine to be brought into production and will enjoy the highest prices resulting in rapid payback of investment. Recognizing the moly trend in late 2003 the company implemented its plan to produce their Ruby Creek Molybdenum Deposit by early 2008. Currently the company has an 18 month lead over similar projects.
Adanac Moly Corp has three molybdenum and/or copper/molybdenum deposits in the state of Nevada. The B&C Springs copper/molybdenum deposit located approximately 200 kilometers south east of Reno is in a large area that was extensively explored in the 1960s, 1970s, and 1980s by USSRAM sister companies and by others. The Pine Nut molybdenum deposit is located approximately 80 kilometers south of Reno near the California border where a tungsten mine was operated in the 1940s and Climax explored for molybdenum in the 1970s. The Cucamunga molybdenum deposit is located approximately 180 kilometers south south east of Reno near the California border. The company is advancing the projects with compilation reports, historical data confirmation drilling, and resource/reserve definition drilling to advance the evaluation, development and operation of mines at these sites.