Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

September 28, 2007 06:00 ET

Adanac Molybdenum Corporation: Major Mining Equipment Selected and Ordered For Ruby Creek Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2007) - Adanac Molybdenum Corporation (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) is pleased to announce letters of award have been issued to four Canadian companies for the supply of major items of mining equipment for the Ruby Creek Molybdenum Project, situated near Atlin, B.C.

The suppliers and equipment to be provided are as follows:

- Transwest Mining Systems will supply a PC4000 hydraulic shovel with spare bucket and spare truck body and six HD1500 haul trucks (200 tonne capacity);

- Finning (Canada) Ltd. will provide two Caterpillar 16M motor graders;

- Coneco Canada Ltd. has been selected to supply three wheel loaders (WA500, WA600 and WA900L), one excavator (PC300 HD) and two bulldozers (D375); and

- Atlas Copco Canada Ltd. will provide one diesel-powered rotary drill (PV271), together with drill string and rotary bits.

The value of the machinery is almost $23 million, bringing the total value of equipment purchased to $93 million. The items are scheduled to be onsite by the summer of 2008.

"The equipment being ordered now represents another major step toward the commencement of construction of our open-pit molybdenum mine," said Michael MacLeod, President & Chief Executive Officer of Adanac.

The action follows the awarding of an Environmental Assessment Certificate for the project from the British Columbia government on September 10, 2007. The clearance was given following extensive consultations with the Taku River Tlingit First Nation and the community of Atlin.

Federal agencies were fully involved in the environmental review process, and approval through the Department of Fisheries and Oceans is expected before the end of October.

Specific permit applications to upgrade the existing access road are under review by provincial regulatory agencies, with field work to begin immediately upon receipt of approvals.

Road work is scheduled to start in early October and site preparation will follow shortly afterward. Construction will continue through the winter of 2007-2008. Startup and commissioning of the 20,000 tonne/day concentrator is scheduled for the first quarter of 2009.

On Behalf of Management


Michael MacLeod, President & Chief Executive Officer

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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