Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

February 01, 2007 14:33 ET

Adanac Molybdenum Corporation: New Relationship Supports Major Step Towards New Mine

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Adanac Molybdenum Corporation (TSX VENTURE:AUA)(PINK SHEETS:AUAYF)(FWB:A9N) -

The Province and the Taku River Tlingit (TRT) First Nation have embarked on a New Relationship initiative by taking a major step towards a new mine development near Atlin, Minister of State for Mining Bill Bennett announced today.

A letter of understanding has been signed between the Province and the TRT that will see important First Nations issues addressed at the same time as a critical environmental assessment process proceeds. It is an example of how the principles of the New Relationship are working and demonstrates how engagement on First Nations' rights can spur economic activity and certainty.

"This is a great example of how B.C. is working closely with First Nations on mineral exploration and development to ensure their concerns are met while creating positive relationships between government, industry and communities," said Bennett, who met with representatives of the Taku River Tlingit at Mineral Exploration Roundup 2007.

"The Environmental Assessment Office will continue to work with the Taku River Tlingit on this new mine proposal," said Environment Minister Barry Penner. "This agreement further demonstrates the flexibility of the Environmental Assessment process in addressing First Nations' interests."

Adanac Moly Corporation has applied for a provincial environmental assessment certificate for a molybdenum mine at Ruby Creek near Atlin. The open pit mine would be located in the central portion of the Taku River Tlingit territory and is expected to have a lifetime of approximately 23 years. A formal review is now underway and is expected to finish in 2007.

"The First Nation is very pleased with the tangible results deriving from the leadership of Premier Campbell and the New Relationship," said Sandra Jack, spokesperson for the Taku River Tlingit First Nation. "The accommodation discussion between B.C. and TRT, combined with the collaborative relationship of a responsible proponent, are an example of how respecting First Nations can lead to sustainable and profitable economic activity."

The Taku River Tlingit First Nation territory covers 4,000,000 hectares in the northwest portion of the province. The Adanac Moly Corporation continues to work responsibly and respectfully with the TRT to find the right approach to this 830 hectare mine development.

"We're leading Canada in building positive relations with First Nations because of our commitment to close the gaps in quality of life that separate Aboriginal people from other British Columbians," said Michael de Jong, Minister of Aboriginal Relations and Reconciliation. "The understanding with the Taku River Tlingit First Nation shows we are taking actions that will result in real benefits for First Nations communities."

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