Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

September 30, 2008 13:50 ET

Adanac Molybdenum Corporation: Ruby Creek-Comprehensive Study Switched to Screening Assessment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2008) - Adanac Molybdenum Corporation ("Adanac or the Company") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) was advised by the Government of Canada on September 29, 2008, that its Ruby Creek Molybdenum Open Pit Mine Project in northern British Columbia has changed permitting for production from a "Comprehensive Study" to a "Screening Level Assessment".

The Project is permitted for construction by the Government of British Columbia and Adanac is currently sourcing project funding for a construction start in February 2009 with first production planned for October 2010.

Adanac is pleased that the Government of Canada has changed the permitting for production from a "Comprehensive Study" to a "Screening Level Assessment", as this will likely expedite permitting for production, while providing adequate environmental review as well as input from groups who may be impacted.

The Company expects completion of Federal permitting for production, including Schedule 2 Amendment to the Metal Mining Effluent Regulations, during 2009; which is well before planned production start in October 2010.

Commenting on the notification Peter Jones, Adanac Chairman and CEO said, "This is excellent news, reflecting the valuable support of the Taku River Tlingit First Nation and the Community of Atlin." He also said, "Construction permits are in place and the switch to screening for the production permit gives the Project more credibility during the fund raising stage."

About Adanac Molybdenum Corporation

Adanac Molybdenum Corporation is listed on the TSX and Frankfurt exchanges and owns the Ruby Creek Molybdenum Project in northern British Columbia. 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. The Company is sourcing construction funding and expects a site construction start in February 2009 and production in Q4, 2010.

Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward looking information include risk factors discussed in the Annual Information Form for the year ended April 30, 2008 for the Company available at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States unless an exemption from registration is available.

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