Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

August 05, 2008 06:01 ET

Adanac Molybdenum Corporation: Senior Management Core Team Appointment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2008) - Adanac Molybdenum Corp. ("Adanac") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) ("the Company") is pleased to announce, effective August 01, 2008 that the Board of Directors has approved the appointments of:

Peter R. Jones - Chairman, President and Chief Executive Officer

Christopher C. Kirby - Vice President and Chief Financial Officer

Kenneth W. Calligar - Vice President Finance

Mr. Jones P. Eng., has 38 years of extensive experience in the mining industry and has held senior operating and project positions in gold, potash, coal and base metals with Cominco Ltd., Anglo American and HudBay Minerals. Most recently, he was President and CEO of HudBay and was instrumental in establishing HudBay by raising debt and equity. For the last two years he was also Chairman of the Mining Association of Canada and in 2006 was named Prairie Region Entrepreneur of the Year by Ernst and Young. He is a mining engineer and graduate of Camborne School of Mines and the Banff School of Advanced Management.

Mr. Kirby C.A. has 25 years of senior financial and business experience and for the last 14 years was employed with INCO and was an Officer and Assistant Comptroller. With INCO he played a key role in acquisitions including Voisey's Bay, in Newfoundland and the Goro Project in New Caledonia. He was also responsible for disclosure and compliance with US and Canadian Security regulators. Additionally, he participated in numerous debt and equity issues of more than $3 billion on the NYSE and TSX. Mr. Kirby, prior to INCO, was Senior Manager with KPMG in Toronto and holds an Honours B.A. and Honours M.A. from Cambridge University, UK.

Mr. Calligar was most recently Managing Director of Jefferies & Company, a New York based investment bank, where he specialized in raising capital for both public and private companies, and where he was instrumental in the placement of Adanac's recent bridge notes financing. He has been credited with creating unique financing structures including one recognized by Euromoney magazine and Ernst & Young as the "Equity Deal of the Year" in 2007 for renewable energy companies. During his 25 year Wall Street career, he has successfully represented dozens of companies in raising more than $10 billion in institutional capital. Mr. Calligar was formerly head of Convertible Capital Markets at Chase/H&Q and a founding partner of Forum Capital Markets. He is a graduate of Brown University with degrees in history and political science.

Peter Jones, Chairman, President and CEO said, "I am very pleased with the vision, skills and in-depth experience that the new Senior Management Core Team brings to address the significant opportunities available to our Company to quickly move through final project funding, construction and production." He also said, "Adanac is indebted to Mr. Roger Taylor and Mr. Paul Nelson, Directors of the Company, who committed extraordinary time and effort to establish the new Senior Core Management Team."

Ms. Gayle Dalli, Vice President Finance has left Adanac to pursue other interests. The Board thanks Ms. Dalli for her efforts, particularly associated with the Company's recent bridge financing.

Adanac Molybdenum Corporation owns the Ruby Creek Molybdenum deposit in Northern British Columbia and has advanced the project through feasibility studies and a production decision. The project has previously ordered long-lead equipment, completed permitting for construction, constructed a road to the site and secured bridge financing. The Company is currently sourcing construction final funding and plans a construction start in February 2009 with production expected in Q4, 2010.

This release is not an offer of securities for sale in the United States.

Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.

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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