Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

November 15, 2006 06:30 ET

Adanac Adds Further Expertise to the Board

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - Michael MacLeod, President and Chief Executive Officer, of Adanac Molybdenum Corporation (TSX VENTURE:AUA)(PINK SHEETS:ANCGF)(FWB:A9N) ("Adanac") is pleased to announce that Paul F. Nelson has agreed to join Adanac's Board of Directors.

Mr. Nelson is a Chartered Accountant with extensive years senior experience in the areas of corporate finance, strategic planning, controllership, treasury and restructuring. His broad experience in these areas will be of significant benefit during the funding and development of the World Class Ruby Creek Project.

For over 20 years Mr. Nelson held a number of positions at Telus and predecessor corporations, including Director of Business Decision Support, Director of Strategic Planning and Analysis and Comptroller of Diversified Operations. Since 2001 he has been engaged in consulting on corporate finance issues with corporate clients.

Mr. Nelson qualified as a Chartered accountant in 1976 after graduating with a B.A. (Hons.) from Queen's University.

The Company welcomes Mr. Nelson onto the team. The Company will continue to strengthen the Board of Directors and assemble a strong team of professional management over the next several months.

The Ruby Creek Project is a proposed open pit molybdenum mine situated 24 kilometers northeast of Atlin, BC, which would operate at 20,000 tonnes per day of ore for 20 plus years and have an overall footprint of approximately 830 hectares. The Company believes that the proposed mine is a sound project that will minimize any long term environmental effects and maximize socio-economic benefits to the local community, Taku River Tlingit First Nation and British Columbia.

On Behalf of Management


Michael MacLeod, President & CEO

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 Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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