Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

September 13, 2007 06:00 ET

Adanac Announces Drill Results

New Ruby Creek mineralized zone yields 0.162% Mo over 33.52 meters

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2007) - Adanac Molybdenum Corporation (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) is pleased to announce high molybdenum concentrations reported in the first assay results from its 2007 exploration program on the Ruby Creek property near Atlin, British Columbia.

Core samples from drill hole A-07-373 averaged a molybdenum concentration of 0.162% over a length of 33.52 meters (see accompanying summary table of results).

"We are very encouraged by the results from this first phase of drilling on the Ruby Creek property," said Mike MacLeod, President and CEO. "The holes drilled into the northwest wall of the proposed open pit mine show there is considerable potential for economic mineralization that could lead to a variety of options for future development."

Adanac is diamond-drilling 14 holes, for an aggregate length of approximately 7,000 meters, to explore for mineralization beyond the outer rim of its currently proposed 20-year open pit mine. The drill program is testing four principal targets: the down-dropped portion of the deposit, northwest of the Adera fault; the southwest extension of the deposit under the pass between the Ruby Creek and adjacent Boulder Creek drainages; a previously undrilled area of quartz veins containing coarse-grained wolframite (tungsten mineralization) near the head of Boulder Creek and a molybdenum, tungsten and tin showing lower down the Boulder Creek valley.

The first five holes were drilled into the northwest wall of the proposed pit to check on a zone of mineralization known to exist in a 250 meter-wide, northeasterly trending fault-bounded block between the Adera and Molly Lake faults. Placer Development Ltd. diamond-drilled a single hole in the area in 1980 with encouraging results, and Adanac "twinned" the hole by drilling another one adjacent to it in 2004. The more recent of the two holes, Hole A-04-310, was drilled into the side-slope above Ruby Creek at 334 degrees azimuth and -50 degree dip. It returned assays averaging 0.108% Mo between 190.80 meters and 300.53 meters (a distance of 109.73 meters) and ended in mineralization. (Hole locations can be seen on a map of Ruby Creek, either on a pdf version of this news release or in the news release section of

Assay results for the first three holes from the 2007 program are summarized in the table below. Hole A-07-372 and Hole A-07-373 were collared approximately 60 meters southwest of Hole A-04-310, and drilled subparallel to it.

Mineralized Intervals: 2007 Drill Programme

Drill Hole From To Length Average
Number (m) (m) (m) %Mo(i)

A-07-372 62.48 96.01 33.53 0.102
includes 68.58 71.63 3.05 0.696
239.27 333.76 94.49 0.090
includes 254.51 257.56 3.05 0.351
includes 260.60 263.65 3.05 0.555
376.43 379.48 3.05 0.482

A-07-373 44.20 77.72 33.52 0.162
includes 44.20 47.25 3.05 0.291
includes 62.48 65.53 3.05 0.510
includes 65.53 68.58 3.05 0.334
92.96 96.01 3.05 0.485

A-07-374 47.24 50.29 3.05 0.491
105.16 361.19 256.03 0.080
includes 227.08 306.32 79.24 0.120
includes 160.02 163.07 3.05 0.255
includes 239.27 242.32 3.05 0.373
includes 248.41 251.46 3.05 0.273
includes 284.99 288.04 3.05 0.290
includes 321.56 324.61 3.05 0.219
includes 345.95 349.00 3.05 0.208

(i) Assaying performed by Acme Analytical Laboratories Ltd. of
Vancouver, B.C.
(i) All assay values greater than 0.2% Mo listed separately
(i) Determinations based on assay intervals of 3.05 metres

Hole A-07-372 was collared at a dip of -50 degrees on an azimuth of 330 degrees. It shows two main zones of mineralization; an upper zone, between 62.48 meters and 96.01 meters, that averages 0.10% Mo over 33.53 meters, and a lower zone that grades 0.09% Mo between 239.23 meters and 333.76 meters (a distance of 94.53 meters). Molybdenite mineralization occurs beyond the Molly Lake fault, which was intersected at approximately 292 meters depth. It continues intermittently down to the bottom of the hole, at 384 meters.

Hole A-07-373 was collared from the same site on the same azimuth. It was drilled with a dip angle of -70 degrees to test for the downward extension of the mineralization found in Hole A-07-372. It intersected the upper mineralized zone between 44.20 meters and 77.72 meters (a distance of 33.52 meters grading 0.162% Mo) and entered a major fault at 190.50 meters. It stayed in the fault until the bottom of the hole, at 397.76 meters. Deformed quartz veins with molybdenite occur locally in the crushed rock of the fault zone, but molybdenum values are erratic and there are no other continuous, higher-grade intercepts. The orientation of the fault is not known.

Hole A-07-374 was collared approximately 80 meters northeast of Hole A-04-310. It was drilled at the same azimuth as Hole A-07-272 and Hole A-07-273 but with -60 degrees of dip. It was well mineralized over much of its length down to, and beyond, the Molly Lake fault, which it encountered at approximately 336.80 meters. The drill core assayed 0.08% Mo between 105.16 meters and 361.19 meters (256.03 meters). This intercept includes a higher-grade zone, between 227.08 meters and 306.32 meters, that averages 0.12% Mo over 79.24 meters. Mineralization continues intermittently to the bottom of the hole, at 361.19 meters.

The drill results obtained to date show the fault-bounded rocks underlying the northwest wall of the proposed pit are well mineralized, and that a thick zone of mineralization found in the footwall of the Molly Lake fault can be traced for 140 meters in a northeasterly direction, between Hole A-07-372 and Hole A-07-374. The full extent of this zone has yet to be determined; however, it is believed to extend for at least another 150 meters to the northeast, as similar mineralization has been observed in Hole A-07-376.

Further assay results will be released as they become available.

The drill results should have a significant impact on the deposit's ultimate combined "measured" and "indicated" geological resource which, as currently defined by Golder Associates Ltd., comprises 212,907,000 tonnes grading 0.063% Mo at a 0.04% Mo cut-off (News Release, March 21, 2007). The company expects its Qualified Person, Kevin Palmer of Golder Associates Ltd., to visit the property later this month. Golder will recalculate the resource estimate at the conclusion of the drill program.

Conference Call and Webcast

Adanac Molybdenum will discuss drilling results from its Ruby Creek property during a conference call with a live audio webcast on Thursday, September 13 at 12 noon (ET). Investors and analysts only may ask questions by dialing 416-644-3421 or 1-800-595-8550. To access the simultaneous webcast, log on to The call will be archived until midnight on September 27, 2007 and can be accessed by dialing 416-640-1917 or 1-877-289-8525 and entering passcode 21246721#.

This news release was prepared by Robert H. Pinsent, Ph.D., P.Geo., a Qualified Person pursuant to National Instrument 43-101.

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.

To view the attached map please click on the following link:

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

Contact Information