Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

November 10, 2006 14:35 ET

Adanac Appoints Senior Financial Advisor

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 10, 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 Adanac's Board of Directors has appointed CPM Group ("CPM") as the company's senior financial advisor. Under the terms of the agreement, CPM will become the exclusive financial advisor to Adanac for a term of at least twelve months. CPM will provide Adanac with debt capital sourcing and other financial advisory services as required by Adanac to fund the costs of Adanac's Ruby Creek molybdenum project near Atlin, British Columbia.

The company feels that CPM is the natural choice for this task as they are unique experts in commodities as well as investment banking. The company has been in discussion with Douglas Sherrod, BSc., Group Director of Investment Banking at CPM and were thoroughly impressed by his knowledge and level of due diligence that goes into his work. We look forward to working with Mr. Sherrod and his group in moving the world class Ruby Creek Project forward.

Mr. Sherrod has spent the majority of his career working in New York City and has over twenty years experience from an investment banking and structured finance background in the natural resource sector. During this time he has been responsible for closing in excess of US$3 billion of financings for expansion projects around the world. Prior to joining CPM he has had positions at Dresdner Kleinwort Wasserstein, Deutsche Bank AG, Sharps Pixley Inc., and Citibank, N.A., serving corporate clients in the natural resource sector.

About CPM Group:

CPM was founded in 1986 through a management buy-out of the commodities research group of Goldman, Sachs & Co. Since then, CPM has developed into one of the world's leading commodities research and investment companies. CPM's research driven approach focuses on the primary fundamental analysis of the commodities markets around the world. Their research base consists of experienced, insightful analysts who dedicate their time to the use of primary data and statistics compiled over CPM's twenty-year independent research history. That coupled with CPM's market contacts around the world provides information and insight that enables CPM's research group to formulate unique market analyses and forecasts. This research is the driver behind their client services in investment banking and commodities management. More information can be obtained through CPM's website

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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