Adanac Molybdenum Corporation
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FRANKFURT : A9N
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Adanac Molybdenum Corporation

March 20, 2007 06:00 ET

Adanac Molybdenum Corporation: 2007 Resource Estimate Contains Additional 10 Million lbs of Metal Above 0.04% Mo Mining Cut-Off Grade

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 20, 2007) -

Adanac Molybdenum Corporation (TSX VENTURE:AUA)(PINK SHEETS:ANCGF)(FRANKFURT:A9N) ("Adanac") is pleased to announce that it has received the updated Mineral Resource Estimate from Golder Associates Ltd. ("Golder"); prepared in accordance with the requirements described in National Instruments 43-101 "Standards of Disclosure for Mineral Project". The following table presents the tonnages and grades estimated by Golder in 2007 and compares the amount of contained molybdenum (Mo) with the Golder 2006 estimate.



RUBY CREEK 2007 MINERAL RESOURCE ESTIMATE

FEBRUARY 2007 AND JANUARY 2006 NI 43-101 COMPLIANT RESOURCE ESTIMATES
PREPARED BY GOLDER ASSOCIATES LTD.
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Golder 2007 Golder 2006
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Cut-off (Mo%
Resource greater than
Category or equal to) Tonnage Mo% Mo lb Mo lb
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Measured 0.020 55,831,000 0.068 83,698,000 68,982,000
0.030 54,300,000 0.069 82,600,000 68,557,000
0.040 49,106,000 0.073 79,029,000 67,822,000
0.050 41,389,000 0.078 71,172,000 63,990,000
0.060 30,151,000 0.086 57,165,000 55,942,000
0.070 21,909,000 0.094 45,403,000 46,820,000
0.080 14,556,000 0.104 33,374,000 34,907,000
0.090 10,411,000 0.112 25,706,000 26,175,000
0.100 6,612,200 0.122 17,785,000 18,427,000
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Indicated 0.020 387,278,000 0.042 358,593,000 391,325,000
0.030 238,954,000 0.052 273,935,000 294,149,000
0.040 163,801,000 0.060 216,669,000 217,782,000
0.050 109,444,000 0.067 161,658,000 165,052,000
0.060 61,471,000 0.077 104,350,000 105,725,000
0.070 37,664,000 0.084 69,749,000 68,751,000
0.080 18,813,000 0.094 38,987,000 36,355,000
0.090 9,848,100 0.102 22,145,000 20,001,000
0.100 4,286,900 0.113 10,680,000 10,340,000
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Sub-Total 0.020 443,108,000 0.045 442,290,000 460,307,000
Measured 0.030 293,254,000 0.055 356,535,000 362,706,000
+Indicated 0.040 212,907,000 0.063 295,699,000 285,604,000
0.050 150,834,000 0.070 232,831,000 229,042,000
0.060 91,621,000 0.080 161,513,000 161,667,000
0.070 59,573,000 0.088 115,151,000 115,571,000
0.080 33,369,000 0.098 72,360,000 71,262,000
0.090 20,259,000 0.107 47,851,000 46,176,000
0.100 10,889,000 0.118 28,464,000 28,767,000
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Inferred 0.020 135,737,000 0.032 95,759,000 113,429,000
0.030 48,456,000 0.045 48,072,000 65,437,000
0.040 24,973,000 0.054 29,730,000 43,740,000
0.050 11,631,000 0.064 16,411,000 34,305,000
0.060 5,194,300 0.077 8,817,500 22,409,000
0.070 2,626,200 0.089 5,152,900 12,591,000
0.080 1,239,700 0.103 2,815,000 7,120,000
0.090 821,310 0.113 2,046,000 4,771,000
0.100 493,790 0.125 1,360,800 3,124,000
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The Golder 2007 Estimate includes the results from the 3921m of drilling of 16 angle holes performed in 2006 to test the mineralization potential of sub-vertical and vertical vein systems, in an attempt to understand why the 9945 tonne bulk sample processed by Kerr Addison Mines Limited, (1971) from raises along 6 vertical diamond drill holes graded on average 20% more than was predicted from the core assays of those holes. The overall results are inconclusive, however as shown below, comparing the estimates for the measured & indicated resources using 0.04% Mo cut-off shows that while the average grade remained the same, the amount of Mo increased by 10.1 million lbs.



Measured and Indicated Resource Estimate Comparison
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2007 Estimate Tonnage Grade % Mo(lbs)
---------------------------------------------
212.9 MT 0.063 Mo 295.7 M
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2006 Estimate 206.4 MT 0.063 Mo 285.6 M
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Variance 6.5 MT 0 10.1 M
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The 2006 drilling campaign included an extensive programme of quality assurance and control. The sampling and assaying control was rigorous to ensure accuracy and precision, freedom from contamination and maximum control. Golder converted the earlier drill hole and sampling database into NAD83 UTM Coordinate Systems from the NAD27 UTM Coordinate Systems. All drill hole information was validated through a checking program which re-measured 5% of the database. These updated data have been developed by Mr. Paul Palmer, P.Geo., P.Eng., who visited the project site August 22nd, 2006: he is an independent consultant and Qualified Person pursuant to National Instrument 43-101. Assaying was performed by Acme Analytical Laboratories Limited in Vancouver, BC.

The Ruby Creek Project is a proposed open pit molybdenum mine situated 24 kilometers northeast of Atlin, BC, which will operate at 20,000 tonnes per day 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. The Project is currently in the detailed engineering and equipment procurement phase and is progressing through the environmental assessment process which should be completed during the 2nd quarter of this year.

This press release was prepared by John W. Fisher, C.Eng., P.Eng., a Qualified Person pursuant to National Instrument 43-101.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Michael E. MacLeod, President and 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 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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