Adanac Molybdenum Corporation

Adanac Molybdenum Corporation

November 19, 2010 16:23 ET

Adanac Molybdenum Corporation: Court Grants Sanction Order Approving Plan of Arrangement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2010) - Adanac Molybdenum Corporation ("Adanac" or the "Company") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) is pleased to announce that the British Columbia Supreme Court (the "Court") made an order (the "Sanction Order") today sanctioning the Company's plan of compromise and arrangement (the "Plan") pursuant to section 6 of the Companies' Creditors Arrangement Act (Canada) (the "CCAA") and section 291(4) of the Business Corporations Act (British Columbia).

Upon the satisfaction or waiver of remaining conditions precedent to the Plan, Adanac will implement the Plan in accordance with its terms and the Sanction Order, including, among other things, by making distributions of cash or shares to its affected creditors in satisfaction of Adanac's obligations to those creditors.

Information and documents relating to the Sanction Order and the Plan are available on the website of Adanac's Court-appointed Monitor, KPMG Inc.:

About Adanac Molybdenum Corporation

Adanac Molybdenum Corporation owns the Ruby Creek Project, which is located in northwest British Columbia. Adanac has advanced this primary molybdenum property through feasibility studies, a production decision and an updated resource estimate. Upon emergence from protection from its creditors under the CCAA, Adanac will have minimal debt and will be positioned to resume its efforts to develop the Ruby Creek Project.

Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward looking information include risk factors discussed in the Annual Information Form for the year ended April 30, 2008 for the Company available at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States unless an exemption from registration is available.

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