Adanac Molybdenum Corporation
TSX VENTURE : AUA
PINK SHEETS : ANCGF
FRANKFURT : A9N

Adanac Molybdenum Corporation

December 14, 2006 13:23 ET

Adanac Molybdenum Corporation: New Moly Zone Encountered South of Open Pit

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) - Adanac Molybdenum Corporation (TSX VENTURE:AUA)(PINK SHEETS:ANCGF)(FWB:A9N) is pleased to release the final batch of assay results from its summer drill-program at the Ruby Creek Molybdenum Project, located 24 kilometers NE of Atlin, British Columbia. It announced the results for the first six drill-holes (A-06-356 to A-06-361) on 31st August and the second seven (A-06-362 to A-06-368) on 25th October, 2006. The current release is for three exploration holes (A-06-369 to A-06-371) drilled into (and beyond), the south wall of the proposed ultimate pit, as defined by Golder Associates in 2005 (see Press Release dated March 6th 2006).



Adanac Molybdenum Deposit
Mineralized Intervals: 2006 Drill Programme

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Drill Hole # From (m) To (m) Length (m) Average % Mo(i)
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A-06-369 227.70 374.00 146.3 0.077
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includes 258.16 334.40 76.2 0.114
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includes 258.16 261.21 3.05 0.200
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includes 279.50 282.55 3.05 0.322
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includes 309.98 313.03 3.05 0.210
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includes 322.17 325.22 3.05 0.247
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includes 325.22 328.27 3.05 0.221
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A-06-370 270.70 307.30 36.6 0.072
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includes 298.09 301.14 3.04 0.234
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75.59 78.64 3.05 0.218
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179.22 182.27 3.05 0.298
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182.27 185.32 3.05 0.339
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240.18 243.23 3.05 greater than 0.400
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337.72 340.77 3.05 greater than 0.400
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A-06-371 278.90 346.00 67.1 0.052
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includes 312.40 333.70 21.3 0.073
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includes 300.23 303.28 3.05 greater than 0.400
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(i) Determinations based on ICP analysis over 3.05 metres:
Values greater than 0.2% Mo listed.


Drill-hole A-06-369 was collared 100 metres southwest of drill-hole A-04-333 (see map attachment) which is, itself, just beyond the southwest limit of the pit. Drill-hole A-04-333 was a vertical hole, drilled to a depth of 301 metres that assayed 0.086 % Mo over 76.2 metres between 209.7 and 285.9 metres. Drill-hole A-06-369 was a similar, vertical hole, drilled to test for an extension of the mineralization to the southwest. It encountered a broad zone of mineralization containing 0.077 % Mo over 146.3 metres, from 227.7 metres to 374.0 metres. This zone includes a higher-grade section, from 258.2 metres to 334.4 metres, that averaged 0.114 % Mo over 76.2 metres. The drill-hole intersected a hitherto poorly documented equigranular granite or quartz monzonite at approximately 350 metres depth. This buried intrusion is altered but relatively unmineralized. The better-grade mineralization occurs in weakly deformed coarse and fine-grained granite or quartz monzonite country-rock immediately above the contact. This hole shows that the mineralization continues and is open to the southwest.

Drill-hole A-06-370 was drilled at an angle of -50 degrees on an azimuth of 154 degrees to test for mineralization under the south wall of the proposed pit. It was located on the same site as A-06-324. The latter hole intersected mineralization grading 0.068 % Mo over 70.1 metres, from 146.0 metres to 216.1 metres, and included a higher grade section at its base that assayed 0.089 % Mo over 30.5 metres. Drill-hole A-06-370 was drilled to a depth of 420 metres and cut through similar rocks to those found previously. The mineralization proved to be more erratic. However, it included a 36.6 metres section, from 270.7 metres to 307.3 metres, that averaged 0.072 % Mo, and numerous scattered higher-grade intercepts (see table). Of these, two, at 240.2 metres and 337.7 metres, contained greater than 4000 parts per million of molybdenum (0.4% Mo); the upper limit of the ICP analytical method used.

Drill-hole A-06-371 was also drilled at an angle of -50 degrees on an azimuth of 154 degrees to test for mineralization under the south wall of the proposed pit. It was located at an old site where Kerr Addison Mines Limited drilled a vertical hole in 1970. KA-102 is reported to have assayed 0.061 % Mo over 42.7 metres, from 143.3 metres to 186.0 metres, with the best mineralization at the bottom of the hole. Drill-hole A-06-371 was drilled to a depth of 396.2 metres and contained 0.052 % Mo over 67.1 metres, from 278.9 metres to 346.0 metres. This section contains a slightly higher grade portion that averages 0.073 % Mo over 21.3 metres, from 312.4 metres to 333.7 metres. It also contained several scattered higher-grade intercepts, including one, at 300.23 metres, that grades greater than 4000 parts per million Mo. (See attached drill hole location map).

The Company is encouraged by the molybdenum grades encountered in these peripheral exploration holes. They show that mineralization continues under the south wall of the proposed pit, and suggest that there are better-grades associated with a newly discovered and poorly defined buried intrusion located under the headwaters of Ruby Creek. The company plans to revisit the area next summer and drill additional holes to delineate the intrusion better, and see if the mineralization associated with it can be traced across the divide into the Boulder Creek drainage.

The Qualified Person in connection with this press release and in respect of the Atlin, Ruby Creek Project is Dr. Robert Pinsent, PHD., P.Geo, Exploration Manager, who is responsible for verification and quality assurance of the exploration data and analytical results set forth in this release. Assays were completed by Acme Analytical Laboratories Ltd. of Vancouver, BC.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Michael MacLeod, President and Chief Executive Officer

To view the map accompanying this press release, please click on the following link: http://www.ccnmatthews.com/docs/adanac1.jpg

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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