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

Adanac Molybdenum Corporation

January 03, 2007 13:23 ET

Mr. Rick Alexander Joins Adanac as Vice President, Project Development

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 3, 2007) - Michael MacLeod, President & CEO of Adanac Molybdenum Corporation (TSX VENTURE:AUA)(PINK SHEETS:ANCGF)(FWB:A9N), is pleased to announce that Mr. Rick Alexander has joined Adanac as Vice President Project Development.

Mr. Rick Alexander is a registered Professional Engineer in British Columbia with over 25 years experience in the development and operation of mining projects. His experience will be of significant benefit in the development of the world class Ruby Creek Project.

Since graduation from the University of Alberta with a B.Sc in Mechanical Engineering, Mr. Alexander has successfully directed all phases of project development from feasibility studies through to managing detailed engineering procurement and construction management activities. His experience includes greenfield and brownfield projects internationally in Russia, Former Soviet Union, central and south America and Australia; and extensive experience in Northern British Columbia, Alberta and the Northwest Territories. He was instrumental in the development of Adanac's feasibility report for its Ruby Creek Molybdenum Project.

The Company welcomes Mr. Alexander onto the team. The Company will continue to assemble a strong team of professional management over the next several months that will build and operate the mine.

The Ruby Creek Molybdenum 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. The Company believes that the proposed mine 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

ADANAC MOLYBDENUM CORPORATION

Michael 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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