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LOCATION > SECULAR BULL > ADANAC > PRESS RELEASE > September 19, 2007
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VANCOUVER, BRITISH COLUMBIA, Sep 19, 2007, via COMTEX News Network) -- Adanac Molybdenum Corporation (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) is pleased to announce its Board of Directors has approved management's recommendation to proceed with development and construction of the Ruby Creek Molybdenum Project located near Atlin, British Columbia. The action follows the awarding of an Environmental Assessment Certificate
for the project from the Federal agencies were fully involved in the environmental review process, and approval from the Department of Fisheries and Oceans is expected before the end of October. "This is a very exciting milestone for Adanac," said Michael MacLeod, President and CEO. "The Board's decision to proceed underlines its confidence in the strategic plan developed by management." The Company has completed a review of the estimated capital cost of the project, based on 30% of detailed engineering being complete. Rising capital equipment costs and an increase in the planned average processing rate from 900 to 1,100 tonnes per hour have increased the construction cost to $640 million from a previous figure of $460 million. The amended total includes a contingency amount of $57 million plus $20 million for construction risk. Approximately $40 million has been spent on the project to date. Re-engineering of the open pit mine, based on up-to-date mining and processing costs and a long term molybdenum price of US$10/lb, incorporates the Phase 5 resource identified in the Company's feasibility report released on April 28, 2006 into the long term mine plan. The annual processing rate increases to 7.6 million tonnes per year based on milling approximately 157 million tonnes grading 0.058% molybdenum. The mine life is estimated to exceed 20 years. The Commodity Price Research team at CPM Group of A diamond drilling exploration program is being planned to extend and follow up results for the work currently under way. This program is expected to run through the first quarter of 2008. Results to date have been very encouraging, and future activities aim to expand and delineate new resources for subsequent economic evaluation. Adanac is currently engaged in advanced discussions with selected financial institutions and potential strategic investors to complete the financing for the project. Full funding is expected to be in place early in the first quarter of 2008. This news release was prepared by John Fisher, a Qualified Person pursuant to National Instrument 43-101. On Behalf of Management ADANAC MOLYBDENUM CORPORATION Michael MacLeod, President & 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 Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission. SOURCE: Adanac Molybdenum Corporation Adanac Molybdenum Corporation Michael MacLeod President & CEO (604) 531-9639 (604) 531-9634 (FAX) Email: info@adanacmoly.com Website: www.adanacmoly.com |
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