1)

Socio-economic Environmental Studies

Klohn Crippen Consultants Ltd. were contracted to complete all environmental and socio-economic studies on TRCMP.  Preliminary filings have been made to the government with final permit applications to be filed in two weeks.

2)

Drill Program (Infill and Twin Holes)

Approximately 9,022 meters (29,592 ft) of diamond drilling was completed in 2004 to facilitate a 43-101 resource study by Amec (PLC)

3)

NI 43-101 Resource Study

Amec (PLC) delivered a NI 43-101 resource study resulting in a measured and indicated tonnage of 205,100,000 Tonnes grading .062% Mo at a .04% Mo cut-off containing 278,100,000 lbs of Mo.

4)

Project Report Filed

The proposed Ruby Creek Molybdenum Project Description Report was submitted to the BC Environmental Assessment office.

5)

Project Management Appointed

Mr. Michael MacLeod, P.Eng., was hired as Vice President of Project Development.  Mr. MacLeod’s formal education included a B.SC Eng. (Mining), and M. Eng. (Mining) and an MBA.  As seasoned mine developer, Mr. MacLeod has more than 25 years experience as a consultant for, or an employee of, several major and junior mining companies.  He has been responsible for major capital projects, feasibility assessments, marketing and environmental studies.

6)

Pre-feasibility Awarded

Pre-feasibility work was contracted to the following engineering firms:

• GOLDER ASSOCIATES LTD. (GOLDER) - for mine design, rock slope stability, and updating the resource model to include the diamond drilling just completed. GOLDER is a world renowned company recognized as a leader in resource and reserve estimation/evaluation and for its mining and geotechnical expertise.

• WARDROP ENGINEERING INC. (WARDROP) - for detailed development of the mill process and infrastructure including the diesel-electric power plant to be used in the initial years of operation; and to evaluate specific alternative options for process unit operations. WARDROP is a full service engineering company with 50 years of successful history serving the Canadian mining industry.

• MINNOVEX TECHNOLOGIES INC. (MINNOVEX) - for completion of comminution and flotation testwork to optimize these processes for the Ruby Creek resource. The test work results are essential components for detailed process design, and the geometallurgical parameters will also be incorporated into GOLDER’S resource model. MINNOVEX a recognized leader in comminution & flotation testwork for process plant design and recently became part of the Lakefield SGS group.

• KLOHN CRIPPEN CONSULTANTS LTD. (KLOHN CRIPPEN) - continuation of site geotechnical engineering services for site water management, tailings storage and waste rock storage. KLOHN CRIPPEN is a recognized leader in the design of tailings dams

7)

Socio-economic Environmental Team Appointed

The company assembled a socioeconomic and environmental team to streamline their permitting and communication with project stakeholders.

8)

Diamond Drill Program (part of the feasibility requirements)

A 5,000 meter (16,400 ft) drill program has been completed within the pit perimeter in order to upgrade the existing resource, provide additional samples for metallurgical testing and provide information for geo-technical studies on pit slope stability and limited exploration.  The program was completed in early October with results expected within two weeks.

9)

Proposed Offtake Agreement (with Traxys)

The Company entered into an exclusive agreement with Traxys S.A. Luxembourg ("Traxys") to authorize Traxys as its exclusive representative to discuss/market potential molybdenum product from its Ruby Creek deposit up to December 15, 2005 in order to determine the feasibility of an Offtake Agreement with Adanac.

An Offtake Agreement is an agreement where a customer for molybdenum product agrees to buy a part or the total output of molybdenum from a producing mine at pre-determined prices and conditions over a number of years.  Offtake agreements can be used by a producer to provide enough funds to repay project financing debt and to pay necessary operating costs and expenses.  Offtake Agreements are often requested by banks providing project financing to mitigate the market risk of financing a project.

10)

Taku River Tlingit First Nation Agreement

Adanac entered into an agreement and signing of a work plan initiative presented by the Taku River Tlingit First Nation (“TRTFN”).  TRTFN is examining Adanac’s Ruby Creek Project independent of the British Columbia Environmental Assessment Process (“BCEAO”). Adanac acknowledges and takes seriously TRTFN’s rights and title within their territory, and as a gesture of good will, is fully funding TRTFN’s efforts in this review.

11)

Liaison Committee

Adanac entered into an initiative in the forming of the Ruby Creek Liaison Committee.  This Committee will provide Adanac a venue to communicate to the local Atlin community, the technical and socio-economic aspects of the Ruby Creek Project, while providing an opportunity for all Atlin and area residents a structured forum to address any concerns or input through direct feedback.  The Committee is made up of the many multi-faceted interests and will provide a represented balance within the Atlin community. 

12)

Pre-feasibility Results and Final Feasibility

The successful completion of the preliminary feasibility study indicated (over a five year period) an average total cost/lb of $6.80(US)/lb at an average price of Moly $17.00(US)/lb would result in a 28.49% IRR with a payback of 416 million Cdn. In three years (see press release dated September 1, 2005). The engineering firms involved in the preliminary feasibility are currently completing the final feasibility study, expected to be completed by December 31, 2005.