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Adanac Moly appoints Stone and Taylor as new directors

2006-02-01 14:41 ET - News Release

Mr. Larry Reaugh reports

ADANAC MAKES CHANGES AND ADDS FURTHER EXPERTISE TO BOARD

Adanac Moly Corp. has appointed Dr. David Stone and Roger Taylor, PEng, FIMM, as directors of the company.

Dr. Stone is a mining engineer with a career that spans 25 years of consulting to the metal mining industry. His principal expertise is in mining rock mechanics, where he has provided designs and operational advice for both open-pit and underground operations worldwide. He has also written a number of prefeasibility and feasibility studies based on his broad knowledge of current underground mining methods, capital and operating costs, and project development requirements.

Dr. Stone is a licensed professional engineer in a number of U.S. and Canadian jurisdictions. He is an active member of SIM, SME, NWMA and PDAC. He is the president of MineFill Services Inc., a mining consultancy based in Seattle, Wash., with offices in Vancouver and Toronto. He also sits on a number of other boards of companies listed on the Toronto Stock Exchange.

Mr. Taylor is a mining engineer with 45 years experience, having held senior positions in many operations. He has much experience with acquisitions and feasibility studies, which were done for various major mining companies.

From 1975 to 1979, he served as mine manager of the Granisle mine and was also president of Zapata Granby Mining Corp. He served as a vice-president of Cominco Ltd. and was president of its copper division from 1980 to 1985. His duties included the acquisition of Bethlehem Copper Mines Ltd. and Valley Copper Mines Ltd. to combine the assets of these companies under Cominco Ltd. He negotiated the permits and smelter contracts for the initial development of the Highland Valley orebody and expanded the Bethlehem mill to 25,00 tonnes per day to treat the Highland Valley ore. In 1984, he opened negotiations with Rio Algom for the eventual pooling of all the Highland Valley assets.

Mr. Taylor has also held directorships in companies listed on the Toronto Stock Exchange. He has also been a mining consultant employed on due diligence and evaluation of major mining operations in North America and Africa on behalf of various major mining companies and international banks.

The board of directors is pleased to welcome these experts onto the board. They will provide additional strength needed to facilitate the company's plans to become a significant molybdenum miner.

Dan Koyich has stepped down from the board of directors and has been appointed as the company's vice-president, corporate development. He will continue to work to progress the company's goals and vision.

The Ruby Creek project is a proposed open-pit molybdenum mine situated 24 kilometres northeast of Atlin, B.C., which would operate at 20,000 tonnes per day of ore for 20 and more years. It has an overall footprint of approximately 830 hectares. The company believes that the proposed mine is a sound project that will minimize any long-term environmental effects and maximize socio-economic benefits to the local community, Taku River Tlingit First Nation and British Columbia.

We seek Safe Harbor.

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