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Adanac Moly begins Ruby Creek drill program

2006-07-11 15:08 ET - News Release

Mr. Larry Reaugh reports

ADANAC REPORTS DIAMOND DRILLING HAS COMMENCED AT RUBY CREEK MOLY PROJECT (8,000 - 10,000 METERS)

Adanac Moly Corp. is confirming that diamond drilling begun on June 28, 2006, on the Ruby Creek molybdenum project located 34 kilometres northeast of Atlin, B.C. Diamond drilling was delayed due to a very late spring breakup, whereby access was prohibited by deep snow and heavy mud. Currently two drills are drilling minus 45-degree-angle holes in the high-grade section of the proposed open pit.

These holes are required for metallurgical testing but will also determine whether vertical fractures contain a significant amount of molybdenum, as indicated by the 10,000-tonne bulk sample test performed by Kerr Addison in 1970. Their work appears to increase the grade over the drill holes by up to 20 per cent. The Ruby Creek deposit is currently defined by vertical drill holes that may not have adequately tested the vertical fractures. They may have been better represented in Kerr Addison's larger bulk sample.

Three angle holes will be drilled to the southeast to define the extent of the deposit further and two angle holes will be drilled to the northwest, to the north of the Adera fault, a northeast-trending structure that down drops the deposit to the north. They will be drilled as step-out holes on either side of a hole ( No. 310) drilled by Adanac Moly in 2004 that returned 0.11 per cent molybdenum over 113 meters at the foot of the hole.

The remaining nine holes will further test the western extension of the deposit. One will twin a deep vertical hole drilled by Climax Molybdenum Corp. in 1974 ( No. 146) that returned 0.1 per cent molybdenum over 37 meters below a depth of 300 meters. The hole ended in mineralization. This hole, along with others drilled by Adanac Moly suggests that the deposit plunges to the southwest. The remaining eight holes will test for the down-plunge extension of the deposit.

The first 12 holes may affect the grade of the deposit, as currently defined; however, the others are on the periphery of the proposed pit and are not likely to be included in the resource study.

We seek Safe Harbor.

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