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Adanac signs Ruby Creek phase 2 JV deal with Natives

2006-10-06 14:22 ET - News Release

Mr. Larry Reaugh reports:

ADANAC AND TAKU RIVER TLINGIT FIRST NATION SIGN COLLABORATIVE RELATIONSHIP MEMORANDUM OF AGREEMENT FOR PHASE 2

Mr. Larry W. Reaugh, President and Chief Executive Officer, is pleased to announce that the TAKU RIVER TLINGIT FIRST NATION (TRTFN) and Adanac Moly Corp. (ADANAC) (TSX VENTURE:AUA)(PINK SHEETS:ANCGF)(FWB:A9N) have signed a Memorandum of Agreement which establishes Phase 2 of their Collaborative Relationship. This comes more than a year after the parties announced agreement and signing of Phase 1; a three-month work plan initiative prepared by the TRTFN in July, 2005; which was extended by mutual consent facilitating the ongoing development and building of a mutually respectful and comprehensive professional relationship.

Phase 2 covers the Environmental Application review period up to receipt of the Environmental Assessment Certificate for the Ruby Creek Molybdenum Project, which is expected during the first quarter of 2007. The guiding objectives of Phase 2 include:

• Recognizing and respecting the TRTFN Aboriginal title and rights;
• promoting sustainability of TRTFN land-based values, economy and culture; and
• promoting social and economic well being of Atlin and T RTFN communities.

To these ends ADANAC will fund various TRTFN initiatives such as:

• Traditional Land Use and Impact Study;
• hiring of independent specialists consultants to assist TRTFN technical review of the Application; and
• promote the broad understanding of the Project within the TRTFN membership.

Furthermore, during this period ADANAC and TRTFN will conclude an Impacts and Benefits Agreement (IBA) which envisions significant economic and social benefits arising from the successful development of the Ruby Creek Molybdenum Project.

ADANAC and the TRTFN are pleased with their progress to date and are looking forward to a long and rewarding relationship as the Ruby Creek Molybdenum Project proceeds through development and operation.

We seek Safe Harbor.

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