Adanac Completes Awards of Long Lead Time Items - $39.2 Million

Adanac Molybdenum Corporation (TSX Venture: AUA) (Pink Sheets: AUAYF) (Frank: A9N) is pleased to announce that it has authorized its engineering contractor, Amec Americas Limited (“AMEC”), to award supply of Secondary Cone crushers to Sandvik Mining & Construction Canada Inc., and supply of High Pressure Grinding Rolls (HPGR) to Humboldt Wedag Inc. of Norcross, G.A. U.S.A.

These items of process equipment are the remaining major pieces required to complete the comminution circuit: manufacturing time is well in excess of one year for HPGR units and up to nine months for the Cone crushers. ADANAC has committed to the purchase of the four main components (Gyratory crusher, Cone crushers, HPGR units and Ball Mill) needed to establish design and layout for crushing & grinding in the mill process. The total expenditures for the long lead items including the camp are $39,150,000.00 CDN of which 10% in down payments have been committed.

Detailed design of concentrator and infrastructure at Ruby Creek is proceeding on schedule under AMEC’s control. The project is slated for start up and commissioning at the end of 2008.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Michael MacLeod,
President & Chief Executive Officer

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.