2007 Resource Estimate Contains Additional 10 Million Lbs of Metal Above 0.04% Mo Mining Cut-Off Grade

Adanac Molybdenum Corporation (AUA: TSX.V, Pink Sheets: AUAYF, Frank: A9N) is pleased to announce that it has received the updated Mineral Resource Estimate from Golder Associates Ltd.("Golder"); prepared in accordance with the requirements described in National Instruments 43-101 "Standards of Disclosure for Mineral Project". The following table presents the tonnages and grades estimated by Golder in 2007 and compares the amount of contained molybdenum (Mo) with the Golder 2006 estimate.

The Golder 2007 Estimate includes the results from the 3921m of drilling of 16 angle holes performed in 2006 to test the mineralization potential of sub-vertical and vertical vein systems, in an attempt to understand why the 9945 tonne bulk sample processed by Kerr Addison Mines Limited, (1971) from raises along 6 vertical diamond drill holes graded on average 20% more than was predicted from the core assays of those holes. The overall results are inconclusive, however as shown below, comparing the estimates for the measured & indicated resources using 0.04% Mo cut-off shows that while the average grade remained the same, the amount of Mo increased by 10.1 million lbs.

The 2006 drilling campaign included an extensive programme of quality assurance and control. The sampling and assaying control was rigorous to ensure accuracy and precision, freedom from contamination and maximum control. Golder converted the earlier drill hole and sampling database into NAD83 UTM Coordinate Systems from the NAD27 UTM Coordinate Systems. All drill hole information was validated through a checking program which re-measured 5% of the database. These updated data have been developed by Mr. Paul Palmer P.Geo., P.Eng. who visited the project site August 22nd, 2006: he is an independent consultant and Qualified Person pursuant to National Instrument 43-101. Assaying was performed by Acme Analytical Laboratories Limited in Vancouver, BC.

The Ruby Creek Project is a proposed open pit molybdenum mine situated 24 kilometers northeast of Atlin, BC, which will operate at 20,000 tonnes per day for 20 plus years and have 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. The Project is currently in the detailed engineering and equipment procurement phase and is progressing through the environmental assessment process which should be completed during the 2nd quarter of this year.

This press release was prepared by John W. Fisher, C.Eng., P.Eng., a Qualified Person pursuant to National Instrument 43-101.

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.