Adanac Completes Increase to Bridge Financing

Dr. David Stone, CEO, reports:

ADANAC MOLYBDENUM CORPORATION COMPLETES INCREASE TO THE PREVIOUSLY ANNOUNCED BRIDGE FINANCING; PROCEEDS TO BE USED TO PARTIALLY FUND EQUIPMENT PURCHASES, DETAILED ENGINEERING, CONSTRUCTION PLANNING AND CORPORATE OVERHEAD FOR THE DEVELOPMENT OF THE PROPOSED RUBY CREEK PROJECT.

Adanac Molybdenum Corporation (TSX: AUA) (Pink Sheets: AUAYF) (Frank: A9N) (“Adanac” or the “Company”) today confirmed it closed on an additional $11.5 million to increase the previously announced Bridge Financing to a total funded amount of $80 million. The additional $11.5 million of the Bridge Financing was purchased by a leading global institutional investor. The proceeds will be used to fund continued development of the company’s proposed Ruby Creek molybdenum project.

The financing is in the form of senior secured notes and warrants issued pursuant to a Securities Purchase Agreement signed on 23 May, 2008. The agreements related to the financing were filed on SEDAR.

Adanac Molybdenum Corp. is engaged in the exploration and development of mines to produce molybdenum and other ferro-alloy metals. Its flagship property is the Ruby Creek molybdenum project located near Atlin, BC. The property contains an open pit reserve of 157.7 million tonnes grading 0.058% Mo using a 0.040% cut-off grade. This news release has been reviewed by Michael MacLeod, P.Eng. a qualified person pursuant to National Instrument 43-101 and the President and Chief Operating Officer, of the Company.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Michael MacLeod,
President & Chief Operating 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.