Incentive Stock Options

Adanac Molybdenum Corporation (TSX: AUA) (Pink Sheets: AUAYF) (Frank: A9N) will grant, to six new employees, incentive stock options to purchase an aggregate of 375,000 shares in the capital stock of the Company. The options will be granted for a period of five years commencing March 17, 2008, at $0.74 per share.

The new key employees include:
• Ms. Gayle Dalli, Vice President of Finance, who has over 16 years investment banking experience in Australia and New York, including the Australian and New Zealand Banking Group and ABN Amro.
• Ms. Maria Chung, Audit Risk Manager, who has over 10 years experience establishing work and accounting protocols with major Canadian industrial and accounting firms, including ATCO Power and Ernst and Young.
• Mr. Ron MacKenzie, Chief Assayer, who has over 20 years assaying experience with Canadian mining operations, the Cantung Mine, Brewery Creek Mine, and the Snip Mine.

These options are being granted to new employees that have joined the Adanac team in the Administration, Engineering/Environmental, Accounting and Corporate Finance areas.

The Employee stock options are subject to the approval of the regulatory authorities.

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.