Management Reorganization
July 14, 2008
Adanac Molybdenum Corp. ("Adanac") (TSX: AUA, Pink Sheets: AUAYF, Frank: A9N), ("the Company") is pleased to report that Mr. Paul F. Nelson, C.A., has been appointed to the position of President and CEO of the Company. Mr Nelson, who has been a director of the Company since 2006, is a Chartered Accountant with extensive senior experience in the areas of corporate finance, strategic planning, controllership, treasury and restructuring. For over 20 years Mr. Nelson held a number of senior positions in finance at Telus Corporation and since 2001 has been engaged in consulting in corporate finance issues.
Dr. David Stone (President, Chief Executive Officer and Director) is leaving to pursue other interests. The Board would like to thank Dr. Stone for his services as director and interim CEO and wishes him well in his future endeavours.
Adanac is pleased to announce the engagement of Mr. Peter R. Jones, P. Eng., as a consultant to the Company, to provide strategic experience in the mining industry and recently retired as Director of HudBay Minerals Inc. where he was instrumental in raising funds for the purchase of Hudson Bay Mining and Smelting Co., Limited and for HudBay's IPO and subsequently in 2006 achieved one of the highest share price and capitalization gains on the TSX. Peter has extensive project experience and mine operational experience. For the past two years he was also Chairman of the Mining Association of Canada and in 2006 was named prairie region, Entrepreneur of the Year by Ernst and Young.
The Company is pleased to announce that Mr. Dan Koyich is rejoining the Adanac Board of Directors. Mr. Koyich has been a director of public companies since 1997. He was previously a director of Adanac and is currently Vice-President Corporate Development for Adanac. Mr. Koyich has provided consulting services regarding investor relations, business administration and financing for publicly listed companies. Mr. Koyich will be a valuable addition to the board.
The Company has been conducting interviews with the assistance of C.J. Stafford and Associates to identify high quality senior management candidates to effectively move the Ruby Creek project forward through the final stages of financing and into production.
Adanac Molybdenum Corporation 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.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
Paul Nelson,
President & Chief Executive Officer
Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward looking information include risk factors discussed in the Annual Information Form for the year ended April 30, 2008 for the Company available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States unless an exemption from registration is available.
