Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit

August 8, 2008

Adanac Molybdenum Corp. ("Adanac or the Company", - TSX:AUA, Pink Sheets:AUAYF, Frankfurt:A9N) is pleased to announce that the Province of British Columbia has created a fish habitat reserve which prohibits claim staking in the Upper Pine Creek drainage of the Surprise Lake watershed. The reserve will facilitate the Ruby Creek Mine Project fish habitat compensation program, required by the Government of Canada, for tailings impoundment permitting.

The reserve is expected to provide safe fish habitat and beneficial spawning, rearing and foraging areas in the Surprise Lake watershed which is home to significant fish populations.

The Company is constructing the Ruby Creek mine, process facility and infrastructure, under permits issued by the Province of British Columbia. The Government of Canada tailings impoundment review continues and completion is expected in 2009, well before mine production planned start in Q4 2010.

The creation of the fish habitat reserve is the culmination of many years of research and coordinated efforts by the Project Working Group which includes the Taku River First Nation and its consultants, the Atlin Community, the BC Ministry of Environment, the BC Ministry of Energy, Mines and Petroleum Resources and Fisheries and Oceans Canada.

Peter Jones, Adanac CEO said, "the fish habitat creation shows how the Governments of British Columbia and Canada are working together to facilitate Ruby Creek production permitting". He also said "we are in process of sourcing final construction funding which we are targeting to have in place before yearend".

About Adanac Molybdenum Corporation

Adanac Molybdenum Corporation is listed on the TSX and Frankfurt exchanges and owns the Ruby Creek Molybdenum Project in Northern British Columbia. The Company has advanced the project through feasibility studies, a production decision and has previously ordered long-lead equipment, completed permitting for construction, constructed a road to the site and secured $80 million in bridge financing. The Company is sourcing final construction funding and expects a site construction start in February 2009 and production in Q4, 2010.

Information Contact
Peter R. Jones – Chairman, President & CEO
Suite 200 – 2055 152 Street, Surrey, B.C. V4A 4N7
Telephone: 604-535-6834 Facsimile: 604-536-8411
Email: info@adanacmoly.com

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.

News

2008

Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit