Adanac Announces Completion of Previously Announced Financing

Proceeds to Partially Fund Construction, Equipment Purchases, and for Flow-Through Eligible Expenditures for the proposed Ruby Creek Project

Adanac Molybdenum Corporation (TSX: AUA) (Pink Sheets: AUAYF) (Frank: A9N) is pleased to announce that it has completed its previously announced financing (the “Financing”), raising gross proceeds of $15,367,241 to partially fund construction of the Company’s proposed Ruby Creek molybdenum project. The Financing was oversubscribed and the Agents partially exercised an overallotment option.

Under the Financing, the Company issued:

• 7,142,857 flow-through shares at a price of $1.05 per share; and

• 8,281,306 units at a price of $0.95 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable at a price of $ 1.20 until December 31, 2009.

The Financing was conducted on a best efforts agency basis. Haywood Securities Inc. and MGI Securities Inc. were the co-lead agents of the syndicate that included D&D Securities Company, Desjardins Securities Inc., Fraser Mackenzie Ltd. and Jennings Capital Inc.

The Financing follows Adanac’s October 17, 2007 announcement that the Company is retaining a U.S. investment bank in respect of a proposed debt offering totaling US$600 million. Proceeds from the proposed debt offering will be used for the Ruby Creek project.

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.