RUBY CREEK PROJECT

Adanac Molybdenum announced an updated Mineral Resource Estimate for its 100%-owned Ruby Creek molybdenum deposit located in northern British Columbia, Canada. At a cut-off grade of 0.04% molybdenum, the resources are now estimated at 43.6 million tonnes at an average grade of 0.078% Mo (with 75.4 million pounds of contained Mo) classified as Measured Mineral Resources, 231.7 million tonnes at an average grade of 0.065% Mo (with 332.6 million pounds of contained Mo) classified as Indicated Mineral Resources, and an additional 39.1 million tonnes at an average grade of 0.062% Mo (with 53.7 million pounds of contained Mo) classified as Inferred Mineral Resources.

Announced drill results. Highlights include: hole AD-425: 176.78 m @ 0.113% Mo.

Announced that the company updated the Bankable Feasibility Study costs. In addition to the Bankable Feasibility Study cost update, the company has examined an alternative plan of increasing the mine production rate from the December 2007 Bankable Feasibility Study throughput of 23,000 tonnes per day to 30,000 tonnes per day after production year three. The Ruby Creek project, with a production rate of 23,000 tonnes per day, has an updated capital cost estimate of Cdn. $647 million and life of mine average annual site operating costs of US$9.75 per pound of Molybdenum, generating a Net Present Value (NPV) at an 8% discount rate of US$110 million and an Internal Rate of Return (IRR) before tax of 12.0%. The alternative 30,000 tonne plan has the same initial capital cost of Cdn. $647 million, as well as the same permitting and production rate to the end of production year three. During the life of mine an additional US$45 million of sustaining capital is required. The alternative 30,000 tonne plan life of mine average annual site operating costs of US$7.63 per pound of Mo, generates an NPV (at an 8% discount rate) of US$387 million and an IRR of 19.8%.