Adanac Receives BC Mines Act Permit
Friday June 20, 6:00 am ET
ca.us.biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 20, 2008 -- Adanac Molybdenum Corporation (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) ("Adanac" or the "Company") is pleased to announce the receipt of the provincial Mines Act Permit for its proposed 20,000 tonne per day Ruby Creek Molybdenum Project ("the project") located near Atlin, British Columbia.
The Mines Act Permit is the most crucial approval issued by the Province of British Columbia. Along with other facets of development, it will allow for site preparation, earthworks, steel erection, mill construction and assembly, and open pit development.
The Mines Act Permit process was the subsequent step to the Environmental Assessment process which focused on the potential impacts of the Ruby Creek Project. The Northwest District Mine Review Committee (NWDMRC) met on a regular basis and concluded the project represented a viable economic opportunity with benefits to the local community while long term effects on the environment are projected to be minimal.
"Ruby Creek is an example of the vibrant mining sector at work in British Columbia," said Minister of State for Mining Kevin Krueger. "The road is already in excellent working condition, and the operators are displaying that they are environmentally responsible in their actions to protect the fish habitat in Surprise Lake."
Many valuable contributions to the project have been provided by the Taku River Tlingit First Nation and its consultants, Atlin community, various provincial regulators and regulatory agencies, and Adanac and its consultants. The receipt of the Mines Act Permit is an example of the positive outcomes possible when First Nations, community, regulatory agencies, and industry work together for a common goal. Adanac Molybdenum Corp. recognizes the significance of this level of achievement, and sincerely appreciates the efforts made by each of these parties.
Commenting on the receipt of the Mines Act Permit, Dr. David Stone, Chief Executive Officer, says, "We are extremely proud of our team in achieving this important milestone for the Company. We look forward to working with the Atlin community and the TRTFN in advancing the Ruby Creek project forward to 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
Dr. David Stone, Chief Executive Officer
This release is not an offer of securities for sale in the United States.
Any securities that the Company may offer for sale in the future may not be offered or sold in the United States unless registered under the United States Securities Act of 1933 or unless an exemption from registration is available.
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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Adanac Molybdenum Corporation
Edward Lee
Executive Vice President
(604) 535-6834
(604) 536-8411 (FAX)
Adanac Molybdenum Corporation
Corporate Office
(604) 531-9639
(604) 531-9634 (FAX)
Email: info@adanacmoly.com
Website: adanacmoly.com
Source: Adanac Molybdenum Corporation |
