BRITISH COLUMBIA – ADANAC MOLY CORP. of Vancouver has received an updated NI 43-101 report for its Ruby Creek property 24 km northeast of Atlin. The report, prepared by GOLDER ASSOCIATES, puts measured and indicated resources at 149.3 million tonnes grading 0.070% Mo, using a 0.05% Mo cut-off. Looked at another way, the deposit contains 229.0 million lb of molybdenum.
Adanac plans to build an open pit and 20,000-tonne/day mill with a life of more than 20 years. If financing can be arranged this year, production could start as early as mid-2007. The project timeline is available at www.AdanacMoly.com.