BRITISH COLUMBIA – Vancouver-based ADANAC MOLYBDENUM is ready to start site preparation and construction activities at its Ruby Creek open pit project near Atlin. Approval was granted by the province on Dec. 21, 2007.
Work at the site will proceed immediately following the holiday break. Preparations include an operational 50-person construction camp, equipment laydown area, fuel storage facility and telecommunications setup. Construction will expand in scope and scale as site development accelerates through the winter months. Activities will include onsite road upgrading, excavation of overburden, installation of a 550-person onsite camp and preparation of all associated construction infrastructure. The lead contractor on the project is LEDCOR CMI of Vancouver.
Detailed engineering of the Ruby Creek project began in November 2006 and procurement of long lead time items got under way in March 2007. Adanac announced a production decision and received the provincial environmental assessment certificate in September 2007. In November 2007 a provincial special use permit was issued, authorizing construction of the project access road and associated earthworks.
The company raised $15 million toward the cost of construction though the sale of flow-through shares and units at the end of 2007. Visit www.AdanacMoly.com for additional information.