Larry W. Reaugh, Executive Chairman, of Adanac Molybdenum Corporation (TSX VENTURE: AUA)(PINK SHEETS: ANCGF)(FWB: A9N) ("Adanac") is pleased to announce that changes to the board have been effected and ratified at the company's annual general meeting dated October 25, 2006.
Mike MacLeod, P.Eng, MBA, B.Sc. ENG, M.Eng., has been appointed President and Chief Executive Officer. Mike's experience encompasses responsible positions in the development, feasibility, construction and operation of base metal mining in British Columbia over the past 30 years. Mike's agenda will include advancing the senior financing, construction and operation of the Ruby Creek Molybdenum mining project located 24 kilometers northeast of Atlin, BC.
The Company welcomes the addition of Neil Seldon, B.Sc ARSM, as a director. Neil is the president of Neil S. Seldon & Associates Ltd. ("NSA") since 1990. NSA acts as consultants and advisors in the marketing of non-ferrous concentrates and other minerals and metals to clients around the world. Neil is a graduate of the Royal School of Mines in London and served in a senior capacity in metal marketing for several operating mining companies prior to starting NSA. He brings marketing expertise and depth to the Adanac Board where the marketing of the molybdenum is crucial in advancing Adanac's agenda.
Mr. Larry W. Reaugh has been appointed executive chairman. Mr. Reaugh is the founder of the Company and has served as President and Chief Executive Officer since 1992. Mr. Reaugh developed the business plan and schedule for the Adanac Projects time line. The long term plan was for Mr. Reaugh to appoint a professional Board of Directors and management once the goals of Bankable Feasibility and Environmental permitting were achieved. The Company expects to receive its environmental permits in the first quarter of 2007.
The Company will continue to strengthen the Board of Directors and assemble a strong team of professional management over the next several months.
The Ruby Creek Project is a proposed open pit molybdenum mine situated 24 kilometers northeast of Atlin, BC, which would operate at 20,000 tonnes per day of ore for 20 plus years and have an overall footprint of approximately 830 hectares. The Company believes that the proposed mine is a sound project that will minimize any long term environmental effects and maximize socio-economic benefits to the local community, Taku River Tlingit First Nation and British Columbia.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
Larry W. Reaugh, Executive Chairman
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 Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.