Objective Capital comments on Adanac Moly: Mines Act permit received

Objective Capital has issued a comment dated June 27, 2008 on Adanac Molybdenum (TSX: AUA.TO; FRANKFURT: A9N.F; PINK SHEETS: AUAYF.PK) stating “We view the receipt of the Mines Act Permit as another positive development, but one that was widely anticipated by the market.”

Adanac Molybdenum is developing the the Ruby Creek Molybdenum Deposit located near Atlin in British Columbia, Canada.

According to the Objective Capital comment:

“We view the receipt of the Mines Act Permit as another positive development, but one that was widely anticipated by the market. The key milestone for Adanac this year will be the successful completion of its main debt-financing package. The company recently closed a US$80m bridge financing, but the company estimates it will need US$670m more to reach production.

The company has also retained its former president and chief operating officer, Mike McLeod, as a consultant. We view Mr. McLeod’s availability to Adanac as a consultant with some comfort, as he provides the company with further continuity as it progresses from a junior explorer to a producer. We expect the company will make further moves this summer to accelerate the transition. ”

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For more information contact:

Andy Hartwill

Head of Research

+44-20-7073 2800




About Objective Capital:

Objective Capital is a corporate research company that provides continuous independent research coverage for listed, and pre-listed companies. Objective Capital is retained by companies to ensure that their current shareholders, and the wider investment community, are provided with an objective view of their company’s progress. Objective Capital research is available free on their website at:


Please note that statements in announcements, such as the announcement used to derive this summary, which are not historical facts, are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results.

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