Adanac Molybdenum Update and Ruby Creek Project
Date : 06/24/2008 @ 4:49PM
Source : MarketWire
Stock : Adanac Molybdenum Corporation (AUA)
Quote : 0.39 0.0 (0.00%) @ 3:35PM
Adanac Molybdenum Update and Ruby Creek Project
VANCOUVER, BRITISH COLUMBIA (TSX: AUA)(PINK SHEETS: AUAYF)(FRANKFURT: A9N) ("the Company") has retained Michael MacLeod, P.Eng., as a Consulting Mining Engineer to provide technical, commercial and business advice for the development of the Ruby Creek Project.
Mr. MacLeod's formal education included a B.SC Eng. (Mining), and M. Eng. (Mining) and an MBA. As a seasoned mine developer, Mr. MacLeod has more than 25 years experience with several major and junior mining companies. He has been responsible for major capital projects, feasibility assessments, marketing and environmental studies.
The project is in detailed engineering and all long lead time processing and mining equipment have been ordered. On June 20, 2008 the company announced the receipt of the provincial Mines Act Permit for its proposed 20,000 tonne per day Ruby Creek Molybdenum Project in north-western British Columbia.
On May 30, 2008, the Company announced the completion of the $80 million bridge financing. The company has now paid out all monies to the suppliers and contractors and cleared the outstanding liens against the company.
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
David Stone, President & Chief Executive Officer
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