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Adanac Molybdenum makes changes to board

2006-10-27 07:27 ET - News Release

Mr. Larry Reaugh reports:

ADANAC'S ANNUAL GENERAL MEETING ENDORSES BOARD CHANGES

Adanac Molybdenum Corp. board changes have been effected and ratified at the company's annual general meeting dated Oct. 25, 2006.

Mike MacLeod, PEng, MBA, BSc, ENG, MEng, has been appointed president and chief executive officer. Mr. MacLeod's experience encompasses responsible positions in the development, feasibility, construction and operation of base metal mining in British Columbia over the past 30 years. His agenda will include advancing the senior financing, construction and operation of the Ruby Creek molybdenum mining project located 24 kilometres northeast of Atlin, B.C.

The company welcomes the addition of Neil Seldon, BSc, ARSM, as a director. Mr. Seldon is the president of Neil S. Seldon & Associates Ltd. since 1990. NSA acts as consultants and advisers in the marketing of non-ferrous concentrates and other minerals and metals to clients around the world. He 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.

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 project's timeline. 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 kilometres northeast of Atlin, B.C., 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.

We seek Safe Harbor.

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