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Monday January 08 2007 - News Release

Adanac Hires Fuller Fletcher for European Exposure

Mr. Michael MacLeod reports:

Adanac Molybdenum Corporation (AUA: TSX.V, Pink Sheets: ANCGF, Frank: A9N) is pleased to announce it has, subject to regulatory approval, engaged Fuller Fletcher & Associates Limited ("F&F") as its European investor relations consultant. Under the terms of the engagement, F&F will assist in developing a communications package, organizing presentations and communicating with institutional and individual shareholders, and investors within the European market. With over 20 years of experience in the European financial markets, F&F has established an extensive list of contacts in the institutional investment management and stock brokerage communities. F&F will be the conduit of information to the European investment community, keeping Adanac's target audience informed of significant corporate developments on a timely basis.

F&F has been engaged, initially, for a one-year period, at a fee of $6,000 per month. In addition, the company will grant to F&F incentive stock options to purchase up to 200,000 shares of the company at $1.20 per share. Adanac's major focus is its Ruby Creek Molybdenum project, located 24 km NE of Atlin, BC.

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 for 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.

Wardrop Engineering has completed a Bankable Feasibility Study (July 2006) and the Company is in the midst of its application for Environmental Assessment Certificate. Currently, AMEC Plc is doing the detailed Engineering and Procurement of lead equipment for the project.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Michael MacLeod,
President and Chief Executive Officer

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