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Mining Lease Received for Ruby Creek Molybdenum Project

Tuesday, April 3rd 2007 - Vancouver, British Columbia (MOLY @ $30.25US/lb)

Adanac Molybdenum Corporation (AUA: TSX.V, Pink Sheets: AUAYF, Frank: A9N) reports that the Company has received the Mining Lease for its Ruby Creek Molybdenum Project from the British Columbia Ministry of Energy Mines and Petroleum Resources. The Mining Lease includes Mineral Tenure Numbers 510307 through 510310, 510315 and 510317 and covers 2,466 hectares. The initial term of the Mining Leases is for 30 years, and includes a provision for extending the term by making application prior to expiry.

The Mining Lease encompasses the total mining infrastructure area with an extensive buffer zone surrounding the measured and indicated resource of 295,699,000 pounds of molybdenum and potential expansion of these resources.

The Ruby Creek Molybdenum Project, now in the detailed engineering and equipment procurement phase, is an open pit molybdenum mine situated 24 kilometers northeast of Atlin, BC, which would operate at 20,000 tonnes per day of ore for more than 20 years. The Mining Lease is a major milestone required for the Company to begin the construction of their $450 million dollar project in June of this year.

On Behalf of Management.

ADANAC MOLYBDENUM CORPORATION

Larry W. Reaugh,
Executive Chairman

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