Profile: Adanac Molybdenum Corporation
April, 9 2008
Adanac Molybdenum Corporation engages in the acquisition, exploration, and development of mineral properties, with a primary focus on molybdenum in Canada and the United States. The company's principal property includes Ruby Creek Molybdenum property covering 4,325 hectares consisting of approximately 189 units in 20 staked mineral claims located approximately 22 kilometers northeast of Atlin, British Columbia. It also holds a 100% interest in the B & C Springs property comprising 46 unpatented lode mining claims situated in Nye County, Nevada; the Cucomongo property containing 36 unpatented lode mining claims located in Esmeralda County, Nevada; and the Pine Nut property consisting of 8 unpatented lode mining claims situated in Douglas County, Nevada. The company was founded in 1992. It was formerly known as Adanac Moly Corp. and changed its name to Adanac Molybdenum Corporation in 2006. Adanac Molybdenum is headquartered in White Rock, Canada.
The Board of Directors of Adanac Molybdenum Corp. (TSX: AUA) (PINKSHEETS: AUAYF) (FRANKFURT: A9N) is pleased to announce that Mr. David Stone has accepted appointment as Chief Executive Officer of the company. Mr. Stone has been an independent director of the company for two years, and his appointment puts to full use his extensive mining and corporate experience to enhance corporate governance and aggressively advance the company's Ruby Creek Molybdenum Project.
Mr. Michael MacLeod will continue as company President and Chief Operating Officer. The reduction in his corporate responsibilities will allow Mr. MacLeod to concentrate on securing the full project funding required to build the Ruby Creek mine, processing facilities and related infrastructure.
To provide continuity and a seamless transition, Mr. Larry Reaugh has agreed to step down as Executive Chairman of the Board and as a director of the company. Mr. Reaugh will remain active in the affairs of the company, providing the benefits and insights of his long experience running junior mining companies as a strategic consultant to management and the Board. The Board, management and staff of Adanac would like to explicitly recognize and thank Mr. Reaugh for his substantial contributions as the initiator and driving force behind Adanac and its Ruby Creek Project.