Adanac Molybdenum Corp.: Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit

Adanac Molybdenum Corp.: Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit

Saturday, August 9th 2008

Adanac Molybdenum Corp. announce that the Province of British Columbia has created a fish habitat reserve which prohibits claim staking in the Upper Pine Creek drainage of the Surprise Lake watershed. The reserve will facilitate the Ruby Creek Mine Project fish habitat compensation program, required by the Government of Canada, for tailings impoundment permitting.

The reserve is expected to provide safe fish habitat and beneficial spawning, rearing and foraging areas in the Surprise Lake watershed which is home to significant fish populations.

The Company is constructing the Ruby Creek mine, process facility and infrastructure, under permits issued by the Province of British Columbia. The Government of Canada tailings impoundment review continues and completion is expected in 2009, well before mine production planned start in Q4 2010.

The creation of the fish habitat reserve is the culmination of many years of research and coordinated efforts by the Project Working Group which includes the Taku River First Nation and its consultants, the Atlin Community, the BC Ministry of Environment, the BC Ministry of Energy, Mines and Petroleum Resources and Fisheries and Oceans Canada.

Peter Jones, Adanac CEO, said, “The fish habitat creation shows how the Governments of British Columbia and Canada are working together to facilitate Ruby Creek production permitting.” He also said, “We are in process of sourcing final construction funding which we are targeting to have in place before yearend.”

Adanac Molybdenum Corporation is listed on the TSX and Frankfurt exchanges and owns the Ruby Creek Molybdenum Project in Northern British Columbia. The Company has advanced the project through feasibility studies, a production decision and has previously ordered long-lead equipment, completed permitting for construction, constructed a road to the site and secured $80 million in bridge financing. The Company is sourcing final construction funding and expects a site construction start in February 2009 and production in Q4, 2010.

Share this post