Adanac Molybdenum Corporation: Ruby Creek Project-$26 Million Building Fabrication Awardadmin
Tuesday, August 12th 2008
Adanac Molybdenum Corp. announces it has awarded Supreme Steel Ltd. of Edmonton, Alberta the fabrication of the Ruby Creek Project Power Plant Building, Crusher Building, Process Building and Maintenance Building, at a total cost of approximately $26 million.
The order includes building steel frames, some interior platforms, doors and cladding, which will be fabricated at Supreme’s Edmonton and Delta shops. Transportation to the Ruby Creek site is scheduled to start in June 2009.
Adanac has previously ordered long delivery mining and processing equipment to allow the project site construction to start in February 2009 and production to start in Q4 2010.
The project equipment and material orders to date total approximately $137 million.
The Company has also previously constructed a road to site as well as installed a 100 man camp and has received all necessary permits to construct the mine.
The Company has previously raised bridge financing of US$80 million and the process to source the final construction financing is underway.
Peter R. Jones, Adanac CEO, said, “Our project is the most advanced large scale open pit primary molybdenum mine in the world today and we are on track for a Q4 2010 production start.” He also said, “We plan to complete project funding this year and then start site construction in early 2009.”
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.