VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 30, 2008 -- Adanac Molybdenum Corp. ("Adanac or the Company") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) announces the results for 15 holes from its Ruby Creek 2007/ 2008 diamond drilling program.

2007/2008 Diamond Drill Program

The program includes 60 holes starting at AD372:

 

AD372  to  AD374     results previously reported on September 13, 2007
AD375  to  AD383     results previously reported on July 10, 2008
AD384  to  AD393     condemnation holes
AD394  to  AD402     results reported in this news release
AD403  to  AD410     awaiting assay determinations
AD411  to  AD416     results also reported in this news release
AD416  to  AD431     awaiting assay determinations

The table attached to this news release provides location coordinates for all 60 holes (AD372 through AD431) and includes those reported in prior news releases - where coordinates were omitted. The drill-hole locations have recently been surveyed by Underhill Geomatics of Whitehorse.

15 Hole Update in this Release

The attached drill map shows the 15 holes for which assays are reported in this news release. These include holes AD394 through AD402 (9 holes) and AD411 through AD416 (6 holes). The assays and other information are provided in the attached table.

The 15 holes includes six vertical and angled holes drilled to the northwest of the feasibility defined open pit rim and eight vertical and angled holes drilled within the feasibility defined open pit, east of Moly Lake.

A number of the 15 holes completed the Company's drilling outline of an approximate 450m long by 250m wide block of mineralization northwest of the Adera fault. The holes show two distinct zones, one shallow and the other extending to depth. Notably higher-grade mineralization was found at depth at the southwest end of the block in drill-hole AD400 which returned 36.6 meters of 0.15% Mo and 198.1 meters of 0.13% Mo. The mineralization is open to the southwest.

Other significant intercepts includes:

 

Hole  AD-401    88.4 meters of 0.10% Mo and 259 meters of 0.70% Mo
Hole  AD-415    213.4 meters of 0.08% Mo
Hole  AD-416    182.9 meters of 0.10% Mo

The company is confident that recent drilling below the bottom of the feasibility study defined open pit and in the footwall of the Adera fault will add considerably to the Ruby Creek site mineralization, and that work north of the Adera fault has defined a substantial new resource in the northwest wall of the feasibility defined open pit.

Future News Releases

Adanac expects to release additional information on the 60 hole 2007/2008 program when assay results are available, which is expected prior to the end of 2008.

Adanac has engaged Golder Associates Ltd. to incorporate the information from the 2007/2008 drilling program and to update the mineral resource estimate for the Ruby Creek site. This work is currently underway and is expected to be complete one month following receipt of the final assays for the 60 hole program. Currently the report is expected prior to the end of 2008.

Golder Associates Ltd., previously determined the Ruby Creek deposit contains a NI 43-101 compliant "measured and indicated" resource of 212.9 million tonnes grading 0.063% Mo at a 0.04% Mo cut-off. This mineral resource does not include the drill results from the 2007/2008 drilling program.

CEO Comment

Peter R. Jones, Adanac Chairman and CEO, said, "The high grade results continue to be very encouraging and I look forward to the new NI 43-101 report, addition mineralization will enhance our robust economics and open opportunities to further extend mine life or production rate." He also said, "We plan to complete project funding this year, start site construction in early 2009 with a production start in Q4 2010."

Qualified Person

This news release was reviewed by Robert Pinsent, PhD., P. Geo., a qualified person recognized under National Instrument 43-101.

Attachments:

1. Ruby creek 2007/2008 - 60 hole drilling information table

2. Ruby Creek 15 hole location plan

About Adanac Molybdenum Corporation

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 US$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.

Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward looking information include risk factors discussed in the Annual Information Form for the year ended April 30, 2008 for the Company available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States unless an exemption from registration is available.

To view accompanying table and map, please click on the following link: http://media3.marketwire.com/docs/auaTableandMap.pdf

     Contacts:
     Adanac Molybdenum Corporation
     Peter R. Jones
     Chairman & CEO
     (604) 535-6834
     (604) 536-8411 (FAX)
     Email: info@adanacmoly.com