Adanac Molybdenum Corporation: Ruby Creek Project-Exploration Update-Correction: Financial News

Adanac Molybdenum Corporation: Ruby Creek Project-Exploration Update-Correction
Wednesday October 1, 2008 3:47 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Oct 1, 2008 -- Adanac Molybdenum Corporation ("Adanac or the Company") (Toronto:AUA.TO - News)(Other OTC:AUAYF.PK - News)(Frankfurt:A9N.F - News) advises that its exploration update news release from September 30, 2008 contained the following statement on page 2:

 

Hole      AD-401      88.4 meters of 0.10% Mo and 259 meters of 0.70% Mo

The news release should have read as follows:

 

Hole      AD-401      88.4 meters of 0.10% Mo and 259 meters of 0.08% Mo

Readers are advised that the attached table to the original September 30, 2008 news release had the correct grade of 0.08%.

It has also come to the Company's attention that the table attached to the original news release of September 30, 2008 through an activated link may not be accessible when the news release is posted at such locations as the TSX. If the link proves to be inactive the reader is requested to access the news release at the company's website www.adanacmoly.com or at SEDAR www.sedar.com.

The company regrets any inconvenience the above error may have caused.

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 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 froom registration is available.