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Adanac Molybdenum Corporation: Adanac Releases Updated 2009 NI 43-101 Mineral Resource Report for Ruby Creek

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Adanac Molybdenum Corporation ("Adanac" or the "Company") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) announced today that it has received the final 2009 updated National Instrument 43-101 ("NI 43-101") Mineral Resource Technical Report (the "April 2009 Mineral Resource Report") for its 100%-owned Ruby Creek molybdenum deposit located in northern British Columbia, Canada (the "Ruby Creek Project"). The April 2009 Mineral Resource Report was independently prepared by Golder Associates Ltd. ("Golder").

A summary of the April 2009 Mineral Resource Report was provided by the Company in its news release dated April 15, 2009, and as reported at that time, the current estimated total of both Measured and Indicated Resource categories, at a cut-off grade of 0.04% molybdenum ("Mo"), is 275.4 million tonnes grading 0.067% Mo and an Inferred Mineral Resource of 39.1 million tonnes grading 0.062% Mo. The contained Mo (lbs) are in situ and have no mill recovery factors applied to them.

Christopher C. Kirby, President and Chief Executive Officer, said, "The April 2009 resource estimate and 3-D model indicates the presence of high-grade mineralization at depth at the west end which is very promising as there appears to be room to grow at depth at the head of the Ruby Creek valley."

The April 2009 Mineral Resource Report is summarized at various cut-off grades in the following table:

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Resource Cut-off Contained Mo
Category (Mo%) Quantity (tonnes) Mo (%) (lbs)
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Measured 0.02 54,055,000 0.069 82,209,000
 0.03 48,676,000 0.074 79,263,000
 0.04 43,642,000 0.078 75,361,000
 0.05 36,978,000 0.084 68,734,000
 0.06 30,273,000 0.091 60,626,000
 0.07 23,377,000 0.098 50,733,000
 0.08 17,075,000 0.107 40,342,000
 0.09 11,711,000 0.117 30,303,000
 0.10 8,228,000 0.127 23,037,000
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Indicated 0.02 437,348,000 0.047 451,659,000
 0.03 278,313,000 0.060 368,503,000
 0.04 231,712,000 0.065 332,550,000
 0.05 174,643,000 0.072 275,839,000
 0.06 117,696,000 0.080 206,897,000
 0.07 71,669,000 0.089 141,157,000
 0.08 42,546,000 0.100 93,329,000
 0.09 24,127,000 0.111 58,975,000
 0.10 14,114,000 0.122 38,101,000
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Total Measured 0.02 491,403,000 0.049 533,868,000
 and Indicated 0.03 326,989,000 0.062 447,766,000
 0.04 275,354,000 0.067 407,911,000
 0.05 211,621,000 0.074 344,573,000
 0.06 147,969,000 0.082 267,523,000
 0.07 95,046,000 0.092 191,890,000
 0.08 59,621,000 0.102 133,671,000
 0.09 35,838,000 0.113 89,278,000
 0.10 22,342,000 0.124 61,138,000
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Inferred 0.02 299,478,000 0.030 196,082,000
 0.03 78,232,000 0.048 83,147,000
 0.04 39,076,000 0.062 53,719,000
 0.05 25,781,000 0.072 40,701,000
 0.06 17,533,000 0.080 30,746,000
 0.07 10,437,000 0.090 20,608,000
 0.08 5,460,000 0.103 12,451,000
 0.09 3,180,000 0.117 8,206,000
 0.10 2,142,000 0.128 6,048,000
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Mr. Kevin Palmer, P.Geo., of Golder, is an independent Qualified Person within the meaning of NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Palmer is responsible for the April 2009 Mineral Resource Report and has reviewed the technical disclosures in this news release.

The new updated April 2009 Mineral Resource Report has been filed on [ www.sedar.com ] and the Company's website at [ www.adanacmoly.com ].

About Adanac Molybdenum Corporation

Adanac Molybdenum Corporation is an exploration and development mining company listed on the TSX and Frankfurt exchanges. The Company's principal asset is its 100%-owned Ruby Creek open-pit molybdenum mine project located in northern British Columbia, Canada. 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. For more information on the Company, please visit [ www.adanacmoly.com ].

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.