Welcome!

News Feed Item

Adanac Molybdenum Corporation Provides Strategic Update

SURREY, BRITISH COLUMBIA -- (Marketwired) -- 01/06/14 -- Adanac Molybdenum Corporation ("Adanac" or the "Company") (TSX VENTURE: AUA) announces the following strategic update.

Adanac's sole asset is the Ruby Creek Project ("Ruby Creek" or the "Project"), which comprises an undeveloped primary molybdenum deposit, located approximately 24 kilometers northeast of Atlin, British Columbia. Adanac's strategic focus over the past two years has been to sell all or part of Ruby Creek or Adanac. Adanac believes that Ruby Creek offers significant investment potential:


--  Ruby Creek is 100% owned, with no carried interests, royalties or off-
    take arrangements.
--  Ruby Creek is fully permitted for construction and nearly fully
    permitted for operation.
--  The NI 43-101 compliant May 2009 Resource Statement outlined a Measured
    and Indicated resource of 275.4 million tonnes grading 0.067%
    molybdenum. The 407.9 million pound M&I resource represents a 38%
    increase over the 2007 Resource Update.
--  The now out-of-date December 2007 Feasibility Study needs to be updated
    to reflect this significant 38% increase. Additionally, molybdenum
    prices, while currently depressed, have the potential to improve
    significantly, including as a result of the increase in oil and natural
    gas drilling and pipeline construction. Project economics hold the
    potential for other improvements, including the substitution of
    liquefied natural gas for diesel to power operations.
--  The May 2009 Resource Statement and December 2007 Feasibility Study
    encompass significant amounts of information about drilling, assaying,
    metallurgical test work, environmental studies and permitting, garnered
    over more than twenty years.
--  Metallurgical test results demonstrate that Ruby Creek molybdenum
    concentrate will meet or exceed the content specifications required by
    toll roasters.
--  Ruby Creek is accessible year round via an Adanac-improved dirt road,
    and is three hours by road from both Whitehorse, Yukon and from the port
    of Skagway, Alaska.
--  The Project enjoys strong government and local community support.
--  While Ruby Creek is designed as an open pit, the Climax/Henderson-style
    geology and several high-grade drill holes indicate the potential for
    further underground development beneath and/or adjacent to the pit.

Notwithstanding Ruby Creek's significant investment potential, if no suitable third party investor emerges in the near term, the Company intends to initiate a process to liquidate its assets and return net proceeds to Adanac shareholders pursuant to a voluntary liquidation and dissolution process under the Business Corporations Act (British Columbia). Such a proposed liquidation will require the approval of shareholders by a two-thirds majority vote at a Special Meeting, which Adanac intends to hold in conjunction with its Annual General Meeting as soon as is practical subsequent to completion of the annual audit for the fiscal year ending February 28, 2014.

As outlined above, Adanac believes that the on-going value of Ruby Creek significantly exceeds the liquidation value.

The Company will provide further updates as they arise. Additional information about Ruby Creek is available via the Adanac website at www.adanacmoly.com, including a Corporate Presentation and a Ruby Creek Overview in the Investors section. Public filings relating to the Company are available via the Adanac website and on the SEDAR website at www.sedar.com.

Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation relating to the Ruby Creek Project including the potential sale thereof or a proposed liquidation of the Company. 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. . Although Adanac believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed thereon. Factors that could cause actual results to vary materially from results anticipated by such forward looking information include risk factors discussed in the Company's public filings 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...