Adanac Reports Ongoing Bankable Feasibility Update

Adanac Moly Corp. (AUA:TSX.V, A9N:FRANK), is pleased to report on the satisfactory continuing progress being made with the development of the bankable feasibility for the Company’s Ruby Creek Molybdenum Project, near Atlin, BC.

The immediate priority is the completion and submission of the Environmental Impact Assessment Report to the regulatory authorities. This will be done before the end of the month. Submission of this document initiates the permitting process.

After completion of the preliminary feasibility (see press release dated September 1, 2005) the Company announced (September 21, 2005) the start of the final bankable feasibility: contractors Golder Associates Ltd, (Golder), Wardrop Engineering Inc. (Wardrop), MinnovEX Technologies (MinnovEX) and Klohn Crippen Consultants Ltd. (Klohn Crippen) have continued to develop their earlier work to the more precise standards required for this stage. Their reports are expected to be available within four to five weeks.

The emphasis continues to be to develop maximum efficiency through use of best available technologies consistent with optimum economics and high environmental/safety standards. Management is confident that its goals to achieve lower capital and operating costs than those reported in the Preliminary Feasibility (September 1, 2005 news release), will have been realized when the full Bankable Feasibility is issued.

The technical reports will contain an updated NI 43-101 compliant resource estimate which includes the results of the 2005 exploration work and a revised mining plan; details of innovative milling technology enabling improved efficiencies in the use of power and the overall recovery of molybdenum as well as an assurance that this resource will yield a premium product at high rates of recovery. Environmental consequences are reliably estimated to be minimal and benign. Collaboration between Golder and MinnovEX has produced a geostatistical analysis and estimation of grindability data for almost eleven thousand discrete blocks (20m x 20m x 12m) of the Ruby Creek Resource within the limits of the proposed final pit.

The Company is confident these data will form the basis for development of a successful production operation at Ruby Creek.

This general overview of the almost complete current full feasibility work has been prepared by John W. Fisher, C.Eng, P.Eng (Chemical/Metallurgic Engineer – an independent qualified person as defined by NI 43-101.

The Ruby Creek Project is a proposed open pit molybdenum mine situated 24 kilometres northeast of Atlin, BC, which would operate at 20,000 tonnes per day of ore for 20 plus years and have an overall footprint of approximately 830 hectares. The Company believes that the proposed mine is a sound project that will minimize any long term environmental effects and maximize socio-economic benefits to the local community, Taku River Tlingit First Nation and British Columbia.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Larry W. Reaugh,
President & Chief Executive Officer

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.