Warrants Exercised Adding 2.7 Million to Treasury

Adanac Moly Corp. (TSX.V: AUA, Frank: A9N), is pleased to report that warrants to purchase 5,800,000 shares, raising gross proceeds of $2,716,087, have all been exercised. The warrants were issued pursuant to a Private Placement and expired on July 7, 2006. The company currently has $4,644,190.22 in treasury.

The Ruby Creek Project is a proposed open pit molybdenum mine situated 24 kilometers 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 MOLY CORP.

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.