ATLANTA, June 27, 2006 (PRIMEZONE) -- OTC Stock Review announces that it has initiated coverage of Adanac Moly Corp. (TSX-V:AUA) (Pink Sheets:ANCGF). Adanac Moly Corp., headquartered in White Rock, BC, recently reported a positive NI 43-101 Compliant Bankable Feasibility that recommends the company apply for all of the necessary permits for its Ruby Creek Molybdenum Project. In addition to the Ruby Creek Property, Adanac Moly Corp. has three other molybdenum properties in Nevada.
Adanac Moly's Ruby Creek deposit in British Columbia is part of a 10,000-acre property that has had three feasibility studies since the 1960s, but has not been mined as a result of low molybdenum prices. With worldwide demand driving up molybdenum prices, the Ruby Creek property has been enhanced significantly. With prices firm above $25.00 a pound, Ruby Creek could be the first major producing molybdenum mine to come into production, giving them an obvious advantage. Production is expected by early 2008.
Molybdenum is primarily used for hardening steel and manufacturing stainless steel. Molybdenum prices are up more than 1000% over the last three years and demand is expected to outpace supply in the future. There are currently no publicly traded primary molybdenum producers and Adanac Moly's goal is to become the first successful, publicly traded, primary molybdenum producer in 20 years.
The complete report is available at http://www.otcstockreview.com/Files/ANCGF/ANCGF_Review.pdf.
View OTC Stock Review's complete coverage on Adanac Moly at http://www.otcstockreview.com/ancgf.htm.
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