Adanac reports CCAA Protection Extension to June 30, 2010

- March 3rd, 2010

Adanac Molybdenum Corporation (TSX: AUA)(PINK SHEETS: AUAYF)(FRANKFURT: A9N) reported that its application of March 2, 2010 to the Supreme Court of British Columbia for an Order under the Companies’ Creditors Arrangement Act to extend its creditor protection has been successful, allowing the Company to continue to restructure and continue to stay all claims and actions against the Company and its assets.

Adanac Molybdenum Corporation (TSX: AUA)(PINK SHEETS: AUAYF)(FRANKFURT: A9N) reported that its application of March 2, 2010 to the Supreme Court of British Columbia for an Order under the Companies’ Creditors Arrangement Act to extend its creditor protection has been successful, allowing the Company to continue to restructure and continue to stay all claims and actions against the Company and its assets.

The press release is quoted as saying:

Adanac Molybdenum Corporation is listed on the TSX and Frankfurt exchanges and owns the Ruby Creek Project in northern British Columbia. 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.

Click here to access the entire press release

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