VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 04/03/2007 -- Adanac Molybdenum Corporation (TSX VENTURE: AUA)(PINK SHEETS: AUAYF)(FRANKFURT: A9N) reports that the Company has received the Mining Lease for its Ruby Creek Molybdenum Project from the British Columbia Ministry of Energy Mines and Petroleum Resources. The Mining Lease includes Mineral Tenure Numbers 510307 through 510310, 510315 and 510317 and covers 2,466 hectares. The initial term of the Mining Leases is for 30 years, and includes a provision for extending the term by making application prior to expiry.

The Mining Lease encompasses the total mining infrastructure area with an extensive buffer zone surrounding the measured and indicated resource of 295,699,000 pounds of molybdenum and potential expansion of these resources.

The Ruby Creek Molybdenum Project, now in the detailed engineering and equipment procurement phase, is an open pit molybdenum mine situated 24 kilometers northeast of Atlin, BC, which would operate at 20,000 tonnes per day of ore for more than 20 years. The Mining Lease is a major milestone required for the Company to begin the construction of their $450 million dollar project in June of this year.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Larry Reaugh, Executive Chairman

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 Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.