ADANAC MOLYBDENUM CORPORATION

Adanac Molybdenum Corporation emerged from protection under the Companies' Creditors Arrangement Act ("CCAA") on February 28, 2011. Adanac owns the Ruby Creek Project ("Ruby Creek"), which is molybdenum property located in Northern British Columbia. Prior to entering CCAA, Adanac had advanced Ruby Creek through feasibility studies, a production decision and a subsequent resource update. While under CCAA protection, Adanac disposed of all equipment related to Ruby Creek. This leaves Ruby Creek as a well defined resource with a fully developed mine plan and with most significant permits in place. Adanac is resuming its efforts to bring Ruby Creek into production. Such efforts may include raising capital, partnering with another entity, or outright sale of Adanac or Ruby Creek.