ribbon cutting ceremony Once again Adanac is putting its money where its mouth is and not idly talking about taking Ruby Creek to production but taking necessary step after necessary step toward the eventual ribbon cutting ceremony on a mill.
Below is the latest news from the company, pay close attention to the key points:
A draft of the NI 43-101 resource estimate expected within two days from AMEC PLC.
Dr. Alistar Sinclair having been contracted to coordinate the information and results of the Ruby Creek NI 43-101 resource evaluation. Reading Dr. Sinclair's biography should make one thing perfectly clear, Larry Reaugh is very serious about where Adanac and Ruby Creek are going and only people who are among the top in their field are being brought in to make production of Ruby Creek a reality.
Then of course there is the contracting of Hatch who is to prepare an update of the proposed metallurgy and process plant to 2005 technology as well as prepare a required project description report for inclusion with the submission to the mines branch of the BC Ministry on Energy and Mines to start the government permit and license process for a mine.
Currently the company is receiving tenders from various engineering groups to commence separately pre-feasibility reports on the mining, milling and tailings facilities.
The last point is of course in regards to the prefeasibility studies which Adanac has already begun receiving tenders for. In my mind this further illustrates my contention that Adanac and Ruby Creek are retaining their 18 month lead at getting their molybdenum property into production.
Read the news release below and take particular notice of the points I have highlighted above. This is a very salient press release and in my opinion further cements Adanac as the leader and the real deal.
Adanac expects Ruby Creek resource estimate
Adanac Moly Corp (TSX-V:AUA)
Shares Issued 31,371,484
Last Close 4/4/2005 $0.81
Tuesday April 05 2005 - News Release
Mr. Larry Reaugh reports
Adanac Moly Corp. reports that the draft NI 43-101 resource estimate is expected within the next two days from AMEC PLC. Dr. Alistar J. Sinclair, PhD, PEng, has been contracted to coordinate information and results of the Ruby Creek deposit NI 43-101 resource evaluation.
Alastair J. Sinclair obtained his BSc and MSc degrees in geological engineering from the University of Toronto (1957 and 1958) and a PhD in economic geology from the University of British Columbia (1964). From 1962 to 1964 he taught in the department of geology, University of Washington, Seattle; and from 1964 to 1998 taught at the University of British Columbia. In addition to teaching he was head, department of geological sciences (1985 to 1990) and director of geological engineering (1991 to 1998). He is presently professor emeritus in geological engineering at the University of British Columbia where he taught for 35 years. For many years he taught courses in economic geology, mineral inventory estimation and mineralography and ore microscopy. His research activities have focused on mineral exploration data analysis, resource estimation of mineral deposits and quality control aspects of resource evaluation. He recently co-authored (with Prof. G. Blackwell) a text book on "Applied Mineral Inventory Estimation" and has produced two practical, web-based courses for the mining industry: Practical Ore Microscopy and Quality Control of Assay Data. He continues to be active in applied research relating to mineral deposit evaluation. Over the past three decades he has presented a wide range of short courses for the mining companies and professional organizations and has consulted widely for the international mining industry; he continues to be active in these fields.
Hatch was contracted to prepare an update of the proposed metallurgy and process plant to 2005 technology from that proposed by Placer Development Ltd. in their 1980 project plan. This update is required for the project description report to be included with the submission to the mines branch of the BC Ministry on Energy and Mines to start the government permit and license process for a mine.
Hatch (1955 to 2005) supplies process and business consulting, information technology, engineering, and project and construction management to the mining, metallurgical, manufacturing, energy and infrastructure industries.
Currently the company is receiving tenders from various engineering groups to commence separately pre-feasibility reports on the mining, milling and tailings facilities. The company will report on the successful tenders when awarded.
© 2005 Canjex Publishing Ltd.
Michael Alexander
President
Accelerated Capital Investments Ltd.
Investor Relations Manager
Adanac Moly Corp.
Phone: 519-471-3243
E-mail: alternative@rogers.com
Disclaimer: The opinions expressed above are those of Accelerated Capital and Michael Alexander. Michael Alexander is not an IDA accredited analyst nor a licensed broker and as such the above is not intended to be taken as investment advice. It is to be taken as opinion, with an invitation to perform further due diligence to assist you in making a more informed investment decision. Michael Alexander is employed by Adanac Moly Corp. to perform Investor and Public Relations for which a remuneration is received. Michael Alexander also owns the stock personally.