LandKeepers News Archive
Adanac gets permit for Ruby Creek mine
June 20 2008 | News Articles | The Canadian Press
VANCOUVER–Adanac Molybdenum Corp. shares jumped 26 per cent Friday morning after the company received a permit under the B.C. Mines Act for its Ruby Creek project near Atlin in the province’s northwestern corner.
The Vancouver-based company said receiving the “most crucial” permit clears the way to prepare and start construction around the site of the planned open-pit mine and assemble the mill, intended to process 20,000 tonnes per day of ore.
Adanac shares rose 15 cents to 72 cents on the Toronto Stock Exchange following the announcement.
The Ruby Creek property has a reserve of 157.7 million tonnes graded at 0.058 per cent molybdenum.
Adanac embarked on a $750-million debt and equity financing initiative for the mine last October and expects to complete its financing this summer.
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