Surrey-headquartered Adanac Molybdenum Corp. (TSX:AUA) will begin construction of its new Ruby Creek molybdenum project near Atlin in northeastern B.C.
The provincial environmental assessment office approved the project on September 10.
The company has already completed a review of the costs for the mine's construction, which is estimated at $640 million. About $40 million has already been spent on the project.
The mine is expected to be in production for more than 20 years and has an estimated annual mineral processing rate of 7.6 million tonnes.
Adanac is negotiating with various financial institutions and strategic investors to complete the financing of the project. Full funding is expected to be in place in the first quarter of 2008.
Adanac's share price range during the past week: between $1.33 and $1.64; 52-week high: $2.75; 52-week low: $0.90.