NEWS ROUNDUP — Bell Moly, Adanac plan merger

The rising price of molybdenum has prompted two Vancouver-listed companies — Bell Molybdenum Mines and Adanac Mining & Exploration — to amalgamate.

Shareholders and regulators have yet to approve the merger, which would see shareholders of both companies receive one share in the amalgamated company on a one-for-one basis.

Adanac’s main asset is the Ruby Creek moly deposit, 23 miles northeast of Atlin, B.C. Reserves are estimated at 201 million tonnes grading 0.098% moly, with a stripping ratio of 1.56-to-1. Conwest Exploration (TSE) holds 41% of Adanac.

Bell Moly owns a royalty interest in the Clary Creek deposit of Amax (NYSE). Situated near Alice Arm, B.C., the deposit contains an estimated reserve of 105 million tons averaging 0.09% moly.