The unexpected shutdown of the Ruby Creek mine project north of Atlin was announced Friday.

Company officials with the Adanac Molybdenum Corp. were unavailable this morning to discuss the reason behind the decision for the shutdown, the number of employees laid off, nor when the project might start up again.

A press release posted Friday on the company's website indicates the "slowdown" is only temporary, as "the project remains economically sound and robust, environmentally sustainable, and socially acceptable."

There were about 50 people on site at any one time prior to the Christmas holiday season, and about 100 or so on the Ruby Creek payroll altogether. Several were employed by Ketza Construction and Golden Hill Ventures of Whitehorse.

The local companies were subcontracted to provide heavy equipment and personnel to assist with reconstruction of the exploration road from the camp site at the south end of Surprise Lake to the molybdenum deposit kilometres up the mountain.

Adanac Moly maintains in its press release the slowdown has nothing to do with the recent fall in stock markets around the world.

It also maintains it will aggressively seek the additional $600 million in financing required to put the open-pit mine into operation.

Time lost during this shutdown will be made up in the longer daylight hours this summer, says the press release.

Adanac also announced it would not be demobilizing its 100-person camp nor equipment.

Adanac Moly has stated it wants to be in production next year, and was planning to begin construction this year.

A $4-million upgrade to the mountain road was recently completed.

The company's exploration program scheduled for next month and March will go ahead, says the press release.

Indications suggest Friday's announcement was sudden and unexpected by employees.

The push to get the Ruby Creek mine into operation came as the price of molybdenum has rise to record highs.

The mineral, sometimes used as a hardener for steel, was selling for $2 US per pound in 2002, but skyrocketed to $40 US per pound by late 2005 and today sits at $33.25 per pound.

Adanac Moly's stock hit a high last April of $2.75 per share but has fallen steadily since. In the last month, it has fallen from a high of $1.45 last month to a low of 71 cents per share during today's trading.