General Moly Announces Receipt of Water Permits for Mt. Hope
General Moly, Inc. (the 'Company') (NYSE Amex: GMO) ?(TSX: GMO) announced
that as of December 14, 2011, the Nevada State Engineer issued the
Company, through a subsidiary, all of its water permits - allowing the
Mt. Hope project to utilize approximately 7,000 gallons per minute (gpm)
of groundwater for mining purposes. The permits follow the Nevada State
Engineer's July 2011 ruling granting the Company's water right
applications for the use of 11,300 acre-feet annually (afa) of water for
mining purposes.
The water will become available for consumptive use following the State
Engineer's approval of the Company's Monitoring, Management and
Mitigation Plan (3M Plan) that was developed in cooperation with Eureka
County and submitted to the State Engineer for approval in October 2011.
The Company continues to work with the State Engineer and Eureka County
to finalize the 3M Plan and we anticipate the State Engineer to approve
the 3M Plan in the first quarter of 2012.
The State Engineer's approval of the Company's water right applications
remains under appeal by Eureka County and two other parties. The Nevada
District Court has now set a briefing schedule that includes an April 3,
2012 hearing date on the appeal. A decision on the appeal is expected in
mid-2012, although the District Court is not required to act under any
specified timeline.
Bruce D. Hansen, Chief Executive Officer, said, 'I am pleased that the
Nevada State Engineer's office continues to diligently process the Mt.
Hope project's water permits. Having active water permits and an
approved 3M Plan will allow us to initiate construction activities
shortly following the BLM's Record of Decision and the availability of
financing through Hanlong and POSCO. We remain extremely confident that
the State Engineer's ruling and processes will be affirmed in District
Court and are disappointed with the elected officials of Eureka County
for going forward with the appeal of the State Engineer's ruling, as are
a growing number of Eureka residents, especially in light of the
overwhelming public support that the Mt. Hope project has in Eureka and
surrounding communities.'
General Moly is a U.S.-based molybdenum mineral development, exploration
and mining company listed on the NYSE Amex (formerly the American Stock
Exchange) and the Toronto Stock Exchange under the symbol GMO. Our
primary asset, our interest in the Mt. Hope ?project located in central
Nevada, is considered one of the world's largest and highest grade
molybdenum deposits. Combined with our second molybdenum property, the
Liberty project that is also located in central Nevada, our goal is to
become the largest primary molybdenum producer by the middle of the
decade. For more information on the Company, please visit our website at http://www.generalmoly.com.
Forward-Looking Statements
Statements herein that are not historical facts are 'forward-looking
statements? within the meaning of Section 27A of the Securities Act, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and are intended to be covered by the safe harbor created by
such sections. Such forward-looking statements involve a number of risks
and uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected, or implied by the Company.
These risks and uncertainties include, but are not limited to, metals
price and production volatility, global economic conditions, currency
fluctuations, increased production costs and variances in ore grade or
recovery rates from those assumed in mining plans, exploration risks and
results, political, operational and project development risks, including
the Company′s ability to obtain required permits to commence production
and its ability to raise required financing, adverse governmental
regulation and judicial outcomes. The closing of the Hanlong transaction
and obtaining bank financing are subject to a number of conditions
precedent that may not be fulfilled. For a detailed discussion of risks
and other factors that may impact these forward looking statements,
please refer to the Risk Factors and other discussion contained in the
Company′s quarterly and annual periodic reports on Forms 10-Q and 10-K,
on file with the SEC. The Company undertakes no obligation to update
forward-looking statements.
General Moly:
Investors and Business Development
Seth
Foreman, (303) 928-8591
sforeman@generalmoly.com
or
Media
Zach
Spencer, (775) 748-6059
zspencer@generalmoly.com
info@generalmoly.com
Website:
http://www.generalmoly.com
