General Moly Announces Publication of the Mt. Hope Project's Draft Environmental Impact Statement

General Moly, Inc. (the 'Company') (NYSE Amex: ?GMO) (TSX: GMO) announced
that on Friday, December 2, 2011, the Bureau of Land Management ('BLM')
published the Mt. Hope project's Notice of Availability ('NOA') in the Federal
Register, commencing the public comment period for the Mt. Hope
project's Draft Environmental Impact Statement ('DEIS').

Bruce D. Hansen, Chief Executive Officer, said, 'The publication of the
Mt. Hope DEIS is one of our most significant permitting accomplishments
in the last five years and I am extremely pleased with and proud of our
team for their continued efforts toward this goal. We believe the Mt.
Hope project's DEIS is extremely robust and defensible and will continue
to assist the BLM to the extent possible in finalizing the Final EIS for
the project.

'I would also like to commend the State and Federal offices of the BLM
for their efforts in expediting the Notice of Availability process for
this project. A process that has historically taken 3 months or longer
was accomplished in less than 1 month, in large part due to the
administrative efforts of the BLM offices to expedite projects.

'Finally, I would like to encourage those who support the Mt. Hope
project to participate in the public comment process and submit
supportive comments to the BLM over the next 90 days.'

The 90-day public comment period will close during the first week of
March 2012, and currently includes one public hearing in Eureka, Nevada
scheduled for January 18, where the BLM will present the Mt. Hope
project and the BLM's findings. Following the public comment period, the
BLM will consider comments received in developing a Final Environmental
Impact Statement ('FEIS'). The Company anticipates the Mt. Hope Record
of Decision ('ROD') to be issued following the FEIS, which will allow
construction to proceed. In all, the Company anticipates to receive its
final permits within 6-9 months, or June to September 2012.

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

or

info@generalmoly.com

http://www.generalmoly.com