General Moly Provides Update on State of Nevada Permits

General Moly, Inc. (the 'Company') (NYSE Amex and TSX: GMO) provided an
update to progress related to major State of Nevada permits, including
the Air Quality Permit, Water Pollution Control Permit, Reclamation
Permit, and Dam Safety Permits for the Mt. Hope project.

• Air Quality: Today, the Nevada Division
  of Environmental Protection ('NDEP') submitted public notice of its
  intent to issue a Class II Air Quality Operating Permit. The public
  comment period will close on December 16, 2011 and comments will be
  considered in drafting the final permit. The Company anticipates the
  permit to be issued in the second quarter of 2012. The Air Quality
  Operating Permit authorizes surface disturbance for the Mt. Hope
  project and, based on emission control engineering, construction and
  operation of processing facilities, including the roaster.
  
• Water Pollution Control: The NDEP's
  Bureau of Mining Regulation and Reclamation ('BMRR') has stated that
  the Company's application is administratively complete. Based on the
  agency's current workload, the Company is anticipating the Water
  Pollution Control Permit to be issued in the second or third quarter
  of 2012.
  
• Reclamation: The Company has updated the
  reclamation plan and permit application as needed to reflect minor
  changes to the Plan of Operations over the past five years. The
  Reclamation permit is anticipated to be issued by the BMMR roughly in
  conjunction with receipt of the Record of Decision from the U.S.
  Bureau of Land Management.
  
• Dam Safety: Permits for the construction
  of the Mt. Hope project's tailings storage facility and underdrain
  pond were issued by the Nevada Division of Water Resources on October
  25, 2010. Once final engineering design is completed, permits may be
  required for stormwater collection ponds. If necessary, applications
  will be submitted following re-start of engineering and are
  anticipated to be issued prior to initiation of construction
  activities.
  

Bruce D. Hansen, Chief Executive Officer, said, 'Our state-level
permitting efforts continue to progress on pace and we feel comfortable
that process times for these state of Nevada permits will support the
Mt. Hope project's overall development schedule.'

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

http://www.generalmoly.com

info@generalmoly.com