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General Moly Announces Third Quarter 2011 Results

01.11.2011 | Business Wire

General Moly Announces Third Quarter 2011 Results

General Moly, Inc. (the 'Company') (NYSE Amex and TSX: GMO) announced
its unaudited financial results for the third quarter ended September
30, 2011. Net loss for the three months ended September 30, 2011 was
$2.4 million ($0.03 per share), compared to a loss of $6.3 million
($0.09 per share) for the year ago period. Net loss for the nine months
ended September 30, 2011 was $11.9 million ($0.13 per share), compared
to a loss of $12.4 million ($0.17 per share) for the year ago period.

Our cash balance at the end of the third quarter was $54 million,
approximately equal to our cash balance at the end of 2010. During the
third quarter, cash use of $4.9 million was the result of $2.4 million
in development, engineering, and equipment deposit costs, $2 million in
General and Administrative costs and costs associated with the
pre-feasibility update for the Liberty project, and $0.5 million in debt
issuance costs related to procurement of the Mt. Hope project's bank
loan. During the fourth quarter 2011, spending levels will largely be
tied to continued progress toward receipt of the Mt. Hope project's
permits, not including a $9 million advanced royalty payment that was
paid in October 2011 under the Company's Mt. Hope lease.

Financial information is included at the end of this release. A
conference call to discuss the quarter's results and to provide a
Company update is scheduled for today at 2:30pm Mountain Time, 4:30pm
Eastern Time. A conference call slide presentation will be available on
the Company's website prior to the call. Dial-in information is provided
at the bottom of this release.

MT. HOPE PROJECT FINANCING UPDATE

When final permits are received, POS-Minerals Corporation (a 20% owner
of the Mt. Hope project) is anticipated to fund its final $56 million
initial contribution, plus 20% of all costs the Company has spent on the
Mt. Hope project to date. The Company estimates this combined payment
will be approximately $100 million. Thereafter, the Mt. Hope project
will be funded 80% by the Company and 20% by POS-Minerals Corporation.

Also, within nine months after the Mt. Hope project′s permits are
received, pursuant to the amended Securities Purchase Agreement between
the Company and Hanlong (USA) Mining Investment, Inc. ('Hanlong?),
Hanlong is obligated to procure a drawable loan from a Chinese bank of
not less than $665 million. Despite the increased timing and flexibility
provided to Hanlong, both parties remain committed to the availability
of a drawable loan as expeditiously as possible following receipt of the
Mt. Hope project′s permits and continue to work together toward a two or
three month availability timeframe.

During October, Company representatives traveled to China, where they
continued discussions and negotiations toward completing a specific term
sheet for the Mt. Hope project′s debt facility with a Chinese bank. The
Company′s goal is to complete loan documentation and approval so that
receipt of federal and state permits is the only condition precedent to
drawing on the debt facility. When the bank loan is in place and
required permits are received, the Company intends to close on Hanlong′s
Tranche 2 equity purchase for $40 million, bringing Hanlong′s share
position in the Company to 25% on a fully-diluted basis.

MT. HOPE PROJECT PERMITTING UPDATE

The Battle Mountain Nevada office of the Bureau of Land Management
('BLM?) approved the Mt. Hope Draft Environmental Impact Statement
('DEIS?) for printing on October 21, 2011. Once the DEIS is printed, a
Notice of Availability ('NOA?) will be submitted to the Washington, D.C.
office of the BLM to authorize publication of the NOA in the Federal
Register. The NOA process requires a summary document to be signed by
five offices of the U.S. Department of Interior ('DOI?) before being
published in the Federal Register, which will trigger the start of a 90
day public comment period. Although the NOA process has historically
taken many months, recent efforts by the BLM and DOI have resulted in
faster process timelines. The public comment period will include
numerous meetings in Eureka County and surrounding communities to seek
public review and comment on the findings of the DEIS, the proposed
action and reasonable alternatives studied, and mitigation proposed. The
DEIS is currently anticipated to be published in the Federal Register in
the fourth quarter of 2011. Following publication of the DEIS, full
permits are anticipated within six to nine months.

MT. HOPE PROJECT WATER RIGHTS UPDATE

On July 15, 2011, the Nevada State Engineer issued a Ruling granting the
Company′s water right applications for the Mt. Hope project′s mining
operations. With the water right applications granted by the Ruling,
associated permits are anticipated to be issued following payment of
statutory fees and, following the State Engineer′s approval of a
Monitoring, Management, and Mitigation Plan ('3M Plan?), the water will
be available for use at the Mt. Hope project.

During October, the Company, with input from Eureka County and area
stakeholders, completed and submitted a 3M Plan to the State Engineer′s
office for approval. The Company anticipates that the permits will be
issued and the 3M Plan will be approved well in advance of the Company′s
need to utilize water in 2012 for construction activities.

In August 2011, Eureka County and two other parties comprised of three
individual water rights holders in Diamond Valley and one in Kobeh
Valley, filed Petitions with the Nevada State District Court appealing
the Ruling of the State Engineer. We continue to anticipate a favorable
District Court decision, upholding the State Engineer′s Ruling; however,
the date for any appeal hearings will be set by the District Court Judge
and the Company has no control in the timing of these hearings. The
appeal process could take twelve months from the original filing of the
Petitions in August to a final ruling by the District Court. The appeal
does not prevent the State Engineer from issuing the permits and upon
issuance of the permits and approval of the 3M Plan, the Company will
have the right to use the water for construction and operations at the
Mt. Hope project.

MT. HOPE PROJECT ENGINEERING AND EQUIPMENT PROCUREMENT UPDATE

The Company will restart engineering and procurement efforts following
the publication of the DEIS. Although the Company has purchased and
ordered most of the long-lead milling equipment, firm orders for much of
the mobile mine fleet and other process equipment must still be placed.

LIBERTY PROJECT UPDATE

In October 2011 the Company announced an 18% increase in molybdenum and
a 47% increase in copper contained in proven and probable reserves,
based on Canadian NI 43-101 definitions. These increases are the result
of incorporating 33 core holes into the geologic model that were not
previously included in the Liberty project 2008 pre-feasibility study as
well as the utilization of $12.00 per pound molybdenum and $2.50 per
pound copper prices in determining the reserves.

The larger reserve is part of a revised NI 43-101 compliant
pre-feasibility study detailing updated resource estimates and project
economics. The completed report, which estimates molybdenum and copper
reserves and resources, production, capital and operating cost
parameters along with project economics, will be issued shortly and
filed on SEDAR.

The Company is also initiating discussions with a variety of parties
regarding investment and off-take opportunities with respect to the
Liberty project.

MOLYBDENUM MARKET UPDATE

During the third quarter of 2011, prices traded in a narrow range
between $14.10 and $14.90 per pound, finishing the quarter at $14.10 per
pound, according to Ryan′s Notes, a ferro-alloy industry news and
pricing publication. Since quarter end, prices have traded lower and are
currently trading at $12.65 per pound, a low for the year.

Additional information on the Company′s third quarter 2011 results will
be available in General Moly′s 2011 Form 10-Q, which will be filed with
the Securities and Exchange Commission and posted on the Company′s
website.

CONFERENCE CALL

A conference call for analysts and investors to discuss its third
quarter 2011 results and to provide a corporate update is scheduled for
today at 4:30pm ET / 2:30pm MT. A listen-only webcast will be available
on the Company's website.

Bruce D. Hansen, Chief Executive Officer, David A. Chaput, Chief
Financial Officer and Robert I. Pennington, Vice President of
Engineering and Construction will be available to answer questions
during the call.

?	?	Conference Call Details	?	?	?
		Dial-in Number				866.543.6403
		International Dial-in Number				617.213.8896
		Passcode				28048190
						?
		Replay				888.286.8010
		International Replay Number				617.801.6888
		Replay Passcode				94988041
						?
		Webcast Details
		URL				www.generalmoly.com
						?

GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
(Unaudited - In thousands except per share amounts)
	?	?	?	?	?				?	?	?	?	?
						September 30, 2011 (Unaudited)								December 31, 2010
ASSETS:
CURRENT ASSETS
Cash and cash equivalents						$	54,360							$	53,571
Deposits, prepaid expenses and other current assets						?	461	?						?	148	?
Total Current Assets						?	54,821	?						?	53,719	?
Mining properties, land and water rights							140,517								133,093
Deposits on project property, plant and equipment							64,783								68,363
Restricted cash held for electricity transmission							12,005								12,005
Restricted cash held for reclamation bonds							1,133								1,133
Non-mining property and equipment, net							877								1,045
Debt issuance costs							2,682								887
Other assets						?	2,994	?						?	2,994	?
TOTAL ASSETS						$	279,812	?						$	273,239	?
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY:
CURRENT LIABILITIES
Accounts payable and accrued liabilities						$	1,985							$	4,138
Accrued advance royalties							8,950								9,500
Current portion of long term debt						?	10,562	?						?	194	?
Total Current Liabilities						?	21,497	?						?	13,832	?
Provision for post closure reclamation and remediation costs							562								571
Deferred gain							900								215
Accrued advance royalties							8,950								8,950
Accrued payments to Agricultural Sustainability Trust							4,000								4,000
Long term debt, net of current portion						?	151	?						?	10,481	?
Total Liabilities						?	36,060	?						?	38,049	?
														?
														?
COMMITMENTS AND CONTINGENCIES						?								?
CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST						?	98,073	?						?	98,753	?
														?
EQUITY
Common stock, $0.001 par value; 200,000,000 shares authorized, 90,792,673 and 85,353,473 shares issued and outstanding, respectively							91								85
Additional paid-in capital							255,647								234,517
Accumulated deficit before exploration stage							(213	)							(213	)
Accumulated deficit during exploration and development stage						?	(109,846	)						?	(97,952	)
Total Equity						?	145,679	?						?	136,437	?
TOTAL LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY						$	279,812	?						$	273,239	?
														?

GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - In thousands, except per share amounts)
	?	?	?	?										?	?	?										?	?	?
					Three Months Ended												Nine Months Ended												January 1, 2002 (Inception of Exploration Stage) to September 30, 2011
					September 30, 2011			?	?	?	September 30, 2010						? ? September 30, 2011			?	?	?	? ? September 30, 2010
																													?
REVENUES					$	?					$	?					$	?					$	?					$	?
OPERATING EXPENSES:
Exploration and evaluation						793						191						1,249						499						39,382
Write downs of development costs and deposits						?						5,038						3,403						5,038						8,819
General and administrative expenses					?	1,526	?				?	2,037	?				?	7,754	?				?	7,741	?				?	67,281	?
TOTAL OPERATING EXPENSES					?	2,319	?				?	7,266	?				?	12,406	?				?	13,278	?				?	115,482	?
LOSS FROM OPERATIONS						(2,319	)					(7,266	)					(12,406	)					(13,278	)					(115,482	)
OTHER INCOME / (EXPENSE)
Interest and dividend income						?						3						19						9						4,060
Interest expense					?	(61	)				?	(63	)				?	(187	)				?	(104	)				?	(351	)
TOTAL OTHER (EXPENSE) / INCOME, NET					?	(61	)				?	(60	)				?	(168	)				?	(95	)				?	3,709	?
LOSS BEFORE INCOME TAXES						(2,380	)					(7,326	)					(12,574	)					(13,373	)					(111,773	)
Income Taxes					?	?	?				?	?	?				?	?	?				?	?	?				?	?	?
CONSOLIDATED NET LOSS					$	(2,380	)				$	(7,326	)				$	(12,574	)				$	(13,373	)				$	(111,773	)
Less: Net loss attributable to contingently redeemable noncontrolling interest					?	?	?				?	1,007	?				?	680	?				?	1,007	?				?	1,927	?
NET LOSS ATTRIBUTABLE TO GENERAL MOLY, INC.					$	(2,380	)				$	(6,319	)				$	(11,894	)				$	(12,366	)				$	(109,846	)
Basic and diluted net loss attributable to General Moly, Inc. per share of common stock					$	(0.03	)				$	(0.09	)				$	(0.13	)				$	(0.17	)
Weighted average number of shares outstanding ? basic and diluted						90,778						72,571						90,518						72,562
																													?

GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In thousands)
	?	?	?	?											?	?	?	?
					? Nine Months Ended														January 1, 2002 (Inception of Exploration Stage) to September 30, 2011
					September 30, 2011			?	?	?	?	September 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss					$	(12,574	)					$	(13,373	)					$	(111,773	)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization						306							273							1,538
Interest expense						187							104							351
Equity compensation for employees and directors						1,556							940							16,655
(Increase) decrease in deposits, prepaid expenses and other						(313	)						107							(369	)
(Decrease) increase in accounts payable and accrued liabilities						(2,703	)						424							755
(Decrease) increase in post closure reclamation and remediation costs						(9	)						(25	)						353
Write downs of development costs and deposits						3,403							5,038							8,819
Services and expenses paid with common stock						?							?							1,990
Repricing of warrants						?							585							965
(Increase) in restricted cash held for electricity transmission					?	?						?	?	?					?	(12,005	)
Net cash used by operating activities					?	(10,147	)					?	(5,927	)					?	(92,721	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for the purchase of equipment						?							?							(1,548	)
Purchase and development of mining properties, land and water rights						(7,297	)						(10,534	)						(116,004	)
Deposits on property, plant and equipment, net of refunds						177							(24,905	)						(67,907	)
Proceeds from option to purchase agreements						585							100							800
Purchase of securities						?							?							(137	)
Increase in restricted cash held for reclamation bonds						?							?							(642	)
Cash provided by sale of marketable securities					?	?						?	?	?					?	246
Net cash used by investing activities					?	(6,535	)					?	(35,339	)					?	(185,192	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of issuance costs						19,415							56							227,722
Net (decrease) increase in leased assets						(149	)						(129	)						181
Payments for debt issuance costs						(1,795	)						?							(2,682	)
Proceeds from debt						?							10,000							10,000
Cash proceeds from POS-Minerals Corporation						?							?							100,000
Cash paid to POS-Minerals Corporation for purchase price adjustment					?	?						?	?	?					?	(2,994	)
Net cash provided by financing activities					?	17,471						?	9,927	?					?	332,227
Net increase (decrease) in cash and cash equivalents						789							(31,339	)						54,314
Cash and cash equivalents, beginning of period					?	53,571						?	48,614	?					?	46
Cash and cash equivalents, end of period					$	54,360						$	17,275	?					$	54,360
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equity compensation capitalized as development					$	165						$	714						$	6,365
Restricted cash held for reclamation bond acquired in an acquisition						?														491
Post closure reclamation and remediation costs and accounts payable assumed in an acquisition						?							?							263
Common stock and warrants issued for property and equipment						?							?							1,586
Accrued portion of deposits on property, plant and equipment						?							?						183
Receivable portion of deferred gain						100							?						100
Accrued portion of advance royalties						?							?						17,900
Accrued portion of payments to the Agricultural Sustainability Trust						?							?						4,000
																			?

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.

Cautionary Note to U.S. Investors Concerning Estimates of Reserves
and Resources

Calculations with respect to 'proven reserves' and 'probable reserves'
referred to above have been made in accordance with, and using the
definitions of National Instrument 43-101, as required by Canadian
securities regulatory authorities. For United States reporting purposes,
the U.S. SEC applies a different standard in order to classify
mineralization as a 'reserve'. Under SEC standards, mineralization may
not be classified as a 'reserve' unless the determination has been made
that the mineralization could be economically and legally extracted or
produced at the time the reserve determination is made. No such
determinations have been made with respect to any mineralization at the
Liberty project, and it cannot be assured that such a determination will
be made. This release also uses the terms 'measured?, 'indicated? and
'inferred? resources. We caution U.S. investors that while such terms
are recognized and required by Canadian Securities Administrators
pursuant to the National Instrument 43-101, the SEC does not recognize
them. U.S. investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into
reserves. 'Inferred Resources?, in particular, have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an Inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian Securities Administration rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
pre-feasibility studies. U.S. investors are cautioned not to assume that
part or all of an inferred resource exists, or is economically or
legally minable.

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

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