General Moly Announces Completion of Draft Environmental Impact Statement for Mt. Hope Project

General Moly, Inc. (the 'Company') (NYSE Amex and TSX: GMO) announced
that on Friday, October 21, 2011, the Battle Mountain Nevada office of
the U.S. Bureau of Land Management (BLM) approved the Mt. Hope Draft
Environmental Impact Statement (DEIS) for printing, advancing the
document toward publication of a Notice of Availability (NOA) of the
DEIS in the Federal Register.

Once the Mt. Hope DEIS is printed, the NOA will be submitted to the
Washington, DC 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 US department of Interior (DOI) before
being published in the Federal Register, which will trigger the start of
a 90 day public comment period. Although this process has historically
taken many months, efforts by the BLM and DOI recently have resulted in
faster processing 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.

Bruce D. Hansen, Chief Executive Officer, said, 'This is truly a
significant accomplishment for our project, the BLM, the cooperating and
reviewing agencies, and our team. The completion of the DEIS represents
the culmination of five years of intense review and scientific
evaluation of the Mt. Hope project and an enormous effort from our team
and the BLM. We will work to expedite the publication process in
Washington, DC to the extent possible and anticipate publication of the
NOA in the Federal Register before the end of the year.

Mr. Hansen continued, 'We look forward to the public comment period and
the BLM preparing the final EIS. We fully expect that other major Nevada
State permits will be completed in this same time period to complete the
EIS and Record of Decision (ROD) and the project will go into
construction shortly after issuance of the ROD in the second half of
2012.'

About General Moly

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