General Moly Announces an 18% Increase in Molybednum and a 47% Increase in Copper Contained at the Liberty Project

General Moly, Inc. (the 'Company') (NYSE Amex: GMO)(TSX: GMO) announced
an updated resource estimate for the Company's 100%-owned Liberty
project near Tonopah, Nevada based on a revised NI 43-101 compliant
pre-feasibility study detailing updated resource estimates and project
economics. The report provides an update to a pre-feasibility study that
was completed in April 2008. The completed report, which estimates
molybdenum and copper reserves and resources, production, capital and
operating cost parameters along with project economics, will be filed on
SEDAR within 45 days. Highlights of the updated resource estimate
include:

• 
  A 18% increase in contained molybdenum within proven and probable
  reserves to 722 million pounds;
  
• 
  A 47% increase in contained copper within proven and probable reserves
  to 894 million pounds;
  
• 
  A 25% increase in proven and probable tonnage to 541.4 million tons;
  
• 
  A 6% decrease in proven and probable grades of moly to 0.067%;
  
• 
  A 14% increase in proven and probable grades of copper to 0.08%; and
  
• 
  A 20% decrease in stripping ratio to 1.2.
  

Bruce D. Hansen, Chief Executive Officer, said, 'The Liberty project is
an extremely robust moly and copper project that gives General Moly a
growth profile once we commence production at Mt. Hope. Using moly and
copper prices more closely aligned with our peer companies and
incorporating data from our most recent drilling campaign helps to
illustrate the value of this world-class project. The updated
pre-feasibility study will present two mining scenarios: one where
mining operations stay completely on private land for the first five
years, helping to expedite the permitting process and get Liberty
started more quickly; and another, more optimized unconstrained mine
plan scenario, which will produce more moly earlier in the mine life,
but is anticipated to require a longer permitting period.

'Additionally, we are continuing to engage with parties interested in
assisting General Moly in developing the Liberty project, including
leveraging existing relationships with current customers and strategic
partners, using this updated resource and forthcoming pre-feasibility
study as a basis for negotiations.'

Following the publication of the NI 43-101 compliant pre-feasibility
report, the Company's future development activities will focus on
optimizing the project's size and economics, development of a permitting
scope and schedule, flow sheet, and recoveries, particularly for the
copper resource. Water rights for this project are already secured and
an open pit and infrastructure is already in place. Additionally,
substantial copper mineralization, potentially containing over 600
million pounds copper, exists primarily to the southeast of the Liberty
pit (see inferred material). Further definition of this copper resource
is a key area of focus for conversion into resources or reserves over
time with additional metallurgical work.

The updated resource is based upon $12.00 per pound moly and $2.50 per
pound copper price assumptions and includes data from the Company's 33
drill holes announced earlier this year. Liberty's reserves and
resources, as determined in accordance with Canadian National Instrument
43-101, are illustrated in the tables below.

Notes:

1) Cutoff Grade Equivalent Moly Grade of 0.020%. Equivalent Moly =
Recovered Moly + Copper x 0.117.

2) Mineral Reserves are based on the total of all Proven and Probable
material planned for processing with the mine plan based on $12.00/lb Mo
and $2.50/lb Cu.

3) Mineral Resources based on Measured, Indicated and Inferred contained
within a floating cone pit at $15.00/lb Mo and $2.50/lb Cu.

4) Table figures may not add due to rounding

5) Mineral resources contain mineral reserves

6) Tons are U.S. short tons

ADDITIONAL INFORMATION

John Marek, President of Independent Mining Consultants from Tucson,
Arizona, and a Registered Professional Engineer (Arizona and Colorado),
is the Qualified Person responsible for resource modeling and mine
planning pertaining to the Liberty project and has reviewed the
applicable scientific and technical information set out in this news
release. M3 Engineering & Technology Corp is the primary author of the
NI 43-101 report and has reviewed this news release.

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.

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

or

info@generalmoly.com

http://www.generalmoly.com