General Moly Receives Confirmation for $665 Million Term Loan from China Development Bank

General Moly, Inc. (the 'Company') (NYSE Amex and TSX: GMO) announced
that the Sichuan branch of the China Development Bank ('CDB') has
confirmed the basic terms underlying a proposed $665 million term loan
to finance the Company's Mt. Hope project. While there are no binding
commitments at this time, the loan facility will now progress through
drafting and syndication and is anticipated to be completed, approved,
and available for drawdown when Mt. Hope's permits are received later
this year.

Basic framework of the loan is anticipated to include:

• 
  A debt facility of $665 million, of which CDB will commit to lend $399
  million and arrange a consortium of Chinese and international banks to
  fund the balance;
  
• 
  Loan maturity of 12 years including a 30 month grace period to allow
  for the Mt. Hope project to be constructed;
  
• 
  Customary loan security terms, including a pledge of the Company's
  assets and its 80% interest in the Mt. Hope project;
  
• 
  A Hanlong corporate guarantee throughout the loan term; and
  
• 
  Customary loan covenants, restrictions, and other terms.
  

Bruce D. Hansen, Chief Executive Officer, said, 'I am extremely pleased
with the continued progress toward a loan facility with China
Development Bank, supported by Hanlong. Confirmation of the basic loan
terms by the Sichuan branch of CDB is an important step in our strategy
to complete loan documentation and approval in parallel with the
conclusion of the Mt. Hope permitting process. The terms confirmed by
CDB remain favorable to the Company and its shareholders. We anticipate
an interest rate of approximately LIBOR plus 4%, although the interest
rate will remain subject to market conditions and Chinese government
policy. We look forward to working with CDB, and Hanlong to finalize the
loan terms through full documentation of this debt facility prior to the
receipt of permits for the Mt. Hope project. We continue to target
commencing construction at the Mt. Hope project later this year.'

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, Inc.

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