General Moly Places Haul Truck Fleet Order with Caterpillar
General Moly, Inc. (the 'Company') (NYSE Amex and TSX: GMO) announced
that the Company, through its 80%-owned subsidiary, has placed orders
for 18 Caterpillar 793 Haul Trucks (250 tons of payload capacity each)
through Caterpillar's Nevada-based dealer, Cashman Equipment Company.
All 18 trucks will be delivered to and commissioned at the Mt. Hope site
beginning in late 2013 and early 2014 to complete mine pre-operation
development. The total value of the Caterpillar order, including support
equipment, is anticipated to be approximately $75 million.
The Caterpillar haul truck order was originally placed in 2008 and
contained price escalators. The total cost of the Caterpillar mobile
fleet has been managed to a 5% increase from the 2008 budget, including
escalation, offset by an optimized and partially used support equipment
fleet.
Following this order, the Company has firm commitments not subject to
escalation exposure for approximately $150 million in capital equipment,
representing approximately 40% of the equipment budget for Mt. Hope.
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
or
Website:
http://www.generalmoly.com
info@generalmoly.com
