General Moly Announces Fourth Quarter and Full Year 2011 Results

General Moly, Inc. (the 'Company') (NYSE Amex and TSX: GMO) announced
its audited financial results for the fourth quarter and full year ended
December 31, 2011.

Net loss for the three months ended December 31, 2011 was $2.9 million
($0.03 per share), compared to a loss of $3.4 million ($0.05 per share)
for the year ago period. Net loss for the full year ended December 31,
2011 was $14.8 million ($0.16 per share), compared to a loss of $15.7
million ($0.22 per share) for the year ago period.

Our cash balance at the end of the fourth quarter was $41 million
compared to $54 million at the end of the third quarter and $54 million
at the end of 2010. During the fourth quarter, cash use of $13.7 million
was the result of $12.0 million in Mt. Hope development and engineering
costs, inclusive of a $9.0 million advanced royalty payment under the
Company's Mt. Hope lease, $1.2 million in General and Administrative
costs, and $0.5 million in debt issuance costs related to procurement of
the Mt. Hope project's bank loan.

Financial information is included at the end 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.

As announced on February 16, 2012, China Development Bank ('CDB?) has
confirmed the basic terms underlying a proposed $665 million term loan
to finance the Mt. Hope project, including a CDB commitment to lend $399
million and arrange a consortium of Chinese and international banks to
fund the balance. The term loan is anticipated to carry a maturity of 12
years including a 30 month grace period to allow for the construction of
the Mt. Hope project. The interest rate will remain subject to market
conditions and Chinese government policy. The Company and Hanlong are
continuing to work with CDB with a target of having the loan completed,
approved and available to the Company upon receipt of the Mt. Hope
Project′s operating permits.

Once the term 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 Bureau of Land Management ('BLM?) published the Mt. Hope Draft
Environmental Impact Statement ('DEIS?) for public comment on December
2, 2011. During the 90-day public comment period, the BLM hosted two
public meetings in Nevada to accept public comment, which was
overwhelmingly supportive of the Mt. Hope Project. The public comment
period concludes today, March 1, 2012, after which the BLM will consider
comments received in the development of a Final Environmental Impact
Statement ('EIS?). Once the Final EIS is completed, it will be published
in the Federal Register for a 30-day period. Following the close of this
period, we anticipate the BLM to issue a Record of Decision ('ROD?)
allowing the company to initiate construction activities. The Company
anticipates the ROD to be issued between June and September of this
year, although circumstances beyond our control, including agency delays
or requests for additional information or studies, could cause the ROD
to be delayed.

In addition to the ROD, three state-issued permits are viewed as major
environmental permits. These are the Water Pollution Control Permit, the
Air Quality Permit and the Reclamation Permit. The Company continues to
develop the applications and supporting information for these permits.
At the request of Eureka County, the Nevada Department of Environmental
Protection, Bureau of Air Pollution Control held a public meeting on the
Company′s draft Air Quality Permit on February 28, 2012, in Eureka,
Nevada. These three permits are anticipated to be received before the
issuance of ROD.

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. Permits subject to the State Engineer′s Ruling were issued
in December 2011 and January 2012. Pending a successful outcome of an
appeal of the Ruling discussed below, the water will become available
for consumptive use following the State Engineer′s approval of a
Monitoring, Management, and Mitigation Plan ('3M Plan?), developed with
the input and cooperation of Eureka County. The Company is continuing to
work with the State Engineer and Eureka County, following our prior
submissions, to finalize the 3M Plan and we anticipate the State
Engineer will approve the 3M Plan prior to commencement of construction
in the second half of 2012.

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. The appeal hearing is presently set
for April 3, 2012 before the Nevada District Court. A decision by the
District Court is expected by mid-2012, although the District Court is
not required to act under any specified timeline. We continue to
anticipate a favorable District Court decision, upholding the State
Engineer′s Ruling. Pending a successful outcome of the appeal hearing,
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

Engineering efforts, which were paused in March 2009, were restarted in
January 2012 following the publication of the DEIS. Although the Company
has purchased and ordered most of the long-lead milling equipment and
haulage trucks, firm orders for the drills and loading equipment for the
mine fleet and other process equipment must still be placed. As funding
becomes available and equipment procurement is restarted, agreements
that were suspended or terminated in 2009 will be renegotiated under new
market terms and conditions, as necessary.

LIBERTY PROJECT UPDATE

In November 2011, the Company completed an updated pre-feasibility study
on the Liberty Project indicating an estimated Net Present Value of $538
million. The study utilized molybdenum and copper prices of $15.00 and
$2.50 per pound, respectively, and used an 8% discount rate. Included in
the study was an NI 43-101 compliant mineral reserve including 541.4
million tons with ore grades averaging 0.068% molybdenum and 0.08%
copper. The study outlined estimated molybdenum and copper reserves and
resources, production, capital and operating cost parameters, along with
project economics.

During 2012 or 2013, the Company anticipates commencing a Bankable
Feasibility Study on the Liberty Project to better evaluate the project
for development once the Mt. Hope Project is funded and under
construction.

MOLYBDENUM MARKET UPDATE

During 2011, molybdenum prices traded in a relatively narrow range
between $12.85 and $17.70 per pound, finishing the year at $13.40 per
pound, according to Ryan′s Notes, a ferro-alloy industry news and
pricing publication. Since year end, prices have traded higher and are
currently trading at $14.70 per pound.

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

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

Website:
http://www.generalmoly.com

info@generalmoly.com