General Moly Receives Major Operating Permit
General Moly, Inc. (the 'Company') (NYSE MKT and TSX: GMO) today,
through its 80% controlled subsidiary Eureka Moly, LLC, received a Class
2 Air Quality Permit from the Bureau of Air Pollution Control ('BAPC')
within the Nevada Division of Environmental Protection ('NDEP').
The Air Quality Permit regulates air emissions from the Mt. Hope
Project, primarily associated with the crush/grind circuit (particulate
matter) and the roaster (sulfur oxides). Roaster emissions will be
controlled with a 99.7% estimated removal efficiency for sulfur oxides
through the use of scrubbers and other emission-limiting technologies.
In addition, the Class 2 permit requires that the roaster be equipped
with Continuous Emissions Monitoring, a real-time emission monitoring
system usually required only for larger Class 1 sources. The permit
application was originally submitted in the third quarter of 2008 and
was subsequently revised to address BAPC comments. NDEP issued a draft
permit in late 2011 and held a public hearing regarding the draft permit
in February 2012.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, 'I am
very pleased to receive our Air Quality Permit from the Nevada Division
of Environmental Protection. The Air Quality Permit represents the
second of five major operating permits (the already-issued Water Permits
being the first) that we anticipate receiving prior to the end of the
year. NDEP continues to make progress finalizing the Mt. Hope Project's
Water Pollution Control Permit and Reclamation Permit, both of which are
anticipated to be received close to the Bureau of Land Management's
('BLM') issuance of the Record of Decision. The BLM continues to
consider comments received on the Draft Environmental Impact Statement
in the creation of a Final Environmental Impact Statement that is
anticipated to be completed and published in the second half of the
year. Permitting of the Mt. Hope Project is moving forward.'
General Moly is a U.S.-based molybdenum mineral development, exploration
and mining company listed on the NYSE MKT (formerly the NYSE AMEX) 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
or
Website:
http://www.generalmoly.com
info@generalmoly.com
