General Moly Announces Approval of 3M Plan for Mt. Hope Project
General Moly, Inc. (the 'Company') (NYSE MKT and TSX: GMO) today,
through a subsidiary, announced the approval of the Mt. Hope Project's
3M Plan (Monitoring, Management and Mitigation) by the Nevada State
Engineer (the 'State Engineer').
The 3M Plan is a key document that outlines how the Mt. Hope Project's
water use will be managed and monitored by the Company and the State
Engineer with the participation of Eureka County and other stakeholders.
The 3M Plan provides mitigation protections if impacts are caused by the
Mt. Hope Project. The Company completed and initially submitted its 3M
Plan to the State Engineer on May 10, 2012, following input from Eureka
County, and its citizens through public meetings.
In July 2011, the State Engineer granted the Company's water use
applications for the Mt. Hope Project and issued water permits in
December 2011 and January 2012. Use of water under the permits was
subject to approval of a 3M Plan. With its water permits and approval of
the 3M Plan, the Mt. Hope Project can now utilize its water rights
during construction and operation. The State Engineer's Ruling remains
under appeal by Eureka County and other parties. Oral argument on the
appeal was heard by a Nevada District Court on April 3, 2012.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, 'We are
continuing to make good progress toward permitting the Mt. Hope Project
and approval of the 3M Plan is another step in this direction. The
community of Eureka County had substantial input in developing this
robust 3M Plan and I am pleased with the result. Although our water
permits remain subject to an appeal, we look forward to the Court's
ruling, which could be in the next couple months.'
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
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
