General Moly Announces Continued Permitting Progress for the Mt. Hope Project

General
Moly, Inc. (the 'Company') (NYSE MKT: GMO) (TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company, provided
an update to the Mt. Hope Project's permitting progress.

With regards to the Federal Environmental Impact Statement process, the
U.S. Bureau of Land Management has received comments from cooperating
agencies on the Preliminary Final Environmental Impact Statement for the
Mt. Hope Project and is working to finalize the Environmental Impact
Statement and process the Notice of Availability for publication in the
Federal Register. In addition, the State of Nevada Division of
Environmental Protection (NDEP) published Notices of Proposed Action
stating their tentative decision to issue a Water Pollution Control
Permit and a Reclamation Permit for the Mt. Hope Project. Also, General
Moly received a Federal Explosives Permit from the U.S. Bureau of
Alcohol, Tobacco, Firearms and Explosives.

Bruce D. Hansen, Chief Executive Officer of General Moly, said: 'We are
continuing to move the permitting process for our Mt. Hope Project
forward. The Company is pleased that the 30-day public review and
comment period for the Water Pollution Control and Reclamation Permits
has been initiated and look forward to NDEP expeditiously issuing these
permits after reviewing and addressing any germane comments. We continue
to expect receipt of a favorable Record of Decision as well as
completion of the remaining major Nevada State permits by the end of
2012, and to commence construction shortly thereafter.?

The Water Pollution Control Permit is issued by NDEP on the basis of a
site-specific permit application which must demonstrate that the
proposed facility will meet Nevada regulations regarding design criteria
for containment of process fluids. The permit will also approve the
operational and closure plans for the Mt. Hope Mine, and establish
monitoring requirements.

The Reclamation Permit issued by NDEP will authorize surface disturbance
and construction of facilities. The permit will be issued on the basis
of a site specific application detailing the reclamation methods to be
used to return the land to safe and stable conditions and a productive
post-mining land use. The Reclamation Permit will also approve the
reclamation cost estimate and establish bonding requirements based on
this estimate.

The Federal Explosives Permit, received from the U.S. Bureau of Alcohol,
Tobacco, Firearms and Explosives on September 6, 2012, allows transport,
storage and use of explosives associated with the open pit mining
operation, and is necessary for the construction period at the Mt. Hope
Project.

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 in the world. 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. The bank financing and subordinated
loans are subject to final negotiation and satisfaction of conditions
precedent. 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 - Scott Kozak, (303) 928-8591

skozak@generalmoly.com

or

Media
? Zach Spencer, (775) 748-6059

zspencer@generalmoly.com

or

info@generalmoly.com

Website:
http://www.generalmoly.com