Moly Mines-Quarterly Activities Report

TORONTO, ONTARIO--(Marketwired - Oct 31, 2014) - Moly Mines Ltd. (ASX:MOL) reports the highlights of their Quarterly Activities Report and Quarterly Cashflow Report for the period ending September 30, 2014.

HIGHLIGHTS (all amounts are in A$ unless otherwise stated)

Operations (unaudited):

• MRL has advised Moly Mines Ltd. (the Company) that 272,987 tonnes of iron ore has been transported from Spinifex Ridge during the September quarter.
  
  
• Operational control at Spinifex Ridge will transition back to MOL as the end of the economic minelife approaches.
  
  
• The Spinifex Ridge Molybdenum / Copper Project remains on care and maintenance.
  
  

Corporate and Finance (unaudited):

• Cash on hand at end of Quarter was $70.6M, up from $70.4M at end of previous Quarter.
  
  
• New Board appointments have been made to increase focus on new project acquisitions.
  
  
• Mr Gregory Jones and Mr Anthony Martin were appointed as Independent Non-executive Directors on 22nd August 2014 to strengthen technical capabilities of the Board.
  
  
• Hanlong nominee Mr Lou Guo Qing was appointed a Non-executive Director on 22nd August 2014.
  
  
• MOL shares were delisted from the Toronto Stock Exchange (TSX) on 4th July 2014.
  
  
• MOL submitted application to each of the Canadian regulatory jurisdictions in which it is a reporting issuer, for a decision that the Company cease to be a reporting issuer in Canada.
  
  

Exploration

• No exploration activity

The full Quarterly Activities Report and Quarterly Cashflow Report are available on the Company website (www.molymines.com) and on SEDAR (www.sedar.com).

ABN 32 103 295 521