GENERAL
MOLY ANNOUNCES SIGNIFICANT MILESONE IN MT. HOPE PERMITTING EFFORT
LAKEWOOD, COLORADO �
June 23, 2010, General Moly (NYSE Amex and TSX: GMO) announced that it received
contingent approval by the Bureau of Land Management (BLM) of the Company's
hydrology modeling study, pending incorporation of final comments from the BLM
and cooperating agencies, paving the way for the drafting of the Preliminary
Draft Environmental Impact Statement (PDEIS). Incorporation of the final
hydrology study comments, which are minor in nature, is anticipated to be
completed this week.
Bruce D. Hansen, Chief Executive Officer, said, "This is a major
milestone for General Moly. Development of these final hydrology studies
has essentially delayed the Mt. Hope permitting process for over 15 months and
has required more time in review than we anticipated. We will continue to
drive the permitting schedule as quickly as possible and anticipate publication
of the DEIS later this year."
The Company anticipates that the PDEIS will be completed next month and
provided to Cooperating Agencies (County of Eureka, Nevada Department of Wild
Life, and National Park Service). Following a 25 business-day review
period, the BLM will revise the document to accommodate comments from the
Cooperating Agencies and develop the public DEIS, which the Company anticipates
being published later this year. Following publication of the DEIS, the
public will be allowed to review and comment on the DEIS and a Final EIS will
be drafted prior to the issuance of the Record of Decision (ROD), which the
Company anticipates by mid-2011. Initial production is anticipated to
occur in the first half of 2013.
Water Rights Update
Last week, the Company filed change applications with the State Engineer's
office requesting permits to withdraw water at well locations matching those incorporated
in the Company's final hydrology models now contingently approved by the
BLM. The applications previously granted by the State Engineer's office
contained proposed well locations that the Company no longer intends to utilize
based on additional groundwater modeling and exploration. Filing new
change applications to match those incorporated in the Company's final
hydrology reports submitted to the BLM eliminates one issue raised by the
County of Eureka in their appeal of the Company's water rights and reduces the
likelihood of a subsequent successful appeal.
A necessary publication and protest period will likely push the State
Engineer's water hearing to the later part of this year; however, the Company
remains confident that it has every right to be granted access to water for the
Mt. Hope project and that such action will be completed prior to initiation of
construction activities at the project.
The Company is also continuing work with the Commissioners of Eureka County
and the growers in Diamond Valley to find a solution to their opposition of the
Company's water applications. The Company's scientific studies continue
to indicate that Mt. Hope's water pumping in Kobeh Valley will have virtually
no impact to water in Diamond Valley.
* * * *
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 next decade. For more information on the Company, please
visit our website at http://www.generalmoly.com.
Contact Information � General Moly:
Investors � Seth
Foreman
(303) 928-8591
sforeman@generalmoly.com
Business Development � Greg
McClain
(303)
928-8601
gmcclain@generalmoly.com
Website: http://www.generalmoly.com
info@generalmoly.com