GENERAL
MOLY ANNOUNCES STRONG SUPPORT FOR MT. HOPE PROJECT AMONG EUREKA COUNTY
RESIDENTS
LAKEWOOD, COLORADO � May 18, 2010, General Moly (NYSE
Amex and TSX: GMO) announced that an independent poll of Eureka County
residents commissioned by the Company showed overwhelming support for the Mt.
Hope project and the General Moly team.
Bruce D. Hansen, Chief
Executive Officer, said, "The results of this survey are extremely
encouraging. That 74% of Eureka County residents support the development
of the Mt. Hope project and 60% have a positive impression of our Company are
phenomenal results for a modern greenfield mining project and speak to
the importance of doing things right and maintaining open and honest
communication with the community.
"Clearly the survey
results also indicate we can do a better job in terms of educating Eureka
residents with respect to Mt. Hope's planned water usage in Kobeh Valley as
opposed to Diamond Valley and emphasizing that our operations are anticipated
to have virtually no impact to the agricultural community of Eureka. With
such broad community support, we will be continuing our ongoing efforts to work
cooperatively and reasonably with the County and community on their concerns,
including the County's continued opposition to our water applications."
Full details of the survey
will be discussed tomorrow at a luncheon and open house in Eureka at the Opera
House beginning at 11:30am. The public and media are invited and
encouraged to attend. The survey results will also be posted to the
Company's website with this release. Highlights of the survey include:
Importance and
Support of Mining Industry
�
89% of respondents are supportive or very supportive of mining in Eureka County
with only 8% opposed;
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65% of respondents believe mining is the most important industry in Eureka
County, followed by agriculture/ranching at 25%.
Support /
Opposition to Mt. Hope
�
Of residents aware of General Moly's plans to open the Mt. Hope project, 59%
had a positive view of the Company and explained their support by citing
benefits to the economy that the company would bring and the positive personal
impressions of General Moly employees;
�
74% of residents were supportive of the development of the Mt. Hope mine,
including 33% who were very supportive compared to 15% of residents that were
opposed;
�
Among those supportive, the most important factor was high-paying jobs to the
area (42%) followed by increased revenues for local businesses (27%);
�
79% believed that Eureka County should work cooperatively with General Moly in
its efforts to open the Mt. Hope mine while only 8% disagreed.
Water Usage
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Just 37% of respondents knew that Mt. Hope will draw its water from the Kobeh
Valley, 15 miles north-west of the agricultural community of Eureka while 14%
mentioned Diamond Valley and 47% didn't know;
* * * *
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 AT generalmoly.com
Business Development � Greg
McClain
(303)
928-8601
gmcclain AT generalmoly.com
Website: http://www.generalmoly.com
info@generalmoly.com