Moly Mines Company Update

TORONTO, ONTARIO -- (Marketwired) -- 04/10/13 -- Moly Mines Limited (TSX: MOL)(ASX: MOL) advises that the Board and the Company's major shareholder Hanlong Mining Investments Pty Ltd (Hanlong) have agreed the following in respect of the composition of the Board:

--  The three current independent directors will be replaced with new
    independent directors progressively during the six month period
    following the Company's Annual General Meeting to be held on 31 May
    2013. The Board has engaged an international recruitment firm to find
    appropriate candidates.
--  Mr. Liu Han will be replaced as a director by his current alternate Mr.
    Nelson Chen at the Annual General Meeting.

With respect to the Company's merger and acquisition strategy, Hanlong has advised that it maintains its support for that strategy. Although it is unlikely that Hanlong will be in a position to directly financially support an acquisition or project development by the Company in the near future, Hanlong would seek to assist the Company to secure finance from Chinese Banks and other sources. The Company will maintain the focus of its merger and acquisition strategy on near term production opportunities.

ABN 32 103 295 521

Contacts:

Moly Mines Limited

Natalie Frame

Investor Relations

+1 416 777 1801 or +1 416 371 7541
info@molymines.com


Moly Mines Limited

Martijn Bosboom

Company Secretary

+61 8 94293300
www.molymines.com