Moly Mines Reports Appointments of Independent Directors and Company Secretary

TORONTO, ONTARIO--(Marketwired - Oct 28, 2013) - Moly Mines Ltd. (ASX:MOL)(TSX: MOL) (the "Company") reports the appointments of Mr Paul Eagland and Mr Alan Edwards as Independent Directors to the Board of Moly Mines Ltd. and Mr Neil Hackett as Company Secretary. Mr Hackett replaces Mr John McEvoy who has stepped down from his roles as Chief Financial Officer and Company Secretary.

Mr Paul Eagland

Mr Eagland, 58, was the founder of Global Stone Corporation, a company involved in the limestone sector, which went public on the Toronto Stock Exchange in 1993 and was sold for $250 million in 1998. Mr. Eagland's background is in mining finance. He was the Chairman of the Board of Oracle Mining Corp., a Canadian corporation which is developing the Oracle Ridge high-grade, underground copper mine in Arizona. His primary responsibility at Oracle was project finance. The company has raised $56 million of capital to date through a combination of equity offerings, off-take and royalty sale; and has secured a letter of intent from a major Swiss bank to provide a further $70 million in project financing once a bankable feasibility study has been completed.

Mr Eagland is also the chairman of Orepass Mining Limited, a merchant bank which is actively involved in the acquisition of mining properties.

Mr Alan Edwards

Mr Edwards is a mining professional with three decades of diverse mining industry experience. He is a graduate of the University of Arizona where he obtained a Bachelor of Science in Mining Engineering and an MBA (Finance). Mr. Edwards is currently the President of AE Consulting, a Colorado based company. He previously served as President and CEO of Copper One, President and CEO of Frontera Copper Corp., and Executive Vice President and Chief Operating Officer of Apex Silver Mines Corporation, where he directed the engineering, construction and development of the San Cristobal project in Bolivia. Mr. Edwards has also held executive positions with Kinross Gold Corp., P.T. Freeport Indonesia, Cyprus Amax Minerals Company and Phelps Dodge Mining Company, where he began his career.

Mr. Edwards is Chairman of the Board of AuRico Gold Inc. and AQM Copper Inc., and he serves as a Director of U.S. Silver and Gold, Oracle Mining, and Entree Gold.

Mr Neil Hackett

Mr Hackett is presently Non-executive Director of Rialto Energy Ltd, Stratos Resources Limited and TPL Corporation Ltd and services as Company Secretary of Ampella Mining Ltd. and Modun Resources Ltd. Mr Hackett has over 20 years practical experience with ASX200 entities including mining, diversified industrials, financial services and the ASIC.

ABN 32 103 295 521