General Moly Announces Filing of Updated NI 43-101 Technical Report for Mt. Hope Project
General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced that it has filed a technical report (the “Report”) prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration (“NI 43-101”) for the Mt. Hope Project in Eureka County, Nevada. The Report, which provides detail to the disclosure contained in the Company’s news release issued on December 5, 2013, may be found on the Company website or under the Company’s profile at www.sedar.com. The Report was completed by M3 Engineering & Technology Corp. and Independent Mining Consultants Inc.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “The 43-101 Report for the Mt. Hope Project is in alignment with the updated operating costs, capital costs and project economics we announced in December, 2013. This exhaustive analysis underscores our belief that Mt. Hope remains one of the world’s best large scale, low cost, fully permitted and construction ready primary molybdenum development projects.”
Mr. Hansen added, “In addition, we are continuing to evaluate optimization scenarios focused on the high grade core of the deposit to develop a plan option which improves cash flow in a low molybdenum price market and expands financing opportunities for the Project."
The scientific and technical information contained in this news release has been approved and verified by Conrad E. Huss, P.E., Senior Vice President and Chairman of the Board for M3 Engineering & Technology Corp. for matters relating to milling production, costs and overall economics, and John M. Marek, P.E., President of Independent Mining Consultants Inc., for matters relating to mining production and associated costs. Both are considered independent Qualified Persons for the purposes of National Instrument 43-101.
General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE MKT (formerly the NYSE AMEX) 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 project, the Liberty Project, a molybdenum and copper property also located in central Nevada, our goal is to become the largest pure play primary molybdenum producer in the world. For more information on the Company, please visit our website at http://www.generalmoly.com.
Forward-Looking Statements
Statements herein that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company’s ability to maintain required permits to continue construction, commence production and its ability to raise required project financing, adverse governmental regulation and judicial outcomes, including an appeal of the Record of Decision appeal of water permits and estimates related to cost of production, capital, operating and exploration expenditures. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company’s quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
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