Eureka Moly, LLC Releases Eureka Canyon Subdivision Lease to Allow for More Rapid Housing Development
Eureka Moly, LLC, announced that the Company had reached an agreement
with the Eureka County Commission to voluntarily relinquish its lease
for the Eureka Canyon Subdivision in order to make the land available
for more rapid housing development by the Nevada Rural Housing Authority
and the County.
Earlier this year, Eureka County completed a housing needs assessment
that indicated an immediate need for new housing in the town of Eureka.
However, Eureka Moly, LLC did not anticipate development of its
subdivision until after receipt of its Record of Decision in 2011. By
relinquishing its lease, the County and Nevada Rural Housing Authority
are able to move forward with development of the site sooner, providing
needed housing for the Eureka community more quickly, while utilizing
the $5 million that the Company had spent at the site to reduce
development and housing costs to Eureka residents.
Meanwhile, under the agreement with the County, Eureka Moly will be
granted space for temporary construction housing later in 2011.
At a special Commissioners meeting on June 28th, Lenny
Fiorenzi, Chairman, said, 'We are very pleased with the support we have
received from Eureka Moly and we acknowledge the $5 million it has spent
at the site to date; it will make housing more affordable for
homebuyers. It′s a win-win-win for the County, the mine, and the housing
authority.?
Tim Arnold, Mt. Hope General Manager, said, 'Eureka Moly and Eureka
County have always worked collaboratively on housing. It makes sense for
the Company to release the subdivision lease so that the County and
Nevada Rural Housing Authority can move forward with their development
plans. This takes Eureka Moly out of the real estate development
business and eliminates the associated additional project capital costs
that were required to develop the initial infrastructure at the site. At
the same time, we are pleased to work cooperatively with the County and
Nevada Rural Housing Authority to solve the urgent housing needs now
while providing a housing solution for Mt. Hope construction workers and
our future employees.?
County Commission Chairman Fiorenzi said, 'By involving Nevada Rural
Housing Authority we open doors to federal loans and grants for housing,
and bring home buyer financing to Eureka. When the development makes a
profit, that money goes back into the community for development of the
town′s choosing. This will become a true economic development project
for us.?
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.
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 obtain required permits to commence production
and its ability to raise required financing, adverse governmental
regulation and judicial outcomes. The closing of the Hanlong transaction
and obtaining bank financing are subject to a number of conditions
precedent that may not be fulfilled. 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.
General Moly
Investors
Seth Foreman, 303-928-8591
sforeman@generalmoly.com
or
Business
Development
Greg McClain, 303-928-8601
gmcclain@generalmoly.com
or
Press
Zach
Spencer, 775-748-6059
zspencer@generalmoly.com
http://www.generalmoly.com
info@generalmoly.com
or
Eureka
County
Press
Abby Johnson, 775-885-0612