General Moly Updates Mt. Hope Project's Permitting Progress

General Moly (NYSE Amex: GMO) (TSX: GMO) provided an update to the Mt.
Hope Project's permitting progress.

As previously announced, the Preliminary Draft Environmental Impact
Statement (PDEIS) was completed and provided to cooperating agencies,
which include the County of Eureka, Nevada, the National Park Service
and the Nevada Division of Wildlife (Cooperating Agencies), on August
18, 2010. Those agencies, in addition to the Company, the U.S. Fish and
Wildlife Service (USFWS), and the Environmental Protection Agency (EPA),
provided comments on the PDEIS to the Bureau of Land Management (BLM) on
September 23, 2010. Since then, the BLM and its independent EIS
contractor have been working to review and incorporate the comments
received into a Draft Environmental Impact Statement (DEIS).

Recently, the BLM informed the Company that it will schedule a meeting
the week of December 13th, 2010 with Cooperating Agencies, the Company,
the USFWS, and the EPA to review the BLM's response to comments received
on the PDEIS. Edits to the DEIS will largely be finalized during this
meeting, and the DEIS can then be published in the Federal Register,
after the publication is approved through the Notice of Availability
(NOA) process. Given the time required to finalize the DEIS and to
receive NOA approval, the Company presently anticipates publication of
the DEIS in the first quarter of 2011, likely pushing ultimate permit
receipt into the second half of next year.

Bruce D. Hansen, Chief Executive Officer, said, 'Although it has taken
longer than expected for the BLM to review and respond to comments on
the PDEIS, this extra effort should result in a robust and defensible
EIS. I am pleased at the BLM's progress and commitment toward completing
the Mt. Hope Project's EIS process as expeditiously as possible. The Mt.
Hope Project continues to receive broad-based local support and we look
forward to completing the permitting process so the Mt. Hope Project can
begin to create jobs for the Nevada economy and value for General Moly
stockholders.'

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
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

info@generalmoly.com

http://www.generalmoly.com