Moly Mines Reports Results of Annual General Meeting

TORONTO, ONTARIO -- (Marketwire) -- 11/24/10 -- Moly Mines Limited (TSX: MOL)(ASX: MOL) advises that each resolution considered at the Annual General Meeting of shareholders, held in Perth WA on November 24 (November 23 EST) was passed by the requisite majority on a show of hands.

A copy of the Annual General Meeting presentation is available on the Company website at www.molymines.com

In accordance with ASX Listing Rule 3.13.2 and section 251AA of the Corporations Act, the details of the resolution, the proxies received and results in respect of each resolution were as follows:

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     Resolution     For          Against    Proxy's    Abstain  Excluded
                                            Discretion

  1. Adoption of    212,228,461  2,504,854  1,178,538  287,865  -
     Remuneration
     Report

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  2. Re-election of 212,455,371  1,964,388  1,173,088  35,861   -
     Mr Nixon
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  3. Election of Mr 214,147,310  202,836    1,157,112  121,450  -
     Xiao
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  4. Election of Mr 214,143,901  228,582    1,144,775  111,450  -
     Liu Han
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  5. Election of Mr 214,083,692  319,717    1,144,775  80,524   -
     Zhmurovsky
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  6. Election of Mr 214,244,365  115,403    1,144,775  124,165  -
     Prosser
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  7. Election of Mr 214,182,492  244,380    1,153,925  47,911   -
     Braham
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  8. Approval of    6,804,887    360,237    1,171,020  156,918  207,135,646
     the issue of
     options to
     Hanlong Mining
     Investment Pty
     Ltd.
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  9. Approval of    7,074,856    152,676    1,146,520  119,010  207,135,646
     Iron Ore Sales
     Agreement with
     Hanlong Metals
     Limited
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All resolutions were passed on a show of hands.

This news release includes 'forward-looking statements' as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Moly Mines' control. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding Moly Mines' future expectations. Readers can identify forward-looking statements by terminology such as 'aim,' 'anticipate,' 'assume,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'risk,' 'should,' 'will' or 'would' and other similar expressions. Risks, uncertainties and other factors may cause Moly Mines' actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Australian dollar; failure to recover the resource and reserve estimates of the Project; the failure of Moly Mines' suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information

Contacts:

Moly Mines Limited

Natalie Frame

Investor Relations

1 416 777 1801

1 416 371 7541


Moly Mines Limited

Derek Fisher

Managing Director

61 8 94293300
www.molymines.com