General Moly Updates Mt. Hope Project Permitting Progress

General Moly (NYSE Amex and TSX: GMO) provided an update to the
Company's permitting progress on the Mt. Hope project in Nevada.

During the week of December 13, 2010, the Bureau of Land Management
(BLM) held a meeting with the Company and the Cooperating Agencies to
finalize edits to the Mt. Hope project's Draft EIS (DEIS). Although
edits to address the majority of comments to the DEIS were finalized at
or shortly following that meeting, some comments and associated analysis
are taking longer to finalize and incorporate than anticipated.

Based on the pace at which these edits are being completed and
additional Cooperating Agency reviews the BLM has determined necessary,
it is unlikely that the DEIS will be released for publication until the
second quarter of this year. Once the DEIS is released for publication
by the Battle Mountain, NV office of the BLM, we estimate the Notice of
Availability process to publish the DEIS in the Federal Register will
take an additional 1-2 months, although other DEIS publications have
taken longer. The Company's current expectation is that the Record of
Decision (ROD) will occur 6-9 months following DEIS publication and that
production at Mt. Hope will occur approximately 20 months following
initiation of project construction.

Bruce D. Hansen, Chief Executive Officer, said, 'As we have indicated
before, we are in a phase of the permitting process where we participate
and contribute, but we do not control. We continue to support the BLM,
its independent EIS contractor and other stakeholders to finalize these
edits to the DEIS as quickly as possible and are working to expedite the
DEIS publication to the extent that we are able.'

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. Subsequent closings under the Stock
Purchase Agreement with Hanlong 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, Inc.

Investors:

Seth Foreman, 303-928-8591

sforeman@generalmoly.com

info@generalmoly.com

or

Website:
http://www.generalmoly.com