General Moly Announces Fourth Quarter and Full Year 2010 Results

General Moly, Inc. (NYSE Amex:GMO) (TSX:GMO) announced its audited
financial results for the fourth quarter and full year ended December
31, 2010.

Net loss for the three months ended December 31, 2010 was approximately
$3.4 million ($0.05 per share), compared to a loss of $2.1 million
($0.03 per share) for the year ago period. Net loss for the full year
ended December 31, 2010 was approximately $15.7 million ($0.22 per
share), compared to a loss of $10.2 million ($0.14 per share) for the
year ago period.

Our cash balance at the end of the fourth quarter was approximately $54
million compared to approximately $17 million at the end of the third
quarter and approximately $49 million at the end of 2009. During the
fourth quarter, cash use of approximately $6 million was the result of
$4 million in development and milling equipment deposit costs and
approximately $2 million in General and Administrative costs, offset by
the receipt of $40 million from the closing of Tranche 1 of the Hanlong
equity financing on December 20, 2010 and approximately $3 million from
the exercise of warrants from a 2006 private placement. During the first
quarter of 2011, all outstanding warrants from the 2006 private
placement were exercised, with net proceeds of approximately $19
million. At the date of this release, the Company's unaudited cash
balance is approximately $65 million. During 2011, spending levels will
largely be tied to progress toward receipt of the Mt. Hope project's
permits.

Financial information is included at the end of this release.

FINANCING UPDATE

Future funding commitments for the Mt. Hope project are connected to
receipt of permits for the Mt. Hope project. When final permits are
received, POS-Minerals Corporation (the 20% joint venture partner at the
Mt. Hope project) is anticipated to fund its final $56 million initial
contribution, plus 20% of all money the Company has spent on the Mt.
Hope project at that point. The Company estimates this combined payment
will be approximately $100 million. From that point forward, the project
will be funded 80% by the Company and 20% by POS-Minerals Corporation.
Also when final permits are received, Hanlong will have three months to
deliver a fully-executed, drawable loan of not less than $665 million.
Currently the Company is working with a Chinese engineering firm to
translate and format its Mt. Hope feasibility study for review by
Chinese banks. When the loan is in place, the Company will close on the
Tranche 2 equity sale for $40 million, bringing Hanlong′s share position
in the Company to 25% on a fully-diluted basis. In total, these
financing commitments are anticipated to fully-fund the Mt. Hope project.

PERMITTING UPDATE

The Bureau of Land Management (BLM) and its independent EIS contractor
are continuing progress toward finalizing the Mt. Hope project′s Draft
Environmental Impact Statement (DEIS) for publication. The Preliminary
DEIS is anticipated to be released for the second round of Cooperating
Agency Review shortly. The Company estimates the BLM will complete the
Draft Environmental Impact Statement (DEIS) within the second quarter
and that it will be published in the Federal Register in the third
quarter. Following publication of the DEIS, full permits are anticipated
within 6-9 months.

ENGINEERING AND EQUIPMENT PROCUREMENT UPDATE

The Company will restart engineering efforts, which had been paused to
conserve cash in March 2009, following the publication of the DEIS.
Equipment procurement efforts, which had also been paused, will resume
later in the year. Although the Company has purchased and ordered most
of the long-lead milling equipment, firm orders for much of the mobile
mine fleet and other process equipment must still be placed.

MOLYBDENUM MARKET UPDATE

Over the fourth quarter of 2010, molybdenum prices traded slightly
upward and finished the year at $16.10 per pound, compared to $15.35 per
pound at the end of the third quarter and $12.00 at the end of 2009.
Since the end of 2010, prices have continued their general upward trend
and are currently trading near $18.00 per pound.

Higher prices continue to be driven by Chinese steel demand, as well as
a more gradual return of western world growth, particularly relating to
stainless steel. China remained a net importer of molybdenum in 2010,
although net imports of approximately 4 million pounds is down
substantially from 2009 levels, indicating that the high-cost domestic
production within China that shuttered in 2008 and 2009 as a response to
low prices has likely returned to production. Low levels of raw exports
from China continue to force Korean and Japanese steel producers to
source molybdenum from the West.

Additional information on the Company′s fourth quarter and full year
2010 results will be available in General Moly′s 2010 Form 10-K, which
will be filed with the Securities and Exchange Commission and posted on
the Company′s website.

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

Seth Foreman, 303-928-8591

sforeman@generalmoly.com

info@generalmoly.com

Website:
http://www.generalmoly.com