General Moly Announces First Quarter 2011 Results

General Moly, Inc. (the 'Company') (NYSE Amex and TSX: GMO) announced
its unaudited financial results for the first quarter ended March 31,
2011. Net loss for the three months ended March 31, 2011 was
approximately $4.2 million ($0.05 per share), compared to a loss of $2.8
million ($0.04 per share) for the year ago period.

Our cash balance at the end of the first quarter was approximately $64
million compared to approximately $54 million at the end of 2010. During
the first quarter, cash use of approximately $9 million was the result
of approximately $5 million in development, engineering, advance royalty
and equipment deposit costs and approximately $4 million in General and
Administrative costs offset by approximately $19 million in warrant
exercise proceeds. During the remainder of 2011, spending levels will
largely be tied to progress toward receipt of the Mt. Hope project's
construction and operating permits.

Financial information is included at the end of this release.

FINANCING UPDATE

Future spending levels 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% owner of 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, within two months after the Mt. Hope project′s permits are
received, pursuant to the Securities Purchase Agreement between the
Company and Hanlong (USA) Mining Investment, Inc. ('Hanlong?), Hanlong
is obligated to procure a drawable loan from a Chinese bank of not less
than $665 million. The Company is continuing work with a Chinese
engineering firm to develop a Chinese language version of the Bankable
Feasibility Study for the Chinese banks. This work is planned for
completion during the second quarter of this year. When the bank loan is
in place, the Company intends to close on Hanlong′s 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 development of the Mt. Hope project.

PERMITTING UPDATE

The Bureau of Land Management ('BLM?) and its independent Environmental
Impact Statement ('EIS?) contractor completed and circulated a second
draft of the Mt. Hope project′s Preliminary Draft Environmental Impact
Statement ('PDEIS?) on April 11, 2011. Comments from reviewing agencies
are due to the BLM on May 6, 2011. Following receipt of submitted
comments, the BLM and its independent contractor will evaluate and
incorporate comments as necessary before moving forward with the
production of the project′s Draft Environmental Impact Statement
('DEIS?) for publication. The DEIS is anticipated to be completed in the
second quarter and published in the Federal Register in the second or
third quarter. Following publication of the DEIS, full permits are
anticipated within six to nine months.

WATER RIGHTS UPDATE

On April 22, 2011, the Nevada State Engineer issued a Notice of Hearing
scheduling an additional day of hearing to be held on May 10, 2011. The
additional day is a continuation of the Hearing held in December 2010
and is to receive and allow cross-examination related to information
requested by the State Engineer. Based on the date of this hearing, the
Company now anticipates a grant of applications on its water rights most
likely in the third quarter of this year. The Company remains confident
that the State Engineer will ultimately rule favorably on our
applications and issue final water permits for the Mt. Hope project in
sufficient time to maintain the Company′s current project development
timeline. The Company continues to hold discussions with protestants to
its water applications, including the County of Eureka, in an effort to
find a solution to the protestants′ opposition of the Company′s water
applications.

ENGINEERING AND EQUIPMENT PROCUREMENT UPDATE

The Company will restart engineering and procurement efforts following
the publication of the DEIS. 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 first quarter of 2011, molybdenum prices traded slightly upward
and finished the quarter at $17.20 per pound, compared to $16.40 per
pound at the end of last year. Since the end of the first quarter,
prices have continued their general upward trend and are currently
trading near $17.40 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. According to the International Molybdenum Association,
China remained a net importer of molybdenum in 2010, although net
imports of approximately 4 million pounds were down from 2009 levels
indicating that 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 first quarter 2011 results will
be available in General Moly′s 2011 Form 10-Q, 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, Inc.

Investors:

Seth Foreman, 303-928-8591

sforeman@generalmoly.com

or

Media:

Zach
Spencer, 775-748-6059

zspencer@generalmoly.com

info@generalmoly.com

http://www.generalmoly.com