General Moly Announces Liberty Project Drill Hole Results Ahead of Revised Resource Estimate

General Moly (NYSE Amex and TSX: GMO) announced the results of 33 core
holes that were not previously included in the Liberty project's 2008
pre-feasibility study.

Bruce D. Hansen, Chief Executive Officer, said, 'As part of our effort
to re-start project development activities at the Liberty project this
year, I am pleased to release these encouraging drill results from our
second, world-class moly property. In addition to ongoing permitting
achievements that we anticipate at the Mt. Hope project in the second
half of the year, we are also advancing the Liberty project and
anticipate releasing a revised resource estimate in the third quarter,
as well as an updated pre-feasibility study early next year. Liberty is
a solid project with robust economics for which we feel we receive
minimal market valuation; however I am confident that we will continue
to build value for our shareholders by driving both Mt. Hope and Liberty
project development.'

Highlights of the 33 holes include 19 holes that had at least one moly
mineralization interval of greater than 200 feet and in excess of 0.100%
moly contained in sulfide mineralization. These long, high-grade
intervals range in length from 240 feet to 1,239 feet and range in grade
from 0.1049% to 0.2419% moly contained in sulfide mineralization. These
19 holes are summarized in the following table and additional drill hole
information is reported as an appendix to this release. Complete assay
results are available on the Company's website.

The following table highlights the independent intervals with total
copper in excess of 0.2% over a distance of greater than 50 feet with
associated moly grades contained in sulfide mineralization.

These 33 holes were principally focused on demonstrating in-fill
continuity, increasing metallurgical understanding and examining ore
body extensions to the east and at depth. These holes augment a
pre-existing database containing information from 716 holes previously
drilled by Anaconda, Cyprus Minerals, Equatorial, and General Moly. This
drilling information, combined with updated modeling parameters, will
form the basis for a revised Liberty NI 43-101 compliant resource
estimate, which is anticipated to be completed in the third quarter of
the year. The revised resource estimate will be utilized in an updated
pre-feasibility study that is anticipated to be completed in the first
quarter of 2012. The prior 2008 NI 43-101 compliant pre-feasibility
study indicated 433 million minable tons at grades of 0.068% moly
contained in sulfide mineralization and 0.070% total copper, resulting
in 589M pounds of moly contained in sulfide mineralization and 606M
pounds of total copper contained in the proven and probable category.

A cross section of the deposit as well as a plan view map illustrating
the location of the 33 holes can be accessed on the Company's website at www.generalmoly.com
under the 'news' section. An appendix to this release includes further
drill hole information including drill hole location, azimuth,
inclination, and total depth. A complete table of drill results,
including assays for both moly contained in sulfide mineralization and
total copper can also be accessed on the Company's website.

Mark W. Osterberg, President of Mine Mappers, L.L.C.., of Tucson,
Arizona, and a Registered Professional Geologist is the Qualified Person
responsible for the collection and evaluation of geologic data
(including Drilling, Sampling, Assaying, and Geological Interpretation)
pertaining to the Liberty project.

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 of
1933, 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 U.S. Securities and Exchange Commission (the 'SEC?).
The Company undertakes no obligation to update forward-looking
statements.

Cautionary Note to U.S. Investors Concerning Estimates of Resources

Calculations with respect to 'proven reserves? and 'probable reserves?
referred to above have been made in accordance with, and using the
definitions of, National Instrument 43-101, as required by Canadian
securities regulatory authorities. For United States reporting purposes,
the U.S. SEC applies a different standard in order to classify
mineralization as a 'reserve?. Under SEC standards, mineralization may
not be classified as a 'reserve? unless the determination has been made
that the mineralization could be economically and legally extracted or
produced at the time the reserve determination is made. No such
determinations have been made with respect to any mineralization at the
Liberty project and it cannot be assured that such a determination will
be made.

APPENDIX

Further drill hole information for the 33 holes described in this
release is listed below.

General Moly

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