Moly Mines Reports Quarter Highlights

TORONTO, ONTARIO -- (Marketwire) -- 07/18/11 -- Moly Mines Limited (TSX: MOL)(ASX: MOL) is pleased to announce the highlights of their Quarterly Activities Report and Quarterly Cashflow Report available on the Company website (www.molymines.com) and on SEDAR (www.sedar.com).

Spinifex Ridge Molybdenum/ Copper Project - Financing

--  Completion of US$494 million of finance debt facilities with China
    Development Bank
--  Completion of fixed price (EPC) contract and associated arrangements
    with CACS of China and GR Engineering Services of Perth to build the
    mine and associated infrastructure

Spinifex Ridge Iron Ore Mine

--  Forecast production rates achieved ahead of schedule and under budget.
--  Ore tonnes mined: 277,685, up 44%.
--  Ore tonnes shipped: 214,247, up 59%.
--  Gross sales revenue: A$28.5M, net sales revenue: A$23.1M.
--  Operating costs: A$58.4/t.
--  Stocks on hand: 133,000 tonnes
--  Record shipment in July 88,000 tonnes.

Corporate and Finance

--  Cash on hand: A$31.2M
--  EIG convert 19 million warrants into ordinary shares.

MOLY MINES LIMITED

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 or 1 416 371 7541


Moly Mines Limited

Derek Fisher

Managing Director

61 8 94293300
info@molymines.com
www.molymines.com