Moly Mines Reports Resignation
TORONTO, ONTARIO -- (Marketwire) -- 03/15/12 -- Moly Mines Limited (ASX: MOL)(TSX: MOL) The Board of Moly Mines advises that Dr Derek Fisher has resigned as the Company's Managing Director and Chief Executive Officer.
On behalf of all shareholders, the Board thanks Derek for his contribution and dedicated service to the Company since its incorporation in 2003. Derek leaves the Company with a profitable iron ore mine, a strong management team and cash reserves. The Board wishes him the best in his future endeavors.
The Company advises the appointment of the Company's Chief Operating Officer Mr Collis Thorp as acting Chief Executive Officer. The Board will conduct an executive search for a new Chief Executive Officer to continue the success of the Spinifex Ridge Iron Ore Mine and expand the Company's mining interests.
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
+1 416 371 7541
Moly Mines Limited
Andrew Worland
Company Secretary
+61 8 94293300
www.molymines.com